Current Report on Form 8-K
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): February 1, 1999
INAMED CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 1-9741 59-0920629
- ---------------------------- --------------------- -------------------------
(State or other jurisdiction (Commission IRS Employer
of incorporation) File Number) Identification No.)
700 Ward Drive
Santa Barbara, California 93111
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Address of principal executive offices
Registrant's telephone number, including area code: 805/692-5400
3800 Howard Hughes Parkway, Suite 900
Las Vegas, Nevada 89109
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. OTHER EVENTS.
On February 2, 1999, INAMED Corporation (the "Company")
issued a press release announcing the entry of a final order (the "Order")
approving the limited fund, mandatory class action settlement of virtually all
of the breast implant litigation against the Company. The press release and the
Order are attached as Exhibits 99.1 and 99.2, respectively, to this Current
Report and incorporated herein by reference.
In addition, on February 2, 1999, the Company issued a press
release announcing a series of executive changes, as well as a change in the
corporate headquarters of the Company from Las Vegas, Nevada to Santa Barbara,
California. The press release is attached as Exhibit 99.3 to this Current Report
and incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) EXHIBITS
99.1 Press release of INAMED Corporation dated
February 2, 1999.
99.2 Order and Final Judgment Certifying Inamed
Settlement Class,
Approving Class Settlement, and Dismissing
Claims Against Inamed and Released Parties
dated February 1, 1999
99.3 Press release of INAMED Corporation dated
February 2, 1999.
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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: February 2, 1999 By: /S/ RICHARD G. BABBITT
--------------------------
Name: Richard G. Babbitt
Title: Chairman and CEO
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EXHIBIT INDEX
99.1 Press Release of INAMED Corporation dated February 2,
1999.
99.2 Order and Final Judgment Certifying Inamed Settlement
Class, Approving Class Settlement, and Dismissing
Claims Against Inamed and Released Parties dated
February 1, 1999
99.3 Press release of INAMED Corporation dated February 2,
1999.
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EXHIBIT 99.1
INAMED "Innovation and Medicine" INAMED CORPORATION
700 Ward Drive
Santa Barbara, CA 93111
(805) 692-5400 Telephone
(805) 692-5441 Facsimile
COMPANY CONTACTS: Richard G. Babbitt
(805) 692-5400
Ilan K. Reich
(212) 626-6800
COURT GRANTS FINAL APPROVAL OF MANDATORY CLASS ACTION
SETTLEMENT OF INAMED CORPORATION'S
BREAST IMPLANT LITIGATION
Santa Barbara, California--February 2, 1999--INAMED Corporation (OTC Bulletin
Board: IMDC) announced today that federal Judge Sam C. Pointer, Jr. has signed
and entered a final order and judgment approving a "limited fund" mandatory
class action settlement of virtually all of the breast implant litigation
against the Company.
The final order certifies a mandatory settlement class of plaintiffs including
all women, both domestic and foreign, who received breast implant products prior
to June 1, 1993 which were manufactured by the Company's McGhan Medical and CUI
Corp. subsidiaries. The order approves the settlement of the thousands of cases
and claims by that class of plaintiffs in exchange for the payment of $32
million of cash, which will be allocated and distributed to class members in
future proceedings to be supervised by the court.
Individual plaintiffs included within the mandatory class cannot opt-out of the
settlement. The final order also includes a permanent injunction prohibiting
class members from commencing or prosecuting federal or state court lawsuits for
claims covered by the class action settlement and a bar against lawsuits by
certain persons and entities with indemnification and contribution claims.
The final order also approves the Company's amended settlement of a significant
contractual indemnity claim by 3M Corp. against the Company's McGhan Medical
subsidiary. That claim arose from the 1984 acquisition of 3M Corp.'s plastic
surgery business. In the amended settlement just reached, 3M Corp. has consented
to waive the condition for the release of its indemnity claim which was part of
an original April 1998 agreement in exchange for a payment of $3 million, which
will be made shortly, and the Company's assumption of contingent liability for a
prescribed portion of 3M Corp.'s costs associated with claims involving medical
prostheses manufactured by the Company after the 1984 acquisition. The amended
settlement with 3M Corp. will not have a material financial impact on the
Company.
If the period for filing appeals of the court's final order and judgment passes
with no appeals being
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filed, then by early June 1999 INAMED Corp. will be required to fund the $25.5
million subordinated note for the benefit of the plaintiff class which was
deposited into a court-supervised escrow account in October 1998. At the same
time the Company will be obligated to pay $3 million for the approximately
426,000 shares of common stock also included in that escrow account; however, as
announced in April 1998, the Company has assigned that obligation to its senior
debt holders. If an appeal is filed, all of those funding obligations would be
deferred pending completion of the appellate proceedings.
The Company is considering the most effective alternative for financing its
obligations under the settlement agreement, including through the exercise of
various warrants which were previously issued for this purpose and/or new bridge
or permanent debt financing. Appaloosa Management LP, which is the largest
holder of the Company's senior debt, has recently confirmed its intention to
fund the litigation settlement. It is possible that in order to obtain the
financing to fund the litigation settlement the Company would adjust the
exercise price of certain warrants or issue new equity- related securities,
which could be dilutive to current shareholders and other holders of warrants.
INAMED is a global surgical and medical device company engaged in the
development, manufacturing and marketing of medical devices for the plastic and
reconstructive, bariatric and general surgery markets.
# # #
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Exhibit 99.2
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ALABAMA
SOUTHERN DIVISION
In re: )
)
SILICONE GEL BREAST IMPLANT ) Master File No. CV 92-P-100000-S
PRODUCTS LIABILITY LITIGATION )
(MDL 926) )
SANDY ALTRICHTER, et al., on Behalf of )
Themselves and All Others Similarly Situated )
Plaintiffs; )
)
vs. ) Civil Action No. CV 97-P-11441-S
)
)
INAMED CORPORATION, et al., )
Defendants. )
ORDER NO. 47A
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(ORDER AND FINAL JUDGMENT CERTIFYING INAMED SETTLEMENT CLASS,
APPROVING CLASS SETTLEMENT, AND DISMISSING CLAIMS AGAINST INAMED AND
RELEASED PARTIES)
After due notice and following an evidentiary hearing on January 11,
1999, the application of the parties in Case No. CV 97-P-11441-S for
certification of a plaintiff class and for approval of a class settlement has
been submitted for decision. Upon consideration of the supporting documentation,
declarations, and affidavits submitted by the parties, the objections and
comments filed or presented in open court, and the testimony and arguments
presented at the hearing, the court concludes that the application should be
approved with the clarifications made herein, which have been accepted by the
parties, and ORDERS and ADJUDGES as follows:
1. The capitalized terms used in this Order shall have the same meaning
as those in the Settlement Agreement dated April 2, 1998 (as amended), the terms
of which are incorporated into this Order. Here, as there, references to
"INAMED" include INAMED Corporation and its subsidiaries McGhan Medical
Corporation (Cal.) ("MMC") and CUI Corporation ("CUI"), together with the other
affiliated persons and entities included within the Settlement Agreement's
definition of "INAMED".
2. Case No. CV 97-P-11441-S is certified as a class action under Fed. R.
Civ. P. 23(a) and 23(b)(1)(B), as follows:
(a) The action will be maintained as a class action on behalf of a
mandatory class of plaintiffs, known as the INAMED Settlement Class, consisting
of and defined as all persons and entities, wherever located, who have or may in
the future have any unsatisfied claim (whether filed or unfiled, pending or
reduced to judgment, existing or contingent, and specifically including claims
for alleged injuries and damages not yet known or manifest), including assigned
claims (e.g., subrogation claims by workers, compensation insurers, employers,
and/or health care insurers or providers), against any or all of INAMED and the
Released Parties
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identified in Exhibit D to the Settlement Agreement (as modified herein),
arising out of, based upon, related to, or involving INAMED Breast Implants that
were implanted in an operation that occurred before June 1, 1993. The class
includes (1) all persons who have been implanted with one or more INAMED Breast
Implants before June 1, 1993 (whether or not any such Breast Implant has been or
may be removed) and (2) all persons, including spouses, parents, children,
relatives, "significant others" where warranted by law, representatives, and
estates that, because of a personal relationship with any Breast Implant
Recipient in whom an INAMED Breast Implant was implanted before June 1, 1993,
have or may have Breast Implant Related claims. The class does not include the
United States.
(b) As used in this Order, "Breast Implant" means any breast implant
device containing or consisting of saline, silicone, silicone gel and/or an
elastomer made of silicone, including devices designed for temporary
implantation in the breast (i.e., tissue expanders). "INAMED Breast Implant"
means a Breast Implant manufactured, distributed, designed, fabricated,
produced, sold, or otherwise placed into the stream of commerce by INAMED,
including but not limited to the products listed in Exhibit B to the Settlement
Agreement. Solely for purposes of ensuring that the releases extended to INAMED
and Released Parties under the Settlement Agreement encompass successor
liability or other claims against INAMED or Released Parties based upon implants
manufactured by Minnesota Mining and Manufacturing Company ("3M") or McGhan
Medical Corporation (a Delaware corporation) ("MMC/3M"), "INAMED Breast Implant"
shall also be deemed to include Breast Implants manufactured by 3M or MMC/3M
whose recipients have asserted or may assert claims or have obtained judgments
against INAMED on account of such Breast Implants.
(c) As used in this Order, "Settled Claims" means any and all Breast
Implant Related claims, including assigned claims (e.g., subrogation claims of
workers' compensation insurers, employers, and/or health care insurers or
providers), whether known or unknown, asserted or unasserted, regardless of
legal theory, that are or may be asserted now or in the future by any and/or all
Settlement Class Members against any or all of INAMED and the Released Parties.
Subject to the clarification stated below with respect to children's claims,
"Settled Claims" include, without limitation: (1) any and all claims of personal
injury and/or bodily injury, damage, death, emotional or mental harm; (2) any
and all claims for alleged economic or other injury or loss or for statutory
damages under any state statute; (3) any and all claims for medical monitoring
and claims for injunctive or declaratory relief based on, arising out of, or
relating to Breast Implants; (4) any and all claims for loss of support,
services, consortium, companionship, and/or society by spouses, parents,
children, other relatives or "significant others" of persons implanted by with
Breast Implants; (5) any and all claims for conspiracy or concert of action; (6)
any and all wrongful death or survival actions; and (7) any and all claims for
punitive or exemplary damages based on or arising out of or related to Breast
Implants. As clarified and agreed by the parties at the hearing, however,
"Settled Claims" do not include direct claims for physical injury or disease
brought by children of Breast Implant Recipients, and such claims are not
affected by this order and judgment.
(d) The court confirms its earlier designation of plaintiffs Sandy
Altrichter, Janell Crumley Black, Darlene Davis, Lois Hamilton, Rose Marie
Hodges, and Gloria Jones to be Representative Plaintiffs for the class, and its
earlier appointment of Ralph I. Knowles, Jr., Leslie J. Bryan, Dianna Pendleton,
Elizabeth Cabraser, and Ernest Hornsby, and their respective law firms, to serve
as Settlement Class Counsel. The court reserves the power to appoint additional
class representatives or class counsel, or to designate appropriate subclasses,
should it later deem such additional appointments or designations appropriate.
3. The court finds that the class certification requirements of Fed. R.
Civ. P. 23(a)(1)-(4) are satisfied in that:
(a) The members of the INAMED Settlement Class, who are reasonably
estimated to number in the tens of thousands, are so numerous that joinder of
all members is impracticable.
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(b) There are questions of law or fact common to the INAMED Settlement
Class, including whether INAMED's breast implant products were defective and
unreasonably dangerous, and whether INAMED's conduct, level of knowledge, or
resulting duty would give rise to any liability. No decision on the merits of
any of these issues has been made. In addition, the court finds that class
members have common interests in determining whether a limited fund exists,
avoiding its diminishment by bankruptcy, and establishing equitable procedures
for its distribution.
(c) The claims of the Representative Plaintiffs are typical of the
claims of the INAMED Settlement Class in that they assert the same types of
factual and legal liability theories generally asserted by members of the class.
In addition, their request for determination of the existence of a limited fund
and the establishment of equitable procedures for its distribution seeks to
vindicate a common interest that is independent of any factual differences
between their personal claims and those of the class at large.
(d) The Representative Plaintiffs, who reflect the full spectrum of
breast implant claimants ranging from claimants with no manifested injuries to
claimants with serious illnesses, and who include both domestic and foreign
claimants, will fairly and adequately protect the interests of the INAMED
Settlement Class. The court further finds that Settlement Class Counsel, who
have a broad range of experience in both individual and class breast implant
litigation, are qualified and competent to provide such representation. The
court finds that at the present stage of the proceedings, there exist no
conflicts of interest among the Representative Plaintiffs or Settlement Class
Counsel in that all class members share an overriding common interest in the
identification and preservation of a limited fund, and the procurement for the
class of the maximum available recovery. In the event divergent interests emerge
during later stages of the proceedings, such as proceedings to determine the
allocation and distribution of the settlement amount, the court will have the
ability in the exercise of the jurisdiction reserved herein to make such further
orders or appointments as it deems necessary to ensure that all relevant
interests are fairly and adequately represented.
4. In light of the financial information, affidavits and analyses
submitted for its consideration, the court finds that the INAMED Settlement
Class meets the requirements for certification as a mandatory ("non-opt-out")
class under Fed. R. Civ. P.23(b)(1)(B), in that the continued prosecution of
separate actions by individual members of the INAMED Settlement Class would
create a risk of adjudications with respect to individual INAMED Settlement
Class members that would as a practical matter be dispositive of the interests
of the other INAMED Settlement Class members not parties to the adjudications or
substantially impair or impede their ability to protect their interests. In this
regard, the court finds that the costs and risks of individual breast implant
claims greatly exceed INAMED's limited resources, which would soon be exhausted
if individual litigation were allowed to continue, and that INAMED therefore
constitutes a "limited fund" against which claims are properly subject to class
certification under Rule 23(b)(1)(B). The court further finds, as discussed
below in connection with its determination under Fed. R. Civ. P. 23(e), that the
settlement fund made available by such certification is substantially greater
than the amount, if any, that would be available to pay claims in the absence of
such certification.
5. The court approves the proposed class settlement herein under Fed. R.
Civ. P. 23(e) as fair, adequate, reasonable, and in the best interests of the
INAMED Settlement Class. The court reaches this conclusion on the basis of a
number of factors including the following:
(a) The court finds that the settlement was non-collusive and was
negotiated in good faith and at arms' length by experienced and informed counsel
who, after years of discovery, litigation and negotiation, fully understand the
costs and risks of breast implant litigation. The settlement is recommended by
Settlement Class Counsel who have had the benefit of full discovery both as to
the merits of the class claims and INAMED's financial condition, and is
supported by the testimony of Settlement Class Counsel's expert financial
advisor as well as other evidence in the record.
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<PAGE>
(b) The court finds that the $32 million settlement amount ($31.5
million of newly contributed funds plus approximately $500,000 transferred from
funds initially earmarked for administration of an earlier settlement) is fair,
reasonable and adequate in light of INAMED's ability to pay. The evidence shows,
inter alia, that--absent the new capital contributed to the company conditioned
upon approval of this settlement-- INAMED has negative net worth, net
liquidation value of essentially zero, and no resources to pay claims. The
company has had to borrow heavily in order to stay afloat. The settlement is to
be funded by additional borrowing available only in the context of this
settlement, and the amount INAMED was able to raise for that purpose was
constrained both by restrictions associated with its existing debt and the
willingness of its lenders to assume the risk that the company's post-settlement
operations would repay their investment. The record establishes that INAMED
would be unable to raise such additional funds in the absence of this
settlement, that the alternative of continued litigation of individual claims
would drive INAMED to bankruptcy, and that the funds available to class members
from this settlement are substantially greater than the funds, if any, that
would remain for class members after an INAMED bankruptcy. Considering the
record evidence of INAMED's financial condition, the court finds a substantial
risk that an INAMED bankruptcy would leave all class members with nothing.
(c) The court has also considered the fairness and reasonableness of
certain payments to be made by INAMED outside the class settlement which are
necessary to permit the settlement to go forward. These include (1) an agreement
whereby INAMED will pay 3M $3,000,000 and will assume limited contingent
indemnity obligations going forward in exchange for 3M's release of a
preexisting contractual indemnity claim against INAMED's subsidiary MMC,(1) and
(2) an agreement whereby INAMED will pay $500,000 (and the INAMED Settlement
Fund an additional $250,000), to a group of health insurers in exchange for
their waiver of claims for subrogation or reimbursement against class members,
the INAMED Settlement Fund, and INAMED. The court finds these payments to be
fair and reasonable from the standpoint of the INAMED Settlement Class.
(d) The court has also considered the objections of certain class
members to the proposed settlement, which in large part question the adequacy of
the settlement amount and the lack of opportunity for class members to opt out.
Although the objections come from a relatively small number of class members,
they highlight the difficulty of the choice faced by the court in deciding
whether to approve the proposed settlement. The court recognizes that the
settlement amount is one that many class members, and Settlement Class Counsel,
would consider inadequate in the absence of a limited fund. In the end, however,
the court agrees with Settlement Class Counsel that the proposed settlement is
superior, from the standpoint of class members' interests in achieving some
measure of recovery for their claims, and in preserving a source for such
recovery, to any other alternative including the alternative of bankruptcy.
Accordingly, the court will allow the proposed settlement to go forward despite
the objections, which are hereby overruled.(2)
(e) The court is also mindful of objections that the proposed settlement
lacks a predetermined plan of allocation, and of the suggestions in that regard
made by several class members at the January 11, 1999 hearing. The court
overrules these objections on the ground that a plan of allocation may properly
be considered at a later point in the proceedings, and is not essential to
determination of the initial question of whether the overall settlement fund
available for distribution is adequate in the circumstances. The court does,
however, acknowledge the importance of receiving input from class members before
any plan of allocation and distribution is approved, and reserves jurisdiction
to make appropriate orders later in the proceedings to ensure that class members
have the opportunity to be heard on those issues.
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(1)The court approves the modifications to the 3M condition as submitted to the
court this date, under which, based on those modifications, 3M has agreed to
waive full compliance with the original terms of the 3M condition.
(2)Certain objections addressed to the status of "non-derivative" claims by
children have been obviated through the clarifications contained in 2(c) of this
order. Objections addressed to the basis for release of certain individuals
listed as Released Parties have been largely obviated through the changes and
clarifications contained in paragraph 6 of this order.
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6. In accordance with the terms of the Settlement Agreement, every
Settled Claim of each member of the INAMED Settlement class is conclusively
compromised, settled and released as to INAMED and the Released Parties. As used
in this Order, "Released Parties" means all entities and persons listed in
Exhibit D to the Settlement Agreement except the individuals Lawrence Birnbaum
and Ron E. Iverson (whom the parties have agreed to remove from the list of
Released Parties), and with the clarifications that (1) releases of the
individuals Donald K. McGhan and John L. Williams extend only to claims premised
on their alleged acts or omissions in their capacities as directors, officers,
employees or agents of INAMED, and (2) releases of the individuals Jack Fisher,
G. Patrick Maxwell, Scott L. Spear and John B. Tebbetts extend only to claims
against which INAMED would be contractually required to defend or indemnify
them.
7. Each member of the INAMED Settlement Class is hereby barred and
permanently enjoined from instituting, asserting or prosecuting against INAMED
or the Released Parties, in any pending or future action in any federal or state
court, any Settled Claim that the member had, has, or may have in the future. In
addition, the court finds the Settlement Agreement to be a good faith settlement
within the meaning of state contribution and indemnity laws, and to the extent
permitted by such laws, the court further bars and enjoins the commencement or
prosecution of any Contribution and/or Indemnification claim against INAMED or
any Released Party for reimbursement of payments made, or to be made, to or on
behalf of any member of the INAMED Settlement Class for Breast Implant Related
claims or injuries, or for expenses incurred in defending against any such
claims. INAMED and the Released Parties shall be entitled to dismissal, with
prejudice and without costs, of all claims so enjoined in all actions and
proceedings in all state and federal courts, tribunals and agencies.
8. As to all claims and all parties thereto, Case No. CV 97-P-11441-S is
hereby dismissed with prejudice, but preserving the rights and benefits accorded
to the INAMED Settlement Class under the terms of the Settlement Agreement. All
other actions pending in this court by members of INAMED Settlement Class are
similarly--to the extent asserting Settled Claims against INAMED and the
Released Parties--dismissed with prejudice, but preserving the rights and
benefits accorded to the INAMED Settlement Class under the terms of the
Settlement Agreement.
9. Under Fed. R. Civ. P. 54(b), the court determines that there is no
just reason for delay and expressly directs that this judgment shall, upon
filing in Master File No. CV 92-P-10000-S and CV 97-P- 11441-S, be deemed
entered as a final judgment with respect to all Settled Claims by members of the
INAMED Settlement Class against INAMED and the Released Parties in all cases
that are pending in this court, and shall be deemed entered as a final judgment
with respect to such claims in all cases subsequently filed in, transferred to,
or removed to this court immediately upon such cases being filed, transferred or
removed.
10. Without deferring or delaying the finality of this order and
judgment, this court retains exclusive and continuing jurisdiction as needed or
appropriate to (1) implement, interpret, and enforce the Settlement Agreement,
(2) administer, allocate, and distribute the settlement fund, and (3) rule on
any applications for costs and expenses incurred in implementing this order and
the Settlement Agreement.
DATED: February 1, 1999
/S/ SAM C. POINTER, JR.
-------------------------------
Chief Judge Sam C. Pointer, Jr.
Serve: Counsel of Record in CV97-P-11441-S
Plaintiffs Liaison Counsel
Defendants Liaison Counsel
Post also on Website
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Exhibit 99.3
INAMED "Innovation and Medicine" INAMED CORPORATION
700 Ward Drive
Santa Barbara, CA 93111
(805) 692-5400 Telephone
(805) 692-5441 Facsimile
COMPANY CONTACTS: Richard G. Babbitt
(805) 692-5400
Ilan K. Reich
(212) 626-6800
INAMED CORPORATION ANNOUNCES EXECUTIVE CHANGES
AND CORPORATE OFFICE MOVE
Santa Barbara, California - February 2, 1999 - INAMED Corporation (OTC Bulletin
Board: IMDC) announced today a series of executive changes, as detailed below.
The company also announced that it has moved its corporate headquarters from Las
Vegas to Santa Barbara. The move will not have a material impact on the company
from a financial standpoint.
The executive changes include the following:
o Ilan K. Reich has been elected President. Previously, he had been an
Executive Vice President. Mr. Reich is also a member of the company's Board
of Directors.
Mr. Richard G. Babbitt, INAMED's Chairman and CEO, stated: "Ilan has been
instrumental for the past year in helping guide the company through the
settlement agreement of the breast implant litigation. For the past six
months Ilan has also had executive responsibility for INAMED's U.S.
businesses. In both instances he has done a fine job in helping to advance
our two primary corporate objectives as a new management team: settle the
litigation and make the company profitable. Ilan's promotion to President
recognizes his key role as part of the senior management team at INAMED and
its subsidiaries. Together, we look forward to many exciting years ahead."
Messrs. Babbitt and Reich joined INAMED in January 1998 as the new senior
management team. Previously Mr. Reich was a partner at the New York law
firm of Olshan Grundman Frome & Rosenzweig LLP, practicing corporate and
securities law. In that capacity, he served as an outside legal advisor to
the company since May 1997.
o Jeffrey J. Barber's responsibilities as Executive Vice President have been
redefined to encompass business development and corporate communications.
Mr. Richard G. Babbitt, INAMED's Chairman and CEO, stated: "In these
capacities, Jeff will be responsible for identifying new products and
partners that the company can align itself with, whether through strategic
alliances or acquisitions. Jeff will also be responsible for communications
with the investment community, research analysts and the press."
Jeff has been a corporate officer of INAMED since 1997; he began his career
at INAMED in 1992 as a marketing manager at the company's McGhan Medical
Corporation subsidiary. He has held a series of positions with
responsibilities for marketing, business development and
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international development. Prior to joining INAMED, Jeff held positions
with Chiron Corporation and Baxter Healthcare.
o Kenneth Pearce has been promoted to President and CEO of INAMED
International. Ken joined the company in August 1998, based in Arklow,
Ireland, as a corporate vice president. Mr. Richard G. Babbitt, INAMED's
Chairman and CEO, stated: "In his brief tenure at the company, Ken has been
instrumental in restructuring our international sales and manufacturing
subsidiaries. With his broad background in finance and executive
management, we are fortunate to have his talents now focused on leading the
company's international business unit, with overall responsibility for
sales, marketing, administration and manufacturing.
Prior to joining INAMED, Ken held a series of senior executive and
financial positions for multinational companies. His career began at Price
Waterhouse.
o John Strohmeyer has joined INAMED as Corporate Vice President of
Manufacturing. In this capacity, John will have the responsibility for
overseeing the company's worldwide manufacturing facilities, and will lead
the efforts to improve efficiency.
Richard G. Babbitt, INAMED's Chairman and CEO, stated: "John brings a
wealth of experience in the automotive and computer industries, where high
quality and low costs are an everyday fact of life. We look forward to
benefiting from John's expertise and technical skills to help implement a
variety of changes in how we manufacture our products, so that INAMED can
continue to be at the forefront of innovation and quality in all of its
markets."
o Gregory E. Crane has joined INAMED's McGhan Medical Corporation subsidiary
as Vice President of International Manufacturing. In this capacity, Greg
will have responsibility for assessing and developing new manufacturing
locations outside the United States. Greg is a veteran of C.R. Bard and
Baxter Healthcare, where he was responsible for directing manufacturing
operations in Mexico, Malaysia and other locations.
Dr. Scott Eschbach, President and CEO of McGhan Medical Corporation,
stated: "As our sales continue to grow and we introduce new plastic surgery
products, we will need to expand our manufacturing capabilities. Greg is
uniquely suited to lead that effort, given his years of experience in
international manufacturing for prominent medical device companies."
o Dan Carlisle has been promoted to Director of Product Support for both
INAMED Corporation and its McGhan Medical Corporation subsidiary.
Previously, Dan was Director of Product Support at McGhan Medical.
Mr. Richard G. Babbitt, INAMED's Chairman and CEO, stated: "Dan is a unique
individual, with broad expertise in understanding physicians and the needs
of the marketplace. He is also an innovator, who has led the development of
many key products and improvements in our plastic surgery business. By
adding him to INAMED's corporate staff, we hope to be able to utilize his
talents on a worldwide basis."
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o Bruce Craney has joined INAMED's BioEnterics subsidiary as Vice President
of Operations and Chief Operating Officer. In that capacity, Bruce is
responsible for overseeing that company's manufacturing and product
development efforts. Bruce's business background includes extensive
experience at Faulding Pharmaceutical Co., International Medication Systems
and Miles Laboratories.
Ms. Ellen Duke, BioEnterics' President and CEO, stated: "We are very
pleased to have an individual of Bruce's caliber join our growing
organization. Bruce has experience in all key phases of development and
manufacturing, and his expertise will enable BioEnterics to improve its
operations and continue to develop new products. As we enter into a period
of significant growth and diversification, we look forward to Bruce helping
to guide our future development."
INAMED is a global surgical and medical device company engaged in the
development, manufacturing and marketing of medical devices for the plastic
and reconstructive, bariatric and general surgery markets.
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