Cardiva Medical, Inc. Announces Appointment of Charles Maroney, President and Chief Executive Officer

SUNNYVALE, Calif., June 14 /PRNewswire/ -- Cardiva Medical, Inc. announced today that Charles Maroney has been appointed President, Chief Executive Officer and member of the Cardiva Board of Directors effective immediately. Mr. Maroney succeeds Rick Anderson, who has served as interim CEO since March 2, 2010 and who will remain in his role as Chairman of the Board. Cardiva also announced the completion of a financing that is directed to bring the company's next generation product to market.

"As Cardiva prepares to enter clinical testing for our newest closure product, we sought a leader who had direct experience in helping early stage medical device companies achieve their goals," said Anderson. "Charles is an outstanding choice to lead the company into a new era of growth." Mr. Maroney said, "Cardiva has a rich history of product innovation. I am excited about the opportunity at Cardiva and joining the team."

Charles Maroney has over 20 years of medical device experience in successful start up companies. Most recently he was CEO of CardioMind, a company he joined in 2006 to develop a novel stent delivery system to treat coronary, neuro and  peripheral artery disease. Prior to CardioMind, he was President and CEO of Coalescent Surgical, Inc, a development and sales company focused on blood vessel anastomoses. Colalescent was acquired by Medtronic in 2005. Before Colalescent, Charles was President and CEO of Prograft Medical, Inc, a stent graft technology company he founded. Prograft was purchased by WL Gore and Associates in 1997. Charles started his career in the medical device industry at Target Therapeutics. He holds undergraduate and graduate degrees in engineering from UC Berkeley and Stanford University.

About Cardiva Medical, Inc.

Cardiva Medical, Inc. is a privately-held medical device company that designs, develops and commercializes endovascular products which help the body heal itself following percutaneous procedures. Annually, more than 10 million percutaneous procedures worldwide require closure. In 2005, Cardiva launched its first product into the vessel closure market, the Boomerang® Wire System, which demonstrated unsurpassed ease-of-use and safety. In January 2008, Cardiva launched the Cardiva Catalyst™ II, which incorporates hemostatic agents to accelerate the body's own coagulation pathway; quickly facilitating hemostasis at the arteriotomy site, preserving the artery and leaving absolutely nothing behind in the patient. In May 2009, Cardiva launched the Catalyst III system that is coated with protamine sulfate, a drug which neutralizes heparin in the tissue tract and facilitates quick and efficient vessel closure in patients undergoing anticoagulation with heparin. Cardiva is developing a next generation femoral artery closure system for diagnostic and interventional percutaneous procedures.

For additional information about Cardiva, please visit our website at www.cardivamedical.com.

Cardiva Catalyst, Boomerang and Boomerang Catalyst are trademarks/registered trademarks of Cardiva Medical, Inc.

SOURCE Cardiva Medical, Inc.