ValveXchange, Inc. Adds Management for Commercialization Phase

DENVER--(BUSINESS WIRE)--ValveXchange® is pleased to announce the appointment of current Chairman of the Board, Mr. John Parrish as Chairman of the Board and Chief Executive Officer and Mr. Duane Knight as Chief Financial Officer. Mr. Larry Blankenship, current President and CEO since the company’s establishment as a Delaware C Corporation in late 2007, announced the changes as part of the natural evolution of the company into commercialization. Mr. Blankenship said, “My expertise is focused on early company activities including building the company, funding it, developing the product and manufacturing capabilities through product approval, ready for sales to begin. Mr. Parrish’s background has focused on commercialization of new products. So this transition is appropriate now as ValveXchange is completing requirements for CE marking of its new Vitality™ heart valve and preparing for market launch in Europe near the end of this calendar year.”

“The innovative and novel ValveXchange Technology is poised to capture substantial heart valve market share because it offers advantages for the surgeons and patients. I look forward to helping increase shareholders value via a successful launch of the Vitality system, and helping guide the company through this exciting period.”

Mr. Parrish has been a Director of ValveXchange since 2008 and Chairman of the Board since February 2012. Of this transition, Mr. Parrish said, “The innovative and novel ValveXchange Technology is poised to capture substantial heart valve market share because it offers advantages for the surgeons and patients. I look forward to helping increase shareholders value via a successful launch of the Vitality system, and helping guide the company through this exciting period.”

During his 30-year career, Mr. Parrish has founded five healthcare product companies, guided multiple M&A and IPO events, and managed over 20 fundraising campaigns. His ventures include (i) VitalMetrics, Inc., open-heart surgery instruments, acquired by AFG, Inc., (ii) Intramed Laboratories, Inc., endoscopes and MIS tools, acquired by Baxter, (iii) ISTA Pharmaceuticals, the world’s fourth largest ophthalmic pharmaceutical company acquired in 2012 by B & L, (iv) Angiosyn, Inc., developer of an antiangiogenic biologic, acquired by Pfizer, and most recently Co-founder, President and CEO of BioVascular, Inc.

Mr. Duane Knight has served as CFO in several life science companies including Denver Biomedical, Inc., which he helped sell to Cardinal Health in 2006. Mr. Knight, a Certified Public Accountant, has also participated in the Investment Banking industry focusing on funding healthcare companies, and has served as CFO for other startup and emerging-stage medical device firms. Mr. Knight said, “I look forward to bringing my expertise and background to work with the ValveXchange team. There are substantial advantages in our product pipeline for physicians, patients, and ultimately payors. We will capitalize on these advantages to realize significant shareholder value.”

The ValveXchange® technology was invented by company founder and noted heart valve scientist Dr. Ivan Vesely. Dr. Vesely said, “John Parrish is a master of corporate relations. His new role as CEO is exactly what the Company needs, as we begin to compete with existing valve manufacturers for attention and market share. Duane Knight has vast experience in managing finances for early stage companies and has taken them through M&A’s. The company is thus clearly in good hands in terms of leadership and execution.”

ValveXchange® began clinical trials in Europe in 2012, with CE mark approval expected in 2013.

About ValveXchange, Inc:

ValveXchange, Inc. is focused on developing the “future of heart valve therapy.” The ValveXchange two-part architecture provides significant advantages at initial implant including unmatched visualization of the positioning and seating of the valve base and enabling the smallest incisions during Minimally Invasive Surgical (MIS) implant procedures. It also represents the first-of-its-kind "serviceable" bioprosthetic heart valve. By offering periodic, minimally-invasive exchange of worn-out leaflets, patients of all ages can enjoy a full, active lifestyle, avoiding a mechanical valve and its associated warfarin anticoagulation therapy.

FORWARD-LOOKING STATEMENTS: This document includes statements which reflect management’s views, but which may not occur as expected, or at all.