People In Brief
This article was originally published in The Gray Sheet
Executive Summary
Shakeup at FoxHollow: Ron Steckel replaces David Martin as COO, and Richard Zimmer replaces Bill Hoffman as VP-sales. Steckel moves up from senior VP-operations and research & development, where he focused on improving operating efficiency. Zimmer has spent two years with FoxHollow, serving as director of sales since October. The firm recently announced plans for new studies of its SilverHawk plaque excision system (1"The Gray Sheet" Jan. 16, 2006, p. 7). However, FoxHollow's stock has dropped 38.5% from $45.46 on Dec. 12, when the firm announced the resignation of CEO Robert Thomas, to close Feb. 10 at $27.95 (2"The Gray Sheet" Jan. 9, 2006, p. 13)...
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FoxHollow files IDE for coronary indication: Plaque excision system manufacturer filed an IDE to resume a clinical trial studying the use of SilverHawk to treat coronary artery disease in type B and C bifurcation lesions on Jan. 9, the company announced at the JP Morgan Healthcare conference in San Francisco. The initial study, begun in Oct. 2002, was shelved in Dec. 2003 due to adverse events observed in a subset of the patients (1"The Gray Sheet" Nov. 1, 2004, p. 20). Enrollment for the 250-patient trial is expected to begin in the second quarter, interim CEO John Simpson, MD/PhD said. FoxHollow also plans to initiate a 100-patient randomized, controlled trial comparing treatment with SilverHawk to medical management for peripheral artery disease, the device's approved indication. The Redwood City, Calif. firm hopes the trial results will accelerate the firm's quest for profitability, a goal that has been delayed by an $11.4 mil. stock-based compensation expense this quarter related to the departure of CEO Robert Thomas Jan. 1 (2"The Gray Sheet" Jan. 9, 2006, p. 13)...
People In Brief
FoxHollow loses CEO: President & CEO Robert Thomas resigns, effective Jan. 1. Thomas, who joined the SilverHawk plaque excision system manufacturer in 1998 and has been CEO since 2000, announced plans to retire Dec. 12. Founder and Chairman John Simpson steps in as interim CEO while the firm searches for a permanent replacement. The 44-year-old Thomas cited personal reasons for his departure, but some analysts question that explanation, according to reports in the Wall Street Journal. FoxHollow's stock has fallen sharply, closing Jan. 5 at $30.12, down 35% from $46.44 Dec. 9, the last trading day before the announcement...
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