Theragenics Corporation(R) Announces Re-election of Directors
After Annual Meeting
BUFORD, Ga., May 10 /PRNewswire-FirstCall/ -- Theragenics Corporation
(NYSE:TGX), the Georgia-based manufacturer and marketer of TheraSeed(R), the
premier palladium-103 cancer treatment device, announced that at its annual
meeting today in New York its stockholders re-elected Patrick L. Flinn, John V. Herndon, and Peter A.A. Saunders as Directors and ratified the appointment of
Grant Thornton LLP as the Company's independent public accountants.
In addition, at its board meeting following the completion of the acquisition
of CP Medical which was announced yesterday, the Board of Directors voted to
separate the role of Chairman of the Board and Chief Executive Officer.
Patrick L. Flinn was elected to serve as Chairman of the Board, and M. Christine Jacobs will continue as the Company's President and Chief Executive
Officer.
"With this newly completed acquisition, we decided to separate the two
positions and follow an emerging national trend and best practice in public
company corporate governance. At this time, approximately 25 percent of the
companies that comprise the S&P 500 have adopted this or a similar governance
structure," said Mr. Flinn.
"The separation of the office of Chairman and Chief Executive Officer will
better enable me to focus on the rapid integration of the CP Medical
acquisition as well as the overall growth and development of Theragenics'
business and newly diversified platform," added Ms. Jacobs.
Mr. Flinn is currently Chairman of the Company's Audit Committee and has served
as Director of the Company since 1998. From July 1991 to January 1996, Mr. Flinn was Chairman, President and Chief Executive Officer of Bank South
Corporation. Mr. Flinn is a director of Equity One, Inc., (NYSE:EQY), a real
estate investment trust that is an owner, operator and redeveloper of
neighborhood and community shopping centers. Mr. Flinn is also a consultant to
various businesses and non-profit organizations.
Theragenics Corporation(R) is committed to being a leading provider of
brachytherapy treatment devices for prostate cancer and other degenerative
disease states. The Company is the manufacturer and marketer of the
palladium-103 device TheraSeed(R) and I-Seed, an iodine-125 based device. Both
devices are used in the treatment of localized prostate cancer in one- time,
minimally invasive procedures. Through its newly acquired subsidiary, CP
Medical, the company is also involved in manufacturing and providing medical
devices for the wound closure, cardiac pacing cables, general, dental and
cosmetic surgery and veterinary medical fields. Theragenics(TM) is the world's
largest producer of palladium-103 and is involved in research and development
utilizing palladium-103 and other isotopes for the treatment of a wide variety
of diseases, including macular degeneration. For additional information on the
Company, call Theragenics'(TM) Investor Relations Department at (800) 998-8479. The Company's common stock is traded on the New York Stock Exchange under the
symbol TGX. Additional information can be found on the Company website:
http://www.theragenics.com/.
This release contains forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, without
limitation, statements regarding the filing of the Company's Form 10-Q
quarterly report. The accuracy of forward-looking statements is necessarily
subject to risks and the Company's actual results may be affected by, among
other things, risks and uncertainties related to competition within the medical
device industry, integration risks, development and growth of new applications
within the markets for wound closure, brachytherapy and more broadly, medical
devices, competition from other companies within the wound closure and medical
device markets, competition from other methods of treatment, new product and
process development cycles, potential costs and delays associated with
expansion and executing growth strategies, potential costs and delays in
production optimization, effectiveness and execution of marketing and sales
programs, changes in pricing of raw materials or changes in relationships with
key suppliers, third-party (including CMS) reimbursement, Congressional action
affecting Medicare reimbursement, physician training, third-party distribution
agreements, and other factors set forth from time to time in the Company's
Securities and Exchange Commission filings.
All forward looking statements and cautionary statements included in this
document are made as of the date hereby based on information available to the
Company as of the date hereof, and the Company assumes no obligation to update
any forward looking statement or cautionary statement. DATASOURCE: Theragenics Corporation CONTACT: Cari Brunelle of Jaffe Associates, +1-302-540-5060, or , for Theragenics Corporation Web site: http://www.theragenics.com/
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