United States:
The Board of Directors of the parent company of Kinetic Concepts, Inc.
and LifeCell Corporation today announced that Ronald A. Matricaria has
joined the Board of Directors and will serve as its Chairman. Matricaria
will oversee the implementation of a new management structure under
which Joseph F. Woody has been appointed President and Chief Executive
officer of KCI and Lisa N. Colleran has been appointed President and
Chief Executive Officer of LifeCell. Martin J. Landon, who served as
interim Chief Executive Officer during the recent management transition,
will continue in his capacity as Executive Vice President and Chief
Financial Officer of KCI. In addition, the Board of Directors announced
that KCI will pursue strategic alternatives for KCI’s Therapeutic
Support Systems business.
The structure and plans announced today are designed to strengthen the
companies’ performance and deliver stronger returns while ensuring that
KCI and LifeCell remain recognized leaders in the fields of wound care
and regenerative medicine. KCI and LifeCell are privately-held sister
corporations owned by a consortium consisting of Apax Partners and
controlled affiliates of Canada Pension Plan Investment Board and the
Public Sector Pension Investment Board. Going forward, KCI and LifeCell
financial reporting will remain consolidated, while the companies will
be managed independently under the new structure. KCI will continue to
provide inter-company services and compliance oversight to LifeCell.
Ron Matricaria’s highly successful career in the healthcare industry has
spanned nearly four decades. From 1993 to 2002, Matricaria was President
and Chief Executive Officer and then Chairman of St. Jude Medical, Inc.
He led the company's diversification strategy to become a broad-based
cardiovascular device company, which today is a world market leader in
cardiac surgery, cardiac rhythm management, and vascular closure
products and services. Prior to joining St. Jude Medical, Matricaria
spent 24 years at Eli Lilly and Company, where he last served as
President of North American Operations and Executive Vice President of
the pharmaceutical division. Matricaria currently serves as Lead
Director of the Board of Directors of LIFE Technology Corporation,
Chairman of the Board of Volcano Therapeutics, Inc. and as a director on
the Board of Directors of Phoenix Children's Hospital. He also serves as
an Adjunct Lecturer at Northwestern University's Farley Center for
Entrepreneurship and Innovation.
“Ron Matricaria has a proven track record of success in the medical
device industry and a wealth of experience in the corporate governance
of health care companies,” said Buddy Gumina, Partner and co-head of the
Apax Healthcare Team. “We believe that bringing Ron on as Chairman,
together with the appointment of Joe Woody and Lisa Colleran to the CEO
roles at KCI and LifeCell, creates the ideal environment for outstanding
success.”
Woody has more than 20 years experience in the healthcare sector. Prior
to joining KCI as President of its Active Healing Solutions business in
November 2011, Woody served as Global President, Vascular Therapies for
Covidien. At Covidien, he was responsible for the $2.6 billion
acquisition and integration of ev3. Previously, Woody served as Global
President, Smith & Nephew Advanced Wound Management and held other
leadership positions at Alliance Imaging, Inc., Acuson and GE Medical
Systems.
Colleran has been President of LifeCell since 2008, during which time
LifeCell has experienced significant growth and doubled its revenue.
Colleran joined LifeCell in 2002 and has held several leadership
positions including Senior Vice President, Commercial Operations and
Vice President, Marketing and Business Development. Previously, Colleran
spent 20 years at Baxter Healthcare Corporation in various roles in
sales, marketing, business development and general management including
Vice President of Marketing for Baxter’s U.S. Renal business and Vice
President/General Manager of the company’s Renal Pharmaceuticals
business.
Coinciding with the changes in the management structure of KCI and
LifeCell, the Board of Directors has approved the engagement of Credit
Suisse as lead advisor, together with UBS Investment Bank, to pursue
strategic alternatives for KCI’s Therapeutic Support Systems (TSS)
business. KCI’s TSS business, a global leader in the support surfaces
market, rents and sells specialized therapeutic support systems
including hospital beds, mattress replacement systems, overlays and
patient mobility devices. There can be no assurance that any transaction
regarding TSS will be completed. KCI does not intend to disclose
developments with respect to progress of its strategic alternatives
review process until such time as the Board of Directors approves or
completes a transaction or otherwise determines that further disclosure
is appropriate.
“Our TSS business has enjoyed many successes over more than 35 years,
and we believe that the value TSS brings to caregivers and patients can
be enhanced through a transformative strategic transaction,” said
Stephen D. Seidel, President, KCI Therapeutic Support Systems.
About KCI
Kinetic Concepts, Inc. is a leading global medical technology company
devoted to the discovery, development, manufacture and marketing of
innovative, high-technology therapies and products for the wound care
and therapeutic support system markets. Headquartered in San Antonio,
Texas, KCI's success spans more than three decades and can be traced to
a history deeply rooted in innovation and a passion for significantly
improving the healing and the lives of patients around the world. For
more information about KCI and how its products are changing the
practice of medicine, please visit www.KCI1.com.
About LifeCell
LifeCell Corporation, based in Branchburg, NJ, is a leader in
regenerative medicine, develops and markets innovative tissue repair
products for the reconstructive, orthopedic and urogynecologic
biosurgery markets. LifeCell™ products include Strattice™ Reconstructive
Tissue Matrix and AlloDerm Regenerative Tissue Matrix for
plastic, reconstructive, and general surgical applications; Cymetraή
Regenerative Tissue Matrix, a particulate form of AlloDerm
Tissue Matrix suitable for injection; Repliformή Regenerative
Tissue Matrix for urogynecologic surgical procedures; GraftJacket
and Conexa™ for orthopedic surgical procedures; and the SPYή
Elite
System for the visualization and evaluation of tissue perfusion.
Additional information about LifeCell and its products is available at www.LifeCell.com.
Forward-Looking Statements
This press release may contain "forward-looking statements." These
forward-looking statements are only predictions, not historical facts,
and involve significant risks and uncertainties, as well as assumptions
and are not guarantees of future performance. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. Actual results, levels of activity,
performance, achievements and events could differ materially from those
currently stated, anticipated or implied due to a number of risks and
uncertainties. Important assumptions and other important factors that
could cause actual results to differ materially from those in the
forward-looking statements are specified in the Company's Annual Report
on Form 10-K for the year ended December 31, 2010, and the Quarterly
Report on Form 10-Q for the quarter ended September 30, 2011, including
under headings such as "Special Note Regarding Forward-Looking
Statements," "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and in other filings and
furnishings made by the Company with the SEC from time to time. Except
to the extent required by applicable federal securities laws, the
Company undertakes no obligation to release publicly any revisions to
any forward-looking statements, to report events or to report the
occurrence of unanticipated events.
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