The Board of Directors of Orthovita, Inc. (NASDAQ: VITA) has named
William Tidmore Chairman of the Board of the Company effective March 3,
2009, following the resignation on March 1, 2009 of David Fitzgerald as
Chairman of the Board and a director of Orthovita.
Mr. Tidmore has served as a member of Orthovita’s Board of Directors
since 2007 and has over 20 years of experience in the spine and
orthopedic industry. He was formerly President and Chairman of DePuy
Acromed, as well as President of DePuy, which was acquired by Johnson &
Johnson in 1999. Mr. Tidmore held various senior management positions
during his tenure of over 14 years with Depuy, including leadership
roles for international businesses with direct operational
responsibilities across Europe, Latin America, Japan and Canada. Prior
to that, Mr. Tidmore held several management positions at Ethicon, Inc.,
including Vice President of Sales and Marketing in Canada.
Mr. Fitzgerald, who had served since 2003 as Orthovita’s Chairman of the
Board and as a member of the Board of Directors of ArthroCare Corp.
(OTC:ARTC.PK), submitted his resignation to the Company due to his
recent appointment as Acting President and Chief Executive Officer of
ArthroCare. His decision to resign from Orthovita’s Board was based on
the change in his role at ArthroCare to a senior executive, in
recognition of the time commitment and possible business conflicts
associated with this position.
"Dave has been an outstanding Chairman at Orthovita who has played an
important role in the Company’s success throughout the years,” said
Antony Koblish, President and Chief Executive Officer of Orthovita.
"Under his guidance, Orthovita significantly increased sales, completed
several key equity and debt financings, acquired marketing rights for
two hemostasis products and made substantial progress in product
development. We appreciate Dave’s contributions and he will be missed.
We look forward to solid leadership from Bill Tidmore and the
contributions that his extensive experience in the orthopedic and spine
industry will bring.”
About the Company
Orthovita is an orthobiologics and biosurgery company that develops and
markets novel medical devices. The orthobiologics platform offers
products for the fusion, regeneration and fixation of human bone. The
biosurgery platform offers products for controlling intra-operative
bleeding, also known as hemostasis. Our current fusion and regeneration
products are based on our proprietary VITOSS® Bone Graft
Substitute technology and address the non-structural bone graft market
with synthetic, bioactive alternatives to patient- and cadaver-derived
bone tissue. CORTOSS® Bone Augmentation Material, an
injectable, polymer composite that mimics the structural characteristics
of human bone, provides the basis for our fixation portfolio. CORTOSS
Bone Augmentation Material is approved in certain countries outside the
U.S. and is under review for clearance in the U.S. for vertebral
augmentation. Our hemostasis portfolio includes VITAGEL®
Surgical Hemostat, a unique, collagen-based matrix that controls
bleeding and facilitates healing, and VITASURE™ Absorbable Hemostat, a
plant-based product that can be deployed quickly throughout surgery.
Disclosure Notice
This press release may contain forward-looking statements regarding
Orthovita’s current expectations of future events that involve risks and
uncertainties, including, without limitation, the development,
regulatory approval, demand and market acceptance of our products; our
ability to obtain FDA clearance for CORTOSS in the United States; and
other aspects of our business.
Such statements are based on
management’s current expectations and are subject to a number of
substantial risks and uncertainties that could cause actual results or
timeliness to differ materially from those addressed in the
forward-looking statements.
Other factors that may cause such a
difference are listed from time to time in reports filed by the Company
with the U.S. Securities and Exchange Commission (SEC), including but
not limited to risks described in our most recently filed Form 10-K
under the caption "Risks Factors”.
Further information about
these and other relevant risks and uncertainties may be found in
Orthovita’s filings with the SEC, all of which are available from the
SEC as well as other sources. Orthovita undertakes no obligation to
publicly update any forward-looking statements.