IRVINE, Calif.–(BUSINESS WIRE)–Endologix, Inc. (Nasdaq:ELGX) (“Endologix” or the “Company”), a developer and marketer of innovative treatments for aortic disorders, today announced that it has appointed John D. Zehren as the Company’s Chief Commercial Officer, effective as of January 7, 2019 (the “Effective Date”).
Mr. Zehren brings to Endologix more than twenty years of commercial, sales and marketing, and business development experience in the medical device industry. Most recently, he served as Vice President of Sales, Americas at Medtronic Neurovascular and was a Senior Member of the company’s Neurovascular Management Board. While at Medtronic, he developed and implemented a strategic commercial plan to double revenue in five years. Prior to that, he spent five years as Vice President of Sales at Covidien and ev3. Earlier in his distinguished career, Mr. Zehren spent over a decade at Edwards Lifesciences, the last four years of which were in the role of Vice President of Sales and Marketing.
John Onopchenko, Chief Executive Officer of Endologix, Inc., commented, “We are proud to welcome John, an accomplished commercial medical device leader, to our executive team. He has demonstrated a strong track record of achievement, consistently implementing successful commercial strategies that resulted in impressive growth, share gains, and customer loyalty. We believe John will play a critical role in strengthening and extending Endologix’s customer partnerships and commercial execution, while leading the Company’s global go-to-market strategy for our AFX2, Ovation, and Nellix platforms.”
Mr. Zehren added, ”I’m excited to join an organization that has driven so much innovation in the cardiovascular segment and believe that we have an excellent opportunity to strengthen our customer partnerships and secure increased market share and procedural growth around the globe. I look forward to working with the Endologix team to drive commercial excellence and bring our differentiated, life-saving technology to more patients in need.”
Mr. Zehren earned his Bachelor of Arts in Biology from College of St. Thomas in Minnesota.
The Company has also announced that in connection with Mr. Zehren’s employment by Endologix, he will receive equity awards under the Company’s 2017 Inducement Stock Incentive Plan, consisting of 300,000 stock options (“Option”) and 200,000 restricted stock units (RSUs) The awards were approved by the Company’s Compensation Committee, which is comprised of independent directors, on December 3, 2018, as an inducement material to the Mr. Zehren’s entry into employment with the Company, as permitted under NASDAQ Listing Rule 5635(c)(4). The Options will be priced as of the Effective Date and will vest over a three-year period. One third of the Options shall vest and become exercisable upon his completion of one year of service. The balance of the Options shall vest and become exercisable in successive, equal, monthly installments upon Mr. Zehren’s completion of the next twenty four months of service, measured from the first anniversary of the grant date. The RSUs will vest as to one-third of the underlying shares on each anniversary of the Effective Date such that the shares will vest in full three years from the Effective Date.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company’s focus is endovascular stent grafts for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 80%, making it a leading cause of death in the United States. For more information, visit www.endologix.com.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning and the use of future dates. Forward-looking statements used in this press release include, but are not limited to, statements regarding the anticipated commencement (and commensurate benefits) of Mr. Zehren’s employment with Endologix (including anticipated strengthening and extension of Endologix’s customer partnerships and commercial execution, and securing increased market share and procedural growth), the accuracy of which are necessarily subject to risks and uncertainties that may cause Endologix’s actual results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ materially and adversely from anticipated results include continued market acceptance, hiring, integration and retention of Mr. Zehren, risks regarding Quality systems operations and outcome of third party audits of such systems, endorsement and use of Endologix’s products, risks associated with the manufacturing of Endologix’s products, the success of clinical trials relating to Endologix’s products, product research and development efforts, uncertainty in the process of obtaining and maintaining U.S. FDA and other regulatory approvals for Endologix’s products, Endologix’s ability to access equity and debt capital on acceptable terms, Endologix’s ability to enter into or maintain existing financing arrangements on acceptable terms, risks associated with international operations, including currency exchange rate fluctuations, Endologix’s ability to protect its intellectual property rights and proprietary technologies, and other economic, business, competitive and regulatory factors. Undue reliance should not be placed upon the forward-looking statements contained in this press release, which speak only as of the date of this press release. Endologix undertakes no obligation to update any forward-looking statements contained in this press release to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Please refer to Endologix’s filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent Quarterly Reports on Form 10-Q, for more detailed information regarding these risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied.
Vaseem Mahboob, CFO