CABG Medical, Inc. Announces Closing of Public Offering and Appointment of New Directors
14 December 2004 - 12:02PM
PR Newswire (US)
CABG Medical, Inc. Announces Closing of Public Offering and
Appointment of New Directors MINNEAPOLIS, Dec. 13
/PRNewswire-FirstCall/ -- CABG Medical, Inc. (NASDAQ:CABG), today
announced that it has closed its initial public offering of
5,500,000 shares of common stock with proceeds to the company of
approximately $27.8 million, net of offering expenses. Feltl and
Company and Ladenburg Thalmann & Co. Inc. served as co-managers
of the offering. The shares are listed on the Nasdaq Stock Market's
National Market under the symbol "CABG." Copies of the prospectus
may be obtained by contacting Feltl and Company at 225 South Sixth
Street, Suite 4200, Minneapolis, Minnesota 55402 or Ladenburg
Thalmann & Co. Inc. at 590 Madison Avenue, New York, New York
10022. Immediately following the closing of the initial public
offering, the company appointed John L. Babitt, A. Jay Graf, Robert
E. Munzenrider, and Arch C. Smith to its board of directors. Mr.
Graf, Mr. Munzenrider and Mr. Smith will each serve on the
company's Audit Committee and Compensation Committee, and Mr. Graf
and Mr. Smith will both serve with Manny A. Villafana, the
company's Chairman and Chief Executive Officer, on the company's
Governance/Nominating Committee. "We are very proud to add such
distinguished individuals to our board," Manny A. Villafana, CABG
Medical, Inc.'s Chairman and Chief Executive Officer. "Each of the
new directors brings a wealth of experience in the medical
technology sector and provides our organization with additional
operational and financial expertise. We believe that these combined
resources provide us with an exceptional board of directors." Mr.
Babitt has been our President and Chief Financial Officer since
August of 2003. Mr. Babitt joined the company from Bioheart, Inc.
where he served as Chief Financial Officer and Vice President of
Finance. Mr. Babitt also served as a Senior Manager in the Mergers
& Acquisitions Group at Ernst & Young LLP. Mr. Babitt is a
Certified Public Accountant. Mr. Graf recently retired as a Group
Chairman, Office of the President, for Guidant Corporation, and
served as the President of Guidant's Cardiac Rhythm Management
Division. Mr. Graf also serves on the board of directors for
American Medical Systems, Inc., and the National Association of
Manufacturers. Mr. Graf also is a member of the Board of Overseers
for the University of Minnesota, Carlson School of Management. Mr.
Munzenrider is the retired Chief Financial Officer of St. Jude
Medical, Inc. Mr. Munzenrider has also served as President of
Harmon AutoGlass and as Chief Financial Officer for Eliance Corp.
Mr. Munzenrider also serves on the board of directors for ATS
Medical, Inc. and Viad Corp. Mr. Munzenrider is also a trustee on
the University of Montana Foundation. Mr. Smith is the former
senior healthcare analysts and Managing Director for equity
research at Piper Jaffray, a Minneapolis-based investment bank. Mr.
Smith serves on the board of the Minneapolis Heart Institute
Foundation. About the Company: CABG Medical, Inc., headquartered in
Minneapolis, Minnesota, is a medical technology company seeking to
improve the treatment of coronary heart disease by advancing
conventional bypass surgery. We have designed our first product,
the Holly Graft System, by leveraging our understanding of flow
dynamics, material sciences and drug combinations to create an
artificial coronary graft system. We are led by a team of
experienced medical technology industry executives and recognized
experts in cardiac surgery and cardiovascular research. DATASOURCE:
CABG Medical, Inc. CONTACT: Manny Villafana, Chairman and Chief
Executive Officer, or John L. Babitt, President, Chief Operating
Officer and Chief Financial Officer, both of CABG Medical, Inc.,
+1-763-258-8005 Web site: http://www.cabgmedical.com/
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