Cambridge Heart Announces Changes to Board of Directors; Kenneth Hachikian Named Board Chairman, Jeffrey Wiggins Elected to the Board; Resignation of Louis Blumberg.TEWKSBURY, Mass. -- Cambridge Heart, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CAMH CAMH Centre for Addiction and Mental Health CAMH Contemporary Arts Museum Houston (Houston, TX) CAMH Comprehensive Accreditation Manual for Hospitals ), today announced that its Board of Directors has appointed veteran financial and operating executive Kenneth Hachikian as Chairman of the Board, replacing Robert Khederian who resigned the position earlier this week but will continue to serve as a Director. The Board also elected Jeffrey Wiggins as a new Director. Further, Louis Blumberg has resigned from the Board of Directors. Mr. Hachikian has served on the Company's Board of Directors since July 2004 and currently is a member of its Audit Committee and chairman of the Nominating and Compensation committees. He has been a Principal and Partner of The Stonegate Group, Ltd., an investment banking and financial advisory firm, since 2003, and President of Belmont Capital Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a venture capital firm, since 1996. From 1991 to 1994, Mr. Hachikian served as President of LINC Scientific Leasing, Inc., and, from 1983 to 1989, as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Wellesley Medical Management, Inc. Mr. Hachikian has been an owner, CEO, or COO of several other businesses in various industries throughout his over 30-year business career. Mr. Hachikian holds an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from Harvard Graduate School of Business Administration and a BA in Economics from Harvard University. "Ken has been an exceptional resource and advisor for the Company since he joined the Board in 2004 and his expertise will continue to be invaluable during such an important time at Cambridge Heart," said Ali Haghighi-Mood, Chief Executive Officer of Cambridge Heart, Inc. "I look forward to collaborating with Ken in advancing the Company to commercial growth and financial success." Mr. Wiggins is a former Principal of Dresdner RCM RCM Reliability-Centered Maintenance RCM Royal College of Music RCM Royal Conservatory of Music RCM Royal Canadian Mint RCM Reliability Centered Maintenance RCM Revenue Cycle Management RCM Regional Climate Model RCM Ring-Closing Metathesis Capital Management, where he was responsible for in excess of $4 billion dollars in health care related investments. Having joined Dresdner RCM in 1993, he became a Principal in 1997. While there, he started and managed several portfolios, advised other managers in their health care holdings, and initiated two public mutual funds. Prior to that time at O'Connor & Associates, Mr. Wiggins managed a derivative-based hedge fund portfolio investing in biotechnology, medical technology, pharmaceuticals, and health care services. "We are pleased to have Jeff join our Board of Directors. He brings extensive experience covering and investing in the health care space" stated Ali Haghighi-Mood. "I'm confident he will make great contributions in helping us maximize shareholder value." Mr. Khederian had served as Chairman of the Board of Directors of the Company since August 2006. Mr. Khederian was elected to the Board of Directors in March 2002. From December 2006 to December 2007, Mr. Khederian served as interim President and Chief Executive Officer of the Company. "I am pleased that we will continue to benefit from Bob's experience and knowledge of sales and marketing, distribution of medical products and financial markets." said Ali Haghighi-Mood. Mr. Blumberg informed the Company that he has resigned from the Board of Directors due to differences in opinion about the Company's strategic objectives and direction. About Cambridge Heart, Inc. Cambridge Heart (www.cambridgeheart.com) is engaged in the development and commercialization of products for the non-invasive diagnosis of cardiac disease, particularly the identification of those at risk of sudden cardiac arrest. The Company's products incorporate its proprietary Microvolt microvolt one-millionth (10-6) of a volt; abbreviated µV. T-Wave Alternans measurement technologies, coupled with its patented Spectral Analytic Method and ultra-sensitive disposable electrode sensors. Only Spectral Analytic Method MTWA MTWA Microvolt T-Wave Alternans MTWA Maximum Total Weight Authorised MTWA Metro Toronto Wrestling Association MTWA Maximum Takeoff Weight Authorized tests are reimbursed by Medicare under its National Coverage Policy that covers patients with a wide variety of cardiac symptoms. Other major insurers in the USA also have coverage policies for the test. The T-Wave Alternans test is included in the Guideline for Management of Patients with Ventricular Arrhythmias and the Prevention of Sudden Cardiac Death Sudden Cardiac Death Definition Sudden cardiac death (SCD) is an unexpected death due to heart problems, which occurs within one hour from the start of any cardiac-related symptoms. SCD is sometimes called cardiac arrest. jointly developed by the American College of Cardiology The American College of Cardiology (ACC) is a nonprofit medical association established in 1949 to educate, research and influence health care public policy. The president for the 2006–2007 year is Steven E. Nissen. [1] The organization has 39 chapters in the U.S. (ACC See adaptive cruise control. ), The American Heart Association American Heart Association (AHA), n.pr a national voluntary health agency that has the goal of increasing public and medical awareness of cardiovascular diseases and stroke, and thereby reducing the number of associated deaths and disabilities. (AHA) and the European Society of Cardiology The European Society of Cardiology (ESC) represents more than 50,000 cardiology professionals across Europe and the Mediterranean. Its mission is to reduce the impact of cardiovascular disease in Europe. (ESC). The Company, founded in 1990, is based in Tewksbury, Massachusetts and is traded on the OTCBB under the symbol CAMH. About the Cambridge Heart Microvolt T-Wave Alternans Test The Cambridge Heart Microvolt T-Wave Alternans Test measures a specific extremely subtle pattern of beat-to-beat fluctuations in a person's electrocardiogram electrocardiogram /elec·tro·car·dio·gram/ (-kahr´de-o-gram?) a graphic tracing of the variations in electrical potential caused by the excitation of the heart muscle and detected at the body surface. . This pattern of fluctuations is called T-wave alternans. These tiny variations in the electrocardiogram - measured at one millionth of a volt accuracy - are most commonly measured during a sub-maximal exercise stress test in the doctor's office or hospital outpatient setting. The preparation for the test consists of placing proprietary sensors on the patient's chest. Extensive clinical research has shown that those patients who are at risk of ventricular tachyarrhythmia tachyarrhythmia /tachy·ar·rhyth·mia/ (tak?e-ah-rith´me-ah) any disturbance of the heart rhythm in which the heart rate is abnormally increased. tach·y·ar·rhyth·mi·a n. that test positive for microvolt T-wave alternans are at increased risk for sudden cardiac death, while those who test negative are at reduced risk. Statements contained in this press release are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In some cases, we use words such as "believes", "expects", "anticipates", "plans", "estimates", "could", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements. Factors that may cause or contribute to such differences include failure to achieve broad market acceptance of the Company's MTWA technology, failure to achieve broad market acceptance of the Company's MTWA technology, failure of our sales and marketing partner to market our products effectively, inability to hire and retain qualified clinical applications specialists in the Company's target markets, failure to obtain or maintain adequate levels of third-party reimbursement for use of the Company's MTWA test, customer delays in making final buying decisions, decreased demand for the Company's products, failure to obtain funding necessary to develop or enhance our technology, adverse results in future clinical studies of our technology, failure to obtain or maintain patent protection for our technology and other factors identified in our most recent Annual Report on Form 10-K/A under "Risk Factors", which is on file with the SEC and available at www.EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. .com. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as may be legally necessary, even if our estimates should change. 1735800.2 |
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