AccessClosure Announces a Leadership Transition

MOUNTAIN VIEW, Calif., June 7 /PRNewswire/ -- AccessClosure, a market leader in vascular closure devices, announced a leadership transition through which the company's President & CEO, Fred Khosravi has been appointed to the role of Chairman of the Board, and Gregory D. Casciaro has joined the company as President and CEO.

Mr. Casciaro brings extensive medical device experience with over 23 years in the cardiovascular space and leadership positions in both public and private companies. Most recently, he was the President and CEO of XTENT Inc. (XTNT), a revolutionary drug-eluting stent platform. Prior to XTENT, Mr. Casciaro was President and CEO of Orquest Inc., a private company acquired by DePuy Acromed, a division of Johnson and Johnson. He was President and CEO at General Surgical Innovations (GSII) which was acquired by US Surgical, a division of Covidien and held senior leadership positions at both Guidant Corporation and North American Instrument Corporation.

"AccessClosure has experienced tremendous commercial success with 12 consecutive quarters of revenue growth, since the launch of our innovative Mynx technology. Greg brings the right commercial and operational leadership qualities for our business as well as a keen appreciation for the cardiovascular market which make him uniquely prepared to lead AccessClosure through its next stage of growth. I am delighted to be working with Greg in this new role, and am confident that he will lead AccessClosure forward in its quest to become the US vascular closure market leader," stated Mr. Khosravi.

"I am pleased to have the opportunity to build upon the success already achieved by AccessClosure, with over half a million patients treated with the Mynx and over $120 million in cumulative sales," said Mr. Casciaro.

Mr. Casciaro will assume the position of President and CEO effective June 21, 2010, and Mr. Khosravi will continue to work actively with Mr. Casciaro and the company's Board of Directors on the strategic direction of the company.

About Vascular Closure

There are two methods of closing the femoral artery after cardiovascular procedures – manual compression and vascular closure devices. Manual compression entails up to 30 minutes of firm manual pressure applied directly to the access site, which is often painful for the patient, followed by many hours of bed rest in a hospital recovery room. Physicians frequently choose to use a vascular closure device (VCD) as an alternative to manual compression because it stops the bleeding more rapidly, thereby allowing patients to leave the hospital earlier.

However, despite the benefits of VCDs, many patients find that deployment of a VCD is extremely painful. The Mynx® Vascular Closure Device addresses this shortcoming by eliminating the tugging and cinching of the artery that occurs with other closure devices. The sealant is designed for gentle placement on top of the artery without the use of a suture or permanent metal implant.

About AccessClosure

Founded in 2002, AccessClosure, Inc. is a privately held medical device company pioneering innovative access site management products designed to provide a reliable, patient-friendly vascular closure experience. The Mynx Vascular Closure Device utilizes a conformable, water-soluble polyethylene glycol (PEG) sealant to seal the femoral artery, which dissolves within 30 days, leaving nothing behind but a healed artery. The Mynx received its first FDA Approval in May 2007 and is now available in two sizes for 5F and 6F/7F procedural sheaths. For more information, visit our website at www.accessclosure.com.

SOURCE AccessClosure, Inc.