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This article was originally published in The Gray Sheet

Executive Summary

Newly appointed VP-Operations James Barnes is charged with improving the surgical sealant manufacturer's gross margins. Barnes previously held the same position at minimally invasive surgical access product manufacturer InnerDyne, which was purchased by Tyco subsidiary U.S. Surgical in October 2000. Barnes, 49, follows new President and CEO William Mavity, appointed Oct. 1. Mavity, 51, formerly served as president and CEO of InnerDyne (1"The Gray Sheet" Sept. 24, 2001, p. 32). Seperately, a planned restructuring will include a $1.5 mil. cut from the biosurgery firm's annual R&D budget and a 20% workforce reduction. The move will shift resources to operations, sales and marketing of existing technology platforms including the firm's CoStasis surgical hemostat, approved in June 2000, and CoSeal surgical sealant, currently under PMA review. A related charge of $500,000 to $600,000 will be recorded in the quarter ending Dec. 31...

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