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This article was originally published in The Gray Sheet

Executive Summary

David Jenkins returns as EP MedSystems CEO: EP MedSystems Chairman and Founder David Jenkins is named president, CEO and COO after the board of directors fires Reinhard Schmidt for "cause." An internal audit found that Schmidt made inaccurate statements to the Department of Commerce and the U.S. Attorney's Office for the District of New Jersey during an investigation into the firm's product sales to Iran, which are forbidden by U.S. law. The government is also investigating the accuracy of statements certified and authorized by Schmidt. No financial irregularities have been discovered. Jenkins, who served as EP MedSystems' CEO from 1993-2002, headed up gastric electrical stimulation device developer Transneuronix before Medtronic acquired it for $260 mil. in July (1"The Gray Sheet" July 4, 2005, p. 10)...

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People In Brief

Genzyme COO: David Meeker will fill the newly created role of chief operating officer, the diversified biotechnology firm said March 30. The new position integrates all aspects of Genzyme's commercial organization. With Genzyme since 1994, Meeker has headed the Genetic Diseases, Biosurgery and Transplant businesses, and in 2009 initiated the transformation of the company's global manufacturing and quality operations. He will now oversee the firm's business units, country management organization and global market access functions

EP MedSystems settlement

Cardiac electrophysiology device maker will pay a fine of $244,000 to settle charges by the U.S. Department of Commerce that the firm sold products to restricted countries including Iran without governmental authorization. EP MedSystems admits no wrongdoing. The company previously reported that an internal audit uncovered inaccurate statements by former CEO Reinhard Schmidt during DoC's investigation (1"The Gray Sheet" Oct. 17, 2005, p. 16). Related issues have yet to be closed with the Treasury Department and Securities & Exchange Commission...

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