Bacterin International Hires Seasoned Financial Healthcare Professional as its Chief Financial Officer
BELGRADE, Mont., June 8 Bacterin International, Inc. (Bacterin), a developer of anti-infective coatings for medical applications and revolutionary bone graft material, today announced that it has appointed John P. Gandolfo, a seasoned financial professional and healthcare industry veteran, as its Chief Financial Officer (CFO). Mr. Gandolfo replaces Steve Warnecke who recently resigned to pursue other opportunities.
Prior to joining Bacterin, Mr. Gandolfo served as Chief Financial Officer of Progenitor Cell Therapy, a leading contract manufacturer and developer of allogeneic and adult stem cell therapies. From 2007 to 2009, he was CFO of Power Medical Interventions, Inc. ("PMI"), a publicly held medical device company that manufactures and markets computer assisted surgical instruments, which was acquired by Covidien. During his tenure at PMI, Mr. Gandolfo raised approximately $75 million in capital for the company and was responsible for licensing a portion of PMI's intellectual property to a global leader in robotic-assisted minimally invasive surgery. From 2001 through 2006, Mr. Gandolfo was Chief Financial Officer of Bioject Medical Technologies, Inc. ("Bioject Medical"), a publicly held supplier of needle free drug delivery systems to the pharmaceutical and biotechnology industries. He served on the Bioject Medical's Board of Directors from 2006 through 2007.
In addition, from 1994 to 1999, Mr. Gandolfo served as Chief Financial Officer and Chief Operating Officer of Impath, Inc, a publicly held cancer information company that provided diagnostic and prognostic cancer analysis to hospitals and pharmaceutical companies, which was acquired by Genzyme Genetics in 2004, and during the prior seven years, as Chief Financial Officer of Medical Resources, Inc., a publicly held manager of diagnostic imaging centers throughout the United States. Mr. Gandolfo graduated with a Bachelor of Arts degree from Rutgers University and is a certified public accountant who began his professional career at Price Waterhouse.
Commenting on Mr. Gandolfo's appointment, Guy Cook, Bacterin's President and CEO, said, "We were very fortunate to attract a seasoned industry professional such as John. He has 23 years financial executive experience in the healthcare industry, which will be a great support as we move Bacterin into its next phase of growth. We look forward to adding his leadership skills and industry background to our management team." Mr. Gandolfo added, "I am extremely excited about joining Bacterin and adding my expertise and experience to their talented management team. The Company is well positioned for strong growth and I look forward to assisting in the continuing enhancement of shareholder value."
About Bacterin International
Bacterin processes, markets, and distributes innovative, biologic allografts for transplantation. The Company's products, OsteoSponge®, OsteoSpongeSC® and OsteoWrap®, are made from demineralized bone that is malleable and flexible, which enables more efficient and precise handling. It also markets BacFast® and OsteoLock®, which are used in spine surgery, designed to minimize graft back-out, and increase osteoinductivity. Bacterin's latest allograft, OsteoSelect® DBM Putty has excellent handling characteristics and is distributed as a sterile product, with osteoinductivy testing completed on every lot after terminal sterilization. Bacterin also produces and licenses bioactive coatings for medical applications. Headquartered in Belgrade, Montana, Bacterin operates a 32,000 sq. ft., state-of-the-art, full compliant and FDA registered facility, equipped with five Class 100 clean rooms.
This news release contains disclosures that are forward-looking statements. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "continue," "efforts," "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "strategy," "will," "goal," "target," "prospects," "potential," "optimistic," "confident," "likely," "probable" or similar expressions. These forward-looking statements are based on current expectations or beliefs and include, but are not limited to, statements about maximizing gross profit dollars and the Company's potential to achieve top and bottom line growth. Statements of historical fact also may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the company's ability to meet its obligations under existing and anticipated contractual obligations; the company's ability to develop, market, sell and distribute desirable applications, products and services and to protect its intellectual property; the ability and willingness of third-party manufacturers to timely and cost-effectively fulfill orders from the company; the ability of the company's customers to pay and the timeliness of such payments, particularly during recessionary periods; the company's ability to obtain financing as and when needed; changes in consumer demands and preferences; the company's ability to attract and retain management and employees with appropriate skills and expertise; the impact of changes in market, legal and regulatory conditions and in the applicable business environment, including actions of competitors; and other factors. The company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Bacterin International, Inc.
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