Stereotaxis CEO Michael Kaminski Steps Down; Board Chairman William Mills III
to Serve as Interim CEO
ST. LOUIS, March 5, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS)
announced today that Michael Kaminski will step down as President and Chief
Executive Officer, effective April 12, 2013, to accept a position as division
president of a company in an unrelated field. The Stereotaxis Board has
appointed Chairman William Mills III as interim CEO and created an interim
Office of the Chief Executive, with Director Dr. Euan Thomson providing
support and guidance in certain areas to ensure a seamless transition to new
company leadership. Augmenting this office will be a senior executive
committee representing the Company's business segments. The Board will
immediately retain an executive search firm to assist in conducting a
comprehensive search for a successor.
Mr. Kaminski, who will remain as an advisor to the Company through October
2014, said, "While this was a difficult personal decision, the timing was
right for me and my family to pursue a new, exciting endeavor. I have
treasured the opportunity to work alongside some of the brightest minds in the
industry who have responded to the needs of the market with unique,
transformative solutions. The Company is taking the correct steps toward
profitability, while keeping innovation and clinical adoption as priorities,
and I believe is on its way to establishing the standard of care for
interventional procedures throughout the world."
Mr. Kaminski, who joined the Company in 2002 as Chief Operating Officer, was
appointed President and COO in 2007, and then Chief Executive Officer in
January 2009. During his four years as CEO, the Company greatly expanded the
commercialization of its technology platform, generated double-digit revenue
growth and improved operating loss by over 74%.
"Mike has provided critical, visionary leadership during the Company's
emergence from innovator to major commercial player in the electrophysiology
market," said Mr. Mills. "He has been one of the strongest champions of our
technology's contribution to medicine, and the Board and I thank him for all
of his efforts in driving business improvements while advancing the Company's
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.
"The Stereotaxis Board has an abiding confidence in and commitment to the
Company's life-changing technology and long-term vision, and we are resolved
to ensure effective leadership that will continue to deliver expanding value
to each of our stakeholders," Mr. Mills concluded.
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
technologies are 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
The core components of Stereotaxis systems have received regulatory clearance
in the U.S., Europe, Canada and elsewhere. The V-Loop^™ circular catheter
manipulator is currently in clinical trials in order to obtain clearance by
the U.S. Food and Drug Administration; the Company also is pursuing U.S.
clearance for the V-Sono™ ICE catheter manipulator. For more information,
please visit www.stereotaxis.com and www.odysseyexperience.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, our continued access to
capital and financial resourceson a timely basis and on terms that are
acceptable, our continued listing on the Nasdaq Global Market, 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
our systems and the timing of such purchases, the outcome of various
shareholder litigation recently filed against us, 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.
CONTACT: Press Contact:
Senior Vice President, Marketing and
Todd Kehrli / Jim Byers
MKR Group, Inc.
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