SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 23, 1998
INAMED CORPORATION
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(Exact name of registrant as specified in its charter)
FLORIDA 1-9741 59-0920629
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3800 Howard Hughes Parkway, Suite 900
Las Vegas, Nevada 89109
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Address of principal executive offices
Registrant's telephone number, including area code: (702) 791-3380
N/A
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(Former name or former address, if changed since last report.)
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Item 5. OTHER EVENTS.
On January 23, 1998, Inamed Corporation (the "Issuer") issued a news
release, disclosing that Richard G. Babbitt has joined the Issuer as President
and Chief Executive Officer and Ilan K. Reich has joined the Issuer as Executive
Vice President and that Messrs. Babbitt and Reich have been appointed to the
Issuer's Board of Directors.
For additional information concerning the new executive and board
appointments, reference is made to the news release, which is attached hereto as
an exhibit.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
(c) EXHIBITS.
99.1 News Release of Inamed Corporation dated January 23, 1998.
Page 2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INAMED CORPORATION
Dated: January 28, 1998 By:/s/ Donald K. McGhan
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Name: Donald K. McGhan
Title: Chairman and Chief
Executive Officer
Page 3
<PAGE>
EXHIBIT INDEX
99.1 News Release of Inamed Corporation dated January 23, 1998.
Page 4
INAMED "Innovation in Medicine" INAMED CORPORATION
3800 Howard Hughes Parkway
Suite 900
Las Vegas, NV 89109
(702) 791-3388
Fax: (702) 791-1922
NEWS RELEASE
FOR IMMEDIATE RELEASE
COMPANY CONTACT: DONALD K. MCGHAN
(702) 791-3388
INAMED CORPORATION ANNOUNCES
NEW OFFICERS AND BOARD MEMBERS
LAS VEGAS, NEVADA - January 23, 1998 - Inamed Corporation (OTC Bulletin Board:
IMDC), a global surgical and medical device company, announced today that
Richard G. Babbitt has joined the Company as President and Chief Executive
Officer and Ilan K. Reich has joined the Company as Executive Vice President.
Messrs. Babbitt and Reich have also been appointed to the Board of Directors.
In connection with this appointment, Donald K. McGhan will continue to serve as
the Company's Chairman of the Board, a position that he has held since 1985. Jim
J. McGhan will relinquish the title of President and serve as the Company's
Chief Operating Officer.
Mr. Babbitt has been the President and Chief Executive Officer of a private
company, DNA Technologies, Inc. Previously Mr. Babbitt served as President and
General manager of Ben Hogan Group; President of American Safety Equipment
Corporation during its acquisition by Allied Signal; President of B.I.
Industries during its acquisition by American Safety Equipment Corporation;
Chief Executive Officer of Welsh Manufacturing during its acquisition by
Textron; and President of Medical Supply Company during its acquisition by
Marion Laboratories. Mr. Babbitt is a graduate of Purdue University and was an
officer in the U.S. Marine Corps.
Mr. Reich is a partner at the New York law firm of Olshan Grundman Frome &
Rosenzweig, LLP, specializing in corporate and securities law. From 1988 to June
1996, Mr. Reich served in various senior executive positions with public and
private companies controlled by a private investor, including Vice President,
Special Projects, at Western Publishing Group, Inc., the largest U.S. publisher
of children's books, and Vice President, Business Development, at Rabco Health
-more-
<PAGE>
Services, Inc., a distributor of medical/surgical products and a wholesale
pharmaceutical company. Earlier in his career, Mr. Reich was a partner at the
New York law firm of Wachtell, Lipton, Rosen & Katz, specializing in corporate
law and mergers and acquisitions. Mr. Reich is a graduate of Columbia College
and Columbia Law School.
In making the announcement, Chairman Donald K. McGhan, stated "We are pleased to
announce the addition of the two Executive Officers and Board members who are
joining INAMED Corporation at the same time. Richard Babbitt brings a wealth of
successful top management experience in all aspects of business." McGhan
continued: "Mr. Reich brings a unique combination of legal and business skills
to INAMED. He has developed significant insight into the Company over the past
nine months during which time he has been an outside legal advisor actively
involved in negotiations on the breast implant litigation with our lenders. We
are pleased to have convinced both Richard and Ilan to accept the opportunity to
join INAMED's talented, experienced and worldwide work force in moving toward
our goal of achieving mandatory, non-opt-out settlement of breast implant
litigation and subsequent profitability."
Richard Wm. Talley, Chairman of the Company's Audit Committee, added, "Ilan
Reich has been advising the Board of Directors on various issues ever since the
Shareholders' Rights Plan was approved last year. During that time, the members
of the Audit Committee have gained great respect for his knowledge of corporate
law and business sense. Along with Richard Babbitt, the Company's new President
and Chief Executive Officer, and Tom Pilholski, the Chief Financial Officer who
joined us on December 1, 1997, the Audit Committee is convinced that INAMED is
focused on establishing and maintaining world-class financial management
practices and controls within the organization."
INAMED Corporation has 26 operating subsidiaries in the United States, Europe,
Mexico, Latin America and Asia. The subsidiaries are engaged in the development,
manufacturing and marketing of medical devices for the plastic and
reconstructive, bariatric and general surgery markets. INAMED is headquartered
in Las Vegas, Nevada.
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