|[January 23, 2014]
Orthofix Appoints Kathleen Regan as Interim Chair of the Board
LEWISVILLE, Texas --(Business Wire)--
Orthofix International N.V. (NASDAQ:OFIX) (the "Company") today
announced that its Board of Directors (the "Board") has appointed
Kathleen ("Kathy") Regan, a director, as Interim Chair of the Board,
effective immediately. Ms. Regan succeeds Randy Thurman, who has
accepted a new executive position that requires him to limit his other
professional activities and has resigned from the Board. Mr. Thurman
said his resignation is not related to any disagreement with the Company
or the Board regarding any matter related to the Company's operations,
policies or practices.
Ms. Regan has also been appointed Chair of the Board's Nominating and
Governance Committee. As a result, the size of the Orthofix Board will
be reduced from nine directors to eight directors, seven of whom are
"Kathy is an exceptional leader in the healthcare industry, and we have
appreciated her financial, strategic and general business expertise and
experience on the Orthofix Board," said Brad Mason, President and Chief
Executive Officer of Orthofix. "She and I are very well aligned on the
future direction and opportunities for Orthofix. Also, the Board and I
wish Randy all the best in his next endeavor."
Kathy Regan said, "I am proud to be part of the Orthofix Board and am
happy to take on this additional role. I look forward to continuing to
work with Brad and his team in this capacity to help further drive
long-term value for our shareholders."
The Company continues to work with an executive search firm to identify
additional qualified candidates to serve on the Board.
Kathleen ("Kathy") T. Regan has been advising and investing in
healthcare companies for the past twenty-five years. She became a
venture partner of Radius Venture, a venture capital firm focused on the
life sciences and healthcare industry, in 2010. Prior to joining Radius,
Ms. Regan was the Executive Vice President of Keystone Dental, Inc., a
portfolio company of Warburg Pincus (News - Alert) LLC, where she led strategy and
business development. Between 2003 and 208, she served as a consultant
to Warburg Pincus LLC, a leading global private equity firm, where she
was involved in investing with the medical technology team and served as
a board member to several portfolio companies. Previously, Ms. Regan
spent fifteen years in healthcare investment banking and was a Senior
Managing Director and Director of Healthcare Investment Banking at Sun
Trust Robinson Humphrey LLC and, previously, a Managing Director at
Freedom Securities Tucker Anthony. Ms. Regan currently serves on
the Board of Trustees of the Lutheran HealthCare, a not for profit
hospital, family health network, long term care and home health care
system in New York. Ms. Regan received a B.A., cum laude, from Princeton
University and a MPH from Columbia University.
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative orthopedic and
spine solutions that drive value for patients, surgeons, and providers.
Orthofix's products are widely distributed around the world to surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
and via collaborations with other leading orthopedic product companies.
In addition, Orthofix is collaborating on R&D activities with leading
research and clinical organizations such as the Musculoskeletal
Transplant Foundation and Texas Scottish Rite Hospital for Children. For
more information about Orthofix, please visit www.orthofix.com.
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Factors that could cause
or contribute to such differences may include, but are not limited to,
risks relating to the uncertain results and timing of our audit
committee's review of certain accounting matters, our inability to
timely file our quarterly report on Form 10-Q for the fiscal quarters
ended June 30, 2013 and September 30, 2013 (including our filing of a
Form 12b-25 (Notification of Late Filing) with the SEC (News - Alert) with respect to
such fiscal quarters), and our intent to file restated financial
statements for certain periods, as well how these matters may impact our
expenses, liquidity, legal liability, borrowing ability, product sales,
relationships with customers, suppliers, strategic partners and third
party reimbursement providers, ongoing compliance obligations under our
corporate integrity agreement with the Office of Inspector General of
the Department of Health and Human Services, deferred prosecution
agreement with the U.S. Department of Justice and consent decree with
the SEC, ability to remain in compliance with covenants and other
obligations under our senior secured credit agreement, the cost and
nature of our insurance coverage, continued listing of our securities on
the Nasdaq Stock Market, and other factors described in our annual
report on Form 10-K for the fiscal year ended December 31, 2012 and
other subsequent periodic reports filed by the Company with the SEC.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. The Company undertakes no obligation to update or revise
the information contained in this press release.
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