Daniel J. Levangie Named President and CEO of Cytyc Health Corporation.Business Editors and Health/Medical Writers BOXBOROUGH, Mass.--(BW HealthWire)--Aug. 1, 2002 Cytyc Corporation (Nasdaq: CYTC) today announced the promotion of Daniel J. Levangie to president and chief executive officer of Cytyc Health Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cytyc Corporation. Mr. Levangie will oversee all worldwide business activity for Cytyc Health Corporation, currently focused on the launch and implementation of FirstCyte(TM) Ductal Lavage ductal lavage Cytology The harvesting of cells from the mammary ducts in an attempt to identify CA at an early, possibly more treatable stage. See Breast cancer. , the company's proprietary technology to aid in breast cancer risk assessment. His promotion was approved by Cytyc's Board of Directors this week and is effective immediately. In his new role, Mr. Levangie will be specifically responsible for FirstCyte Ductal Lavage. As a result of Mr. Levangie's changed role, Patrick J. Sullivan will assume the additional role of president of Cytyc Corporation. "Dan Levangie is eminently qualified to meet the challenges of this well-earned promotion," said Mr. Sullivan, Cytyc Corporation's chairman, president, and chief executive officer. "Dan directed our very successful launch and the rapid market conversion of the ThinPrep(R) Pap Test Pap test, Pap smear, or Papanicolaou test (păp'ənē`kəlou), medical procedure used to detect cancer of the uterine cervix. (TM). He will now apply his formidable leadership and experience to expanding adoption of FirstCyte Ductal Lavage." "We believe the growing awareness of the importance of breast cancer risk assessment presents a tremendous market opportunity for FirstCyte Ductal Lavage," said Mr. Levangie. "I welcome this new challenge and I am very excited about the opportunity to mobilize mo·bi·lize v. 1. To make mobile or capable of movement. 2. To restore the power of motion to a joint. 3. To release into the body, as glycogen from the liver. the resources necessary to expand the availability of this important technology to women at high risk of developing breast cancer." Mr. Levangie has served in a number of key executive roles at Cytyc since joining the company in 1992. Prior to joining Cytyc, Mr. Levangie held sales and marketing management positions at Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. . Cytyc Corporation develops, manufactures, and markets products for medical diagnostic applications primarily focused on women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. . The ThinPrep(R) System consists of the ThinPrep(R) 2000 Processor, ThinPrep(R) 3000 Processor, and related reagents, filters, and other supplies. Cytyc is traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol CYTC and is a part of the S&P Midcap 400 Index and The Nasdaq-100 Index. Cytyc(R) and ThinPrep(R) are registered trademarks and ThinPrep(R) Pap Test(TM) and FirstCyte(TM) are trademarks of Cytyc Corporation for which registration has been applied. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release are made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding anticipated product and technology performance and market development and acceptance, constitute forward-looking statements which involve risks and uncertainties which could cause actual results to differ, including, without limitation, uncertainty of product and technology development and performance, risks associated with the regulatory approval process, risks associated with the Company's dependence on a single product, uncertainty of market acceptance and additional cost, dependence on proprietary technology, dependence on timely and adequate levels of third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , dependence on key personnel, management of growth, limited marketing and sales experience, and limited number of customers and lengthy sales cycle, as well as risks of downturns in economic conditions generally, and in the healthcare industry specifically, risks associated with competition and competitive pricing pressures, potential liabilities and costs associated with litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and other risks detailed in the Company's filings with the Securities and Exchange Commission, including in its 2001 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Commission. Cytyc cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. Cytyc disclaims any obligation to publicly update or revise any such statements to reflect any change in their expectations or events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. |
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