17 Aug Conformis Announces Farzin Khaghani as VP, US Marketing; Inducement Grants Reported
BILLERICA, Mass., Aug. 13, 2020 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ:CFMS) announced today that the Company has appointed Farzin Khaghani as its new VP, US Marketing.
“We are very pleased to announce that Farzin Khaghani has rejoined our team as VP, US Marketing. Farzin’s product expertise and track record of successfully supporting strategic goals and attracting new surgeon users to the Conformis family will help us continue our successful market expansion,” said Mark Augusti, President and Chief Executive Officer. “I look forward to the contributions Farzin will make as a member of Conformis’ team.”
Farzin Khaghani is an executive with more than 20 years of experience in orthopedic sales and marketing, medical device, and information technology industries and has a track record of developing, mentoring, and motivating a cohesive team with a clear and focused understanding of goals and success.
Most recently, Farzin served as President of NextStep Arthropedix. Immediately prior to NextStep Arthropedix, Mr. Khaghani spent over 10 years at Conformis where he progressed from Senior Director, Product Management, to Area Vice President, East.
Before his initial employment at Conformis, Mr. Khaghani served as Product Director at DePuy Spine and Johnson & Johnson for 5 years where he managed a key line and new product launches, developed marketing strategies, and worked with various promotional agencies on product branding and literature. Prior to that, he served as Director of Operations of Win Enterprises for 3 years. Before Win Enterprises, he served in engineering and operations management positions in the medical and high-tech fields.
Mr. Khaghani earned an MBA degree at Suffolk University, an MS degree in Mechanical Engineering at Boston University, and BS degrees in Biology and Mathematics at Cornell University.
Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
In connection with the hiring of Mr. Khaghani, the Compensation Committee of Conformis’ Board of Directors granted to Mr. Khaghani a stock option to purchase 100,000 shares of Conformis’ common stock and a restricted stock unit award of 100,000 shares of Conformis’ common stock. The option and the restricted stock unit award were granted on August 10, 2020 as inducements material to Mr. Khaghani’s acceptance of employment with Conformis in accordance with Nasdaq Listing Rule 5635(c)(4). The option award has an exercise price of $0.7427 and vests over three years, with 25% of the total number of shares underlying the option vesting on the first anniversary of the grant date and an additional 1/48 of the total number of shares underlying the stock option vesting monthly thereafter, subject to Mr. Khaghani’s continued service as an employee of Conformis through the applicable vesting dates. The restricted stock unit award vests over four years, with 25% of the total number of shares underlying the award vesting on each one-year anniversary of the grant date, subject to Mr. Khaghani’s continued service as an employee of Conformis through the applicable vesting dates.
About Conformis, Inc.
Conformis is a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants and instruments that are individually sized and shaped, which we refer to as personalized, individualized, or sometimes as customized, to fit each patient’s unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and single-use instruments delivered to hospitals and ambulatory surgical centers. In clinical studies, Conformis iTotal CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.
For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at ir.conformis.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release about our future expectations, plans and prospects, including statements about the impact of the novel coronavirus (COVID-19) pandemic and the actions we are taking and planning in response, our planned launch of a new program aimed at developing a knee replacement offering targeted at hospital outpatient and ambulatory surgery centers, the anticipated timing of our product launches, whether or when restrictions on elective surgeries will be relaxed and demand for procedures will increase and our financial position and results, total revenue, product revenue, gross margin, operations and growth, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual financial results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the novel coronavirus pandemic and the response to the pandemic; whether our cash resources will be sufficient to fund our continuing operations for the periods anticipated; risks related to our estimates and expectations regarding our revenue, gross margin, expenses, revenue growth and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of our public filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
SOURCE: Globe Newswire, 13th August 2020