Xcorporeal, Inc. Appoints Kelly J. McCrann as Chairman and Chief Executive Officer
08 Oktober 2008 - 2:30PM
Business Wire
Xcorporeal, Inc. (AMEX:XCR) announced today that Kelly J. McCrann
has been appointed Chairman and Chief Executive Officer. Mr.
McCrann has served as a member of the Company�s Board of Directors
since October 2007. Mr. McCrann replaces Daniel S. Goldberger who
has been the Company�s acting Chief Executive Officer since
February 2008 and Terren S. Peizer, who has been Chairman since the
Company�s inception. Mr. Peizer will remain on the Board, and Mr.
Goldberger will remain on the Board of the Company�s operating
subsidiary. Mr. McCrann is a senior healthcare executive with
extensive experience in board governance, strategic leadership,
profit and loss management and strategic transactions. He was
recently Senior Vice President of DaVita Inc. (NYSE: DVA), a
leading provider of kidney care services in the United States,
where he was responsible for all home-based renal replacement
therapies for the United States� second largest kidney dialysis
provider. Prior to that, Mr. McCrann was the Chief Executive
Officer and President of PacifiCare Dental and Vision, Inc. He has
held positions of increasing responsibility at Professional Dental
Associates, Inc., Coram Healthcare Corporation, HMSS, Inc. and
American Medical International. He is a graduate of the Harvard
Business School and began his career as a consultant for KPMG and
McKinsey & Company. �We are extremely pleased to have Kelly
join our experienced management team,� said Mr. Peizer. �We have
spent over a year together on the Board of Directors and I�ve
gained great confidence in Kelly�s ability to lead the Company
through development and commercialization of its hospital
hemodialysis machine and The XCR-6 for home hemodialysis.� Mr.
Goldberger commented, �We also thank Terren for his role in
founding the Company and helping it in capital formation, and we
look forward to his continued role as a member of the Board.� Mr.
McCrann stated, �I am truly excited to join Xcorporeal�s management
team at a time when the Company�s products are demonstrating the
potential competitive advantages anticipated earlier when I began
to serve on the Board of Directors. I look forward to bringing my
management expertise and industry knowledge to the Company and help
to lead further development and eventual commercialization of the
Company�s state-of-the-art devices.� About Xcorporeal Xcorporeal,
Inc. is a medical device company developing an innovative
extra-corporeal platform technology to be used in devices to
replace the function of various human organs. The platform leads to
three initial products: a Portable Artificial Kidney (PAK) for
hospital based Renal Replacement Therapy, the XCR-6 for home
hemodialysis, and a Wearable Artificial Kidney (WAK) for continuous
ambulatory hemodialysis. For the hospital market, Xcorporeal is
developing a portable, multi-functional renal replacement device
that will offer cost-effective therapy for those patients suffering
from Acute Renal Failure, which causes a rapid decline in kidney
function. In the U.S., the disease affects more than 200,000
patients annually with a mortality rate approaching 50%, according
to a study published in the Clinical Journal of American Society of
Nephrology in 2006. The Company has completed a functional
prototype of the product, which is currently undergoing bench
testing, and anticipates submitting 510(k) filings, for the device
and attendant disposable components, with the Food and Drug
Administration (FDA) during 2009. The Company also plans to
commercialize the XCR-6, a home hemodialysis device, for the
chronic End Stage Renal Disease (ESRD) market, comprised of
patients in whom the kidneys have ceased to function. The Company�s
devices are intended to combine the best attributes of currently
marketed home hemodialysis machines to offer patients convenient,
durable and truly portable treatments at home. The Company believes
its devices will provide a cost-effective alternative to current
home treatment modalities, due to their ability to offer
hemodialysis without the need for large quantities of dialysate
fluid or purified water. The Company has also completed a
functional prototype of the XCR-6, which is currently undergoing
bench testing, and anticipates submitting a 510(k) with the FDA
during 2010. The Company�s WAK is also a device for the chronic
treatment of ESRD. The Company has successfully demonstrated a
prototype system that weighs less than 6 kg., is battery operated,
and can be worn by an ambulatory patient. This miniature, wearable
device is intended to enable continuous (up to 24 hours � 7 days
per week) renal replacement therapy at home. Increasing dialysis
time has previously been shown to reduce morbidity and improve
quality of life of ESRD patients. The WAK has been featured in
articles written by the Los Angeles Times, The Lancet, Kidney
International, and various other medical periodicals. Additional
Company information may be found on the Internet at:
www.xcorporeal.com. Forward-Looking Statements Except for
statements of historical fact, the matters discussed in this press
release are forward looking and made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are
beyond the company's control that may cause actual results to
differ materially from stated expectations. These risk factors
include, among others, limited operating history, difficulty in
developing, exploiting and protecting proprietary technologies, the
risk that our technology may not be effective, uncertainty as to
the outcome of arbitration and legal proceedings, intense
competition and substantial regulation in the medical device
industry; and additional risks factors as discussed in the reports
filed by the Company with the Securities and Exchange Commission,
which are available on its website at http://www.sec.gov.
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