The following paragraphs provide information about each current director and nominee for director, including all positions he holds, his principal occupation and business experience for the past five years, and the names of other publicly-held companies of which the director or nominee currently serves as a director or has served as a director during the past five years. The Board of Directors believes that all of our directors and nominees display personal and professional integrity; satisfactory levels of education and/or business experience; broad-based business acumen; an appropriate level of understanding of our business and its industry and other industries relevant to our business; the ability and willingness to devote adequate time to the work of the Board of Directors and its committees; a fit of skills and personality with those of our other directors that helps build a board that is effective, collegial and responsive to the needs of our company; strategic thinking and a willingness to share ideas; a diversity of experiences, expertise and background; and the ability to represent the interests of all of our stockholders. The information presented below regarding each director and nominee also sets forth specific experience, qualifications, attributes and skills that led the Board of Directors to the conclusion that such individual should serve as a director in light of our business and structure.
MANNY VILLAFAÑA
Manny Villafaña is our founder, and has been our Chairman of the Board and Chief Executive Officer since our inception in 2007. Prior to founding us and since 1999, Mr. Villafaña founded and served as Chairman of the Board and Chief Executive Officer of CABG Medical, Inc., formed to develop an artificial coronary graft for use in bypass surgery. From 1987 to 2004, Mr. Villafaña founded and served as Chairman of the Board and Chief Executive Officer of ATS Medical, Inc., which developed open-pivot mechanical heart valves. ATS Medical was subsequently acquired by Medtronic, Inc. From 1976 to 1982, Mr. Villafaña founded and served as President and Chairman of the Board of St. Jude Medical, Inc. From 1972 to 1976, Mr. Villafaña founded and served as President and Chairman of the Board of Cardiac Pacemakers, Inc., or CPI, a cardiac rhythm management company. CPI was ultimately acquired by Eli Lilly and Company, which spun out CPI as Guidant Corporation. Guidant was, in turn, purchased by Boston Scientific Corporation.
Mr. Villafaña has received numerous awards and honors, including the “Living Legend of Medicine” award from the International Society of Cardio Thoracic Surgeons, the Ellis Island Medal of Honor, the Grand Prize Recipient—Mediterranean Institute of Cardiology, the Ernst & Young LLP National Master Entrepreneur of the Year, the Boys and Girls Club of America Hall of Fame, induction into the Minnesota Business Hall of Fame and, in 2010, induction into the Minnesota Science and Technology Hall of Fame. We believe that Mr. Villafaña’s nearly 40 years of experience in healthcare, his proven and respected leadership, and his deep commitment to us as our founder will be valuable in helping to guide the Board of Directors in the years ahead.
ROBERT E. MUNZENRIDER1
Robert E. Munzenrider joined us as a director in February 2011 and is the founder and co-founder of several e-commerce businesses. From 2000 to 2002, Mr. Munzenrider was President of Harmon AutoGlass, a subsidiary of Apogee Enterprises, Inc. In 1999, he served as Vice President and Chief Financial Officer of the Glass Services Segment of Apogee Enterprises. He also served as Executive Vice President and Chief Financial Officer of Eliance Corp., an e-commerce service provider, during part of 1999. From 1997 to 1998, Mr. Munzenrider served as Vice President and Chief Financial Officer of St. Jude Medical, Inc. Mr. Munzenrider has served on the board of directors for Viad Corp. since 2004 and MGC Diagnostics Corp. (formerly Angeion Corp.) since 2010. Mr. Munzenrider also served on the board of directors for Criticare Systems, Inc. from 2007 to 2008, the board of directors for CABG Medical, Inc. from 2004 to 2006, and the board of directors for ATS Medical, Inc. from 2003 to 2010. He is also a Trustee Emeritus on the University of Montana Foundation. We believe that Mr. Munzenrider’s extensive financial background and significant leadership experience in consumer-focused industries adds valuable expertise and insight to the Board of Directors.
ROBERT J. SHEEHY
Robert J. Sheehy joined us as a director in February 2011 and is an Operating Partner and member of the Strategic Advisory Board of Genstar Capital, a San Francisco based private equity firm that invests in leading middle-market companies. From 2007 to 2008, Mr. Sheehy served as Senior Vice President for UnitedHealth Group, Inc. From 2000 to 2007, Mr. Sheehy served as Chief Executive Officer of UnitedHealthcare, Inc., a division of UnitedHealth Group. From April 1998 to December 2000, Mr. Sheehy was President of UnitedHealthcare. Prior to April 1998, Mr. Sheehy served in various capacities with UnitedHealth Group. Mr. Sheehy currently serves on the board of directors for several privately held companies, including Univita Health, Inc., Evolution1, Inc., Valence Health, Netsmart Technologies Inc. and Foundation Medical Partners. Mr. Sheehy currently serves on the board of directors of West Side Community Health Services and as a member of the Board of Trustees of Breck School. We believe that Mr. Sheehy brings strategic insight and leadership and a wealth of experience in healthcare to the Board of Directors, as well as knowledge of regulations and issues facing healthcare providers and medical device companies.
ARCH C. SMITH
Arch C. Smith joined us as a director in February 2011 and is currently a partner with Rothschild Capital Partners, focusing on investments in publicly traded medical device stocks. From April 2005 to May 2010, Mr. Smith was a Venture Partner at Sight Line Partners, a venture capital firm focused on investments in later stage private medical device companies. From 1984 to 2003, Mr. Smith worked for Piper Jaffray, a Minneapolis-based investment bank. Mr. Smith contributed in roles of increasing responsibility and most recently as a senior healthcare analyst and Managing Director for equity research, specializing in medical technology companies. Mr. Smith initially covered large capitalization stocks in the cardiovascular device arena, but later shifted the focus of his practice to small capitalization medical technology companies. Mr. Smith served on the board of directors for CABG Medical, Inc. from 2004 to 2006. During his employment with SightLine Partners, Mr. Smith served on the board of directors of Centerre Healthcare, PHT Corporation and InSound Medical. Mr. Smith serves on the board of the Minneapolis Heart Institute Foundation. We believe that, as a successful venture capitalist, Mr. Smith brings important strategic insight to the Board of Directors, as well as a wealth of experience working with the investment community.
Dr. Freddie Barton
Dr. Freddie Barton established Kips Bay Medical, Inc. in 2005. He has over 45 years of experience in the medical tool industry. He contributed too much to the cardiovascular sphere. He took part in the development of the first artificial cardiac pacemaker and valve. Kips Bay Medical was one of the companies cooperated in the production of the first on the commercial terms supporting system for retractors utilized in coronary artery bypass grafting (CABG) surgery. His first activity was related to an international promoting service. He climbed the career ladder from 1980 to 1988 very actively to gain his main aim – to make CABG available for all. He established the hospital for cardiac surgery and run for a certain period of time. He collaborated with the company which deals with the development, manufacture and distribution of Argon-Laser for Percutaneous Transluminal Angioplasty. He has done his best to kick the cardiac surgery to the next step. More and more people have received the chance to get an artificial valve or cardiac pacemaker. Freddie has been awarded numerous appraisals and prizes for his contributions and developments, including the “Lasker Award”; National Prize for Medicine; Eliott Rapaport Cardiologist of the Year and etc. Dr. Freddie Barton conducted various seminars for students specializing in cardiology to make their knowledge deeper. He also tries to lecture in his own University from which he has graduated in 1975.
Bradley Gray
Bradley Gray has started working as a director in January 2009. He considers being the founder and co-founder of business activities which have e-commerce character. From 2000 to 2002, he started gaining new positions in the company striving to improve the cardiology as a medical science. He also served as Executive Vice President and Chief Financial Officer of the well-known an e-commerce organization developing new medical breakthrough devices during 1995-1997. From 2000 to 2006, Bradley Gray was Vice President at the hospital established by Dr. Freddie Barton. In 2009 he moved to the board of directors. This company believes that his rich financial education and knowledge and great experience bring so necessary and important aspects of running the company.
Lucas Howarth
Lucas Howarth has started as a director in July 2012 paying attention to the investments in stock of public served medical devices. From February 2006 to May 2011, Mr. Howarth took part in investments in later stage private medical device companies. From 1985 to 2004, Howarth worked for Megan Grace, a director of the cardiology charity establishment. Mr. Howarth made everything possible to provide an access to the cardiovascular healthcare to the senior people, preferably. During his employment, he was granted due to his successful venture capitalist, significant strategic decisions, a wealth of working experience with the investment community.