GENERAL
SURGICAL INNOVATIONS PROMOTES
GREGORY D. CASCIARO TO CHIEF EXECUTIVE OFFICER
Cupertino, CA - (March 31, 1998) - General Surgical Innovations,
Inc. (GSI) (Nasdaq: GSII) announced today the promotion of Gregory
D. Casciaro, currently President and Chief Operating Officer,
to the position of President and Chief Executive Officer. Mr.
Casciaro replaces Roderick A.Young as the companys Chief
Executive Officer. Because Mr. Casciaro will continue to manage
all operations, the Board has determined that the position of
Chief Operating Officer will not be filled at this time. Mr. Casciaro
has served as President and Chief Operating Officer and as a member
of the companys Board of Directors since August 1997. Roderick
A.Young, who has served as Chief Executive Officer since March
1994 and Chairman of the Board since August 1997, will continue
to serve as Chairman and be available to the company on a consulting
basis.
Chairman Young commented, Greg has played a crucial role
in developing our growth strategy and positioning the company
for advancing our presence in several high-growth markets, including
cardiovascular, general surgery, and aesthetic and reconstructive
surgery. His promotion represents another step in the companys
highly focused strategic plan to commercialize GSIs proprietary
balloon dissection technology.
Added Mr. Young, Greg has helped us develop the infrastructure
we need to expand our presence in the market, and he has aided
GSI in the continued development of innovative balloon dissection
products that may offer simplified solutions to surgical procedures.
Importantly, Greg has increased our emphasis on advancing the
treatment of venous insufficiency and has spearheaded our efforts
in the cardiovascular market, which offers significant growth
opportunities for us. To advance our presence in this market,
we have launched the ENDOSAPH vein harvest system, SAPHfinder
balloon dissector, and the SPACEKEEPER retractor, all of
which have been enthusiastically received.
Commenting on his promotion, Mr. Casciaro added, I am excited
to have the opportunity to broaden my contribution to GSI. We
have a unique, proprietary balloon dissection technology, which
we have incorporated into a large portfolio of products that can
be used in a wide range of minimally invasive surgical procedures.
Based on the progress we have made over the past year in developing
a systems approach to targeted surgical procedures, and our ability
to attract talented people, I am encouraged by our long-term growth
prospects, and I look forward to the challenge of guiding this
company to new levels of success.
Headquartered in Cupertino, California, General Surgical Innovations,
Inc. develops, manufactures, and sells balloon dissection systems
for minimally invasive surgery. The Companys products are
specifically designed for use with endoscopic and laparoscopic
techniques in general, cardiovascular, cosmetic and reconstructive
surgeries to create a working space at the surgical site, minimize
tissue damage and improve patient recovery. The Company has developed
a broad range of balloon shapes and sizes to be used for various
surgical techniques, procedures, and market segments. In addition
to selling products through distributors, GSI also sells products
directly into the cardiovascular surgery market. For additional
information, visit the General Surgical Innovations web page at
www.gsii.com.
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements,
the accuracy of which is necessarily subject to risks and uncertainties.
Future market development and demand for the Companys products,
among other matters discussed in this release, may differ significantly
from the discussion of such matters in the forward-looking statements.
Such differences may be based upon factors within General Surgical
Innovations control, such as strategic planning decisions
by management and reallocation of internal resources, or on factors
outside of General Surgical Innovations control, such as
scientific advances by third parties, marketing efforts by the
Companys distribution partners, introduction of competitive
products and delays by regulatory authorities, as well as those
factors set forth under the heading Factors Affecting Future
Results in General Surgical Innovations Prospectus,
Form 10K for the year ended June 30, 1997, Forms 10Q for the quarters
ended September 30, 1997 and December 31, 1997, and other Company
filings with the Securities and Exchange Commission.
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For
more information on General Surgical Innovations, via fax at no
cost,
dial 800-PRO-INFO
(908-544-2850 outside the U.S.) ticker symbol: GSII.
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