SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2003
CRYOLIFE, INC.
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
1-13165 59-2417093
(Commission File Number) (IRS Employer Identification No.)
1655 Roberts Boulevard N.W., Kennesaw, Georgia 30144
----------------------------------------------------
(Address of principal executive offices, including zip code)
(770) 419-3355
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On March 31, 2003, CryoLife, Inc. issued a press release disclosing that it
had reached a settlement with the Estate of Brian Lykins. A copy of the press
release is attached as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
Exhibit Number Description
-------------- -----------
99.1 March 31, 2003 Press Release regarding settlement
of Lykins lawsuit
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, CryoLife
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
CRYOLIFE, INC.
Date: April 3, 2003 By: /s/ D.A. Lee
-------------------------------------
Name: D. Ashley Lee
Title: Vice President, Chief Financial
Officer and Treasurer
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EXHIBIT INDEX
Exhibit Number Description
- -------------- -----------
99.1 March 31, 2003 Press Release regarding settlement of
Lykins lawsuit
1604691v2
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACTS:
D. ASHLEY LEE
VICE PRESIDENT, CHIEF FINANCIAL OFFICER
(770) 419-3355
KATIE BRAZEL
VICE PRESIDENT, FLEISHMAN HILLARD
(404) 739-0111
CRYOLIFE SETTLES LAWSUIT
ATLANTA, March 31, 2003 CryoLife Inc. (NYSE: CRY), a human tissue
processing and medical device company, today announced that a settlement has
been reached in the lawsuit brought against the Company by the estate of Brian
Lykins. The lawsuit alleged the St. Cloud, Minnesota man received infected
tissue during knee surgery. Terms of the settlement will not be disclosed.
CryoLife believes that the Company has adequate insurance remaining to cover the
other product liability claims pending against the Company.
Founded in 1984, CryoLife, Inc. is a leader in the processing and
distribution of implantable living human tissues for use in cardiovascular and
vascular surgeries throughout the United States and Canada. The Company's
BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to sutures and
staples for use in adult patients in open surgical repair of large vessels and
is CE marked in the European Community and approved in Canada for use in soft
tissue repair and approved in Australia for use in vascular and pulmonary
sealing and repair. The Company also manufactures the SynerGraft(R) Vascular
Graft, which is CE marked for distribution within the European Community.
Statements made in this press release that look forward in time or that
express management's beliefs, expectations or hopes are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These future events may not occur as and when expected, if at all, and,
together with the Company business, are subject to various risks and
uncertainties. Such risks and uncertainties include that current and future
product liability litigation may not be resolved within the limits of the
Company's insurance policies or may otherwise be resolved in a manner that is
materially adverse to the Company, that current securities and derivative based
claims may not be resolved within the limits of the Company's insurance policies
or may otherwise be resolved in a manner that is materially adverse to the
Company, and other risk factors detailed in CryoLife's Securities and Exchange
Commission filings, including CryoLife's Form 10-K filing for the year ended
December 31, 2002, and the Company's other SEC filings.
For additional information about the company, visit CryoLife's web site:
http://www.cryolife.com
END
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