IRVINE, Calif.--(BUSINESS WIRE)--Endologix, Inc. (Nasdaq: ELGX) (“Endologix” or the “Company”), a developer and marketer of innovative treatments for aortic disorders, today announced that it has appointed Jeffry Fecho as the Company’s Chief Quality Officer, effective as of June 25, 2018 (the “Effective Date”).
John Onopchenko, Chief Executive Officer of Endologix, Inc., said, “I’m very pleased to welcome Jeff to our executive team. This is a critical role within our Company as we strive to make continuous improvements to our processes and products. As a highly experienced leader with a history of leading large Quality organizations in the cardiovascular industry, Jeff will be invaluable in advancing our safety procedures and achieving sustained quality excellence.”
Mr. Fecho brings to Endologix almost thirty years of executive leadership and quality expertise. Most recently, he was the Division Vice President for Operations and New Product Quality at Abbott Laboratories, where he led the global Quality organization across 20 sites and was responsible for the New Product Development function. Prior to that role, he spent 11 years at St. Jude Medical, where he eventually became the Vice President, Global Quality. In this role, Mr. Fecho was responsible for oversight, remediation, best practice propagation, and education across the Quality organization. Earlier at St. Jude Medical, he managed Quality for both Class II and III cardiovascular devices within the company’s Cardiovascular Division and oversaw more than 20 consecutive FDA audits with zero observations. Mr. Fecho’s previous experience with cardiovascular products was with Boston Scientific Corporation, where he held positions in Quality Operations and R&D. Mr. Fecho is an ASQ Certified Six Sigma Black Belt and has systematically infused Six Sigma principles into the organizations he has managed.
Mr. Fecho commented, ”I’m honored to join the Endologix team and excited by our Company’s value proposition. I’m committed to refocusing and enriching our quality processes, and I look forward to advancing our product pipeline, as well as realizing our vision of bringing safer, more effective products to the patients we serve.”
Mr. Fecho earned his MBA from Elon College in North Carolina and his Bachelor of Science in Industrial Technology from East Carolina University.
The Company has also announced that in connection with Mr. Fecho’s employment by Endologix, he will receive equity awards under the Company’s 2017 Inducement Stock Incentive Plan, valued at Five Hundred Fifty Thousand Dollars ($550,000.00), consisting of stock options (“Option”) with a Black Scholes value of Two Hundred Thousand Dollars ($200,000.00), and restricted stock units (RSUs) worth Three Hundred Fifty Thousand Dollars ($350,000.00). The Options will be priced as of the Effective Date and will vest over a three-year period. One third of the Options shall vest and become exercisable upon his completion of one year of service. The balance of the Options shall vest and become exercisable in successive, equal, monthly installments upon Mr. Fecho’s completion of the next twenty four months of service, measured from the first anniversary of the grant date. The RSUs will vest as to one-third of the underlying shares on each anniversary of the Effective Date such that the shares will vest in full three years from the Effective Date. The number of shares subject to the RSU grant shall be determined based upon the Company’s stock price on the Effective Date.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's focus is endovascular stent grafts for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 80%, making it a leading cause of death in the United States. For more information, visit www.endologix.com.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” "continue," "outlook," “guidance,” "future,” other words of similar meaning and the use of future dates. Forward-looking statements used in this press release include, but are not limited to, statements regarding the anticipated commencement (and commensurate benefits) of Mr. Fecho’s employment with Endologix, and statements regarding Endologix’s prospects (including safety, quality and pipeline enhancements and advancements, and achievement of Endologix’s vision to bring safer, more effective products to the patients it serves), the accuracy of which are necessarily subject to risks and uncertainties that may cause Endologix’s actual results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ materially and adversely from anticipated results include continued market acceptance, hiring, integration and retention of Mr. Fecho and other members of the Endologix’s executive management team, risks regarding Quality systems operations and outcome of third party audits of such systems, endorsement and use of Endologix's products, risks associated with the manufacturing of Endologix’s products, the success of clinical trials relating to Endologix’s products, product research and development efforts, uncertainty in the process of obtaining and maintaining U.S. FDA and other regulatory approvals for Endologix's products, Endologix’s ability to access equity and debt capital on acceptable terms, Endologix’s ability to enter into or maintain existing financing arrangements on acceptable terms, risks associated with international operations, including currency exchange rate fluctuations, Endologix’s ability to protect its intellectual property rights and proprietary technologies, and other economic, business, competitive and regulatory factors. Undue reliance should not be placed upon the forward-looking statements contained in this press release, which speak only as of the date of this press release. Endologix undertakes no obligation to update any forward-looking statements contained in this press release to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Please refer to Endologix's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent Quarterly Reports on Form 10-Q, for more detailed information regarding these risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied.