ST. LOUIS, Feb. 14, 2014 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) announced today that its board of directors has appointed Chairman William C. Mills III to Chief Executive Officer, effective February 12, 2014. Mr. Mills has been serving as interim CEO since April 2013.
"Stereotaxis is now poised to build on our history of product innovation that can result in major advances in the delivery of patient cardiac therapies," said Fred A. Middleton, Director. "We believe Bill is the right person to lead these initiatives during the next phase of our Company's development."
"As Chairman of Stereotaxis, I am very mindful of our potential as a leading innovator and provider of clinically validated robotic technology in the expanding global market for complex cardiac electrophysiology (EP) procedures, a market that is trending towards automation," said William Mills, Stereotaxis Board Chairman and Chief Executive Officer. "With the substantial recent progress we have made to strengthen the Company's financial position, we are increasingly focused on furthering our product innovation to improve patient outcomes, and I am very excited about the growth opportunities that we see ahead."
Mr. Mills has served on the Stereotaxis Board of Directors since June 2000 and was elected Chairman in May 2012. He has more than 30 years experience as a venture capitalist with an emphasis on science-based medicine and medical technology. Mr. Mills currently serves as a director on a number of venture capital, corporate and advisory boards, in addition to his role with Stereotaxis. He holds graduate degrees in Chemistry and in Management from MIT and an A.B. in Chemistry from Princeton University.
Stereotaxis is a healthcare technology and innovation leader in the development of robotic cardiology instrument navigation systems designed to enhance the treatment of arrhythmias and coronary disease, as well as information management solutions for the interventional lab. With over 100 patents for use in a hospital's interventional surgical suite, Stereotaxis helps physicians around the world provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced collaboration of life-saving information. Stereotaxis' core Epoch™ Solution includes the Niobe® ES Remote Magnetic Navigation system, the Odyssey® portfolio of lab optimization, networking and patient information management systems and the Vdrive™ Robotic Mechanical Navigation system and consumables.
The core components of Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere. The V-Sono™ ICE catheter manipulator has received U.S. clearance, and the V-Loop™ circular catheter manipulator will soon be submitted for review by the U.S. Food and Drug Administration. For more information, please visit www.stereotaxis.com
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company's ability to raise additional capital on a timely basis and on terms that are acceptable, its ability to continue to manage expenses and cash burn rate at sustainable levels, its ability to continue to work with lenders to extend, repay or refinance indebtedness on acceptable terms, continued acceptance of the Company's products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase its systems and the timing of such purchases, the outcome of various shareholder litigation filed against Stereotaxis, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.
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