NMT Medical Appoints Board Member Frank Martin Interim President & Chief Executive Officer

NMT Medical, Inc., today announced that it has appointed NMT board member Frank Martin as interim President & Chief Executive Officer. Until a permanent successor is appointed, Frank Martin will assume the responsibilities formerly held by John E. Ahern. Mr. Ahern has announced his retirement and has also resigned from his position as a Director of the Company, effective February 9, 2009. NMT’s Board has begun the search for a permanent CEO and has retained an executive recruiting firm.

NMT Medical also announced that Richard E. Davis, the Company’s current Executive Vice President and Chief Financial Officer, was promoted to the newly created position of Chief Operating Officer. Davis will retain the Chief Financial Officer role.

James J. Mahoney, Jr., NMT Chairman of the Board, said, “Frank Martin is the ideal candidate to assume the interim CEO role. He has been CEO of several interventional cardiology device companies and has served on the NMT Board since 2001. He is familiar with the value of and potential for NMT’s technology. In addition, he has been an advisor and consultant to global venture capital firms, corporations and entrepreneurs in the medical technology field. Frank has a wealth of experience in sales, marketing and fundraising for medical device companies that are essential to the future success of NMT. We are delighted that he has accepted this position.”

“John Ahern has played an integral role in helping to position NMT as a leader in the treatment of structural heart disease,” added Mahoney. “We would like to thank John for his hard work and dedication to NMT during his eight years of service to the Company. We wish him well. We are equally fortunate to have Rick Davis on board to serve as our new COO. Rick has demonstrated a unique ability to instill both fiscal and operational discipline, and is a valued long-term member of our executive team.”

As previously announced, NMT continues to work closely with the key constituencies in finalizing a decision regarding the data analysis timing for CLOSURE I – the landmark patent foramen ovale (PFO)/stroke and transient ischemic attack (TIA) clinical trial in the U.S. A decision is still currently anticipated by the end of the first quarter 2009.

Source: nmtmedical.com

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