Cryolife, Inc. to Open European Headquarters
Steven G. Anderson, President and Chief Executive Officer of
CryoLife, Inc., noted, "Establishing an overseas headquarters is in
direct response to the rapid growth of CryoLife's business within the
European medical community. We have experienced an average annual
growth rate of approximately 50% in European revenues over the last
three years and have now developed into a market size where a
distribution and customer service facility is essential."
The Company began to build a European product base in 1996 with
the introduction of the CryoLife-O'Brien(R) stentless porcine heat
valve, which addresses an estimated $75 million USD European tissue
heart valve market. The Company strengthened its position in the
European market in 1998 with the introduction of the CryoLife-Ross(TM)
porcine heart valve. In April 1998, the Company received approval for
the commercial distribution of its BioGlue(R) surgical adhesive for
use in vascular repair; and in March 1999, the BioGlue application was
expanded to include pulmonary repair. BioGlue addresses an estimated
1998 European annual market of $500 million USD for surgical adhesives
used in vascular and pulmonary repair.
European revenues from BioGlue and porcine heart valves were
$900,000 USD in the first six months of 1999.
In the United States, BioGlue is undergoing Food and Drug
Administration (FDA) approved human clinical trials for use in the
repair of aortic dissections.
The new European headquarters will be under the direction of
Robert N. Hanley, Ph.D., who has been appointed to the newly created
position of President, CryoLife Europa, Ltd., a wholly owned
subsidiary of CryoLife, Inc. Dr. Hanley will report directly to the
President and Chief Executive Officer of CryoLife, Inc., Steven G.
Anderson.
Dr. Hanley's responsibilities will also include the continuing
introduction of BioGlue into the European surgical adhesive market as
well as sales and marketing of CryoLife-O'Brien and the CryoLife-Ross
stentless porcine heart valves. Additionally, Dr. Hanley will
supervise the human European clinical trials of CryoLife's
SynerGraft(R), a tissue-engineered heart valve replacement device. It
is anticipated that SynerGraft European human trials will start later
this year.
Dr. Hanley has extensive experience in medical device sale and
marketing, particularly in the fields of cardiology and orthopaedics.
Immediately prior to joining CryoLife, he was the UK General Manager
of Biocompatibles' Medical Device Division. Biocompatibles
International plc is a UK-based international medical device company
specializing in the development and marketing of
phosphorylcholine-containing, implantable medical devices, showing
improved biocompatibility.
Dr. Hanley noted, "I am pleased to be joining one of the most
advanced implantable device companies in the world and to be
associated with a series of new tissue devices and surgical adhesives
that have the potential to introduce new medical technologies around
the globe."
Founded in 1984, CryoLife, Inc. is the leader in the development
and commercialization of living human tissue implantable devices for
use in cardiovascular, vascular and orthopaedic surgeries throughout
the United States and Canada. The Company's BioGlue(R) surgical
adhesive, CE marked in the European Union for use in vascular and
pulmonary sealing and repair, is distributed throughout Europe. The
Company also manufactures CryoLife-O'Brien(R) and CryoLife-Ross(TM)
stentless porcine heart valves which are distributed within the
European Community.
Editor's Note:
CryoLife Customer Service may be accessed by telephone:
1-800-438-8285 (U.S. and Canada)
1-770-419-3355 (International)
1-770-590-3753 (International fax)
E-mail:customerservice@cryolife.com
For additional information about the Company, visit CryoLife's
web site: http://www.cryolife.com
CONTACT: CryoLife Inc., Atlanta
Roy Vogeltanz, 800/438-8285