Navigation Links
CryoLife Responds to Inaccurate Assertions from Plaintiff's Attorney
Date:1/11/2008

ATLANTA, Jan. 11 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY), a biomaterials, medical device and tissue processing company, announced today that it has been notified that a lawsuit will be filed against it in the Superior Court of Cobb County, Georgia relating to a meniscal allograft.

The lawsuit concerns an individual who contracted an infection following a transplant of a meniscal allograft in December 2006. Meniscal transplants are commonly used for patients with significant damage to the knee, who have already undergone several previous knee operations. A meniscal transplant is often recommended as the last resort before total knee replacement surgery. When a meniscal transplant is contemplated, it is routine medical procedure for the patient to be informed of the risks of transplant surgery, including the risk of infection from the transplanted tissue.

After receiving notice of the individual's infection, CryoLife conducted an immediate and thorough investigation of the manner in which the transplanted tissue was recovered and handled. As a result of this investigation, CryoLife believes that it handled the tissue in accordance with its procedures and in accordance with all applicable industry standards and regulatory requirements. Shortly after the infection was discovered, CryoLife notified the FDA of the incident, as it was required to do.

"We regret that this recipient experienced a problem following implant of our aseptically-processed tissue. We wish him the best; however, it is our understanding that his knee function was severely compromised prior to his meniscal transplant. Regrettably, the lawyers representing this individual have chosen to make untrue public statements against our company and our tissue processing services in an effort to force us into a monetary settlement of the case," stated Ashley Lee, executive vice president, chief operating officer and chief financial officer of CryoLife. "We feel it is important that we address these statements."

"We are confident that we followed industry standard and FDA practices and policies fully in processing this tissue and in notifying the proper authorities after learning of the infection. We intend to vigorously defend against this lawsuit and believe that we have adequate insurance coverage for this particular case."

About CryoLife, Inc.

Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the United States and Canada. The Company's BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community and approved in Canada and Australia for use in soft tissue repair. The Company also distributes the CryoLife-O'Brien(R) stentless porcine heart valve, which is CE marked for distribution within the European Community. For additional information about CryoLife please visit http://www.cryolife.com.

Statements made in this press release that look forward in time or that express management's beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those regarding the potential outcome of the litigation described above. These future events may not occur as and when expected, if at all, and, together with the Company's business, are subject to various risks and uncertainties. These risks and uncertainties include the uncertainties surrounding the trial of any litigation, the expenses associated with that litigation and the risk of an adverse judgment at trial, as well as risk factors detailed in CryoLife's Securities and Exchange Commission filings, including CryoLife's Form 10-K filing for the year ended December 31, 2006, its most recent Form 10-Q, and the Company's other SEC filings. The Company does not undertake to update its forward-looking statements.

For additional information about the company, visit CryoLife's Web site: http://www.cryolife.com

Media Contacts:

D. Ashley Lee Jim McCarthy

Executive Vice President, Chief Financial McCarthy Communications

Officer and Chief Operating Officer

Phone: 770-419-3355 Phone: 202-333-8810


'/>"/>
SOURCE CryoLife, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. CryoLife Announces Record Preservation Services and Product Revenues for 2007
2. CryoLife to Present at OneMedPlace Finance Forum
3. CryoLife to Present at 19th Annual Piper Jaffray Health Care Conference in New York
4. CryoLife to Conduct Annual Cardiac Surgery Fellows Allograft Symposium
5. CryoLife Announces Preliminary Third Quarter 2007 Revenues of Approximately $21.9 Million
6. CryoLife Signs Distribution Agreement for Inclusion of BioGlue(R) Surgical Adhesive in Hernia Repair Kit with Proxy Biomedical Surgical Meshes
7. CryoLife to Present at Bear Stearns Healthcare and First Albany Capitals Regenerative Technologies Conferences in New York
8. CryoLife Names Philip Theodore as Vice President, General Counsel
9. GlaxoSmithKline Responds to JAMA Article on the ICES Thiazolidinediones and Cardiovascular Outcomes in Older Patients with Diabetes
10. Michigan Catholic Conference Responds to Formation of Embryonic Stem Cell Research Ballot Committee
11. Updated Drug Development Scrip Report Responds to the Pharma Industrys Major Changes
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/21/2017)... ... February 21, 2017 , ... Cancer diagnostics workflow solution provider ... executive team to lead the development and commercialization of its Cancer Information Data ... diagnosis and treatment of cancer. The CIDT addresses the need for curated and ...
(Date:2/21/2017)... (PRWEB) , ... February 21, 2017 , ... ... creating transformative design and manufacturing solutions for original equipment manufacturers (OEMs) , today ... 2017 marks Creation Technologies’ third consecutive year winning in its category of electronics ...
(Date:2/21/2017)... BANGALORE , February 21, 2017 ... Appropriate Technology for Adoption by Plastic Industry  ... STEER, ... and functionalise materials in the fields of plastics, pharmaceuticals, ... collaboration with Merck, a leading science & technology company, ...
(Date:2/20/2017)... /PRNewswire/ - BioAmber Inc. (NYSE: BIOA ) announced today that ... Orecchioni, the company,s COO, has been named President, effective immediately.  ... years, Fabrice has overseen the construction, start-up and operation of the ... of the Mitsui JV.  Fabrice has also been extensively involved in ... ...
Breaking Biology Technology:
(Date:1/24/2017)... 24, 2017  It sounds simple and harmless—an ... monitors vital signs and alerts parents on their ... saturation level drops. But pediatric experts argue that ... with no evidence of medical benefits, especially to ... aggressively to parents of healthy babies, promising peace ...
(Date:1/21/2017)... 20, 2017 Research and Markets has announced ... report to their offering. ... The global voice recognition biometrics market to grow ... The report covers the present scenario and the growth prospects ... the market size, the report considers the revenue generated from the ...
(Date:1/19/2017)... SANTA CLARA, Calif. , Jan. 19, 2017 ... Valley company enhancing user experience and security for ... provider of next-generation payment processing systems and cybersecurity ... assist more banks, enterprises and financial institutions worldwide ... As part of the end-to-end secure user authentication ...
Breaking Biology News(10 mins):