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Print Edition StoriesMonday, January 4, 2010
Cambridge Heart reduces board to cut costs
By Mass High Tech staff
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Cambridge Heart Inc., a Tewksbury-based developer of non-invasive diagnostic sensors for cardiac disease, has reduced its board of directors by two members as a means of saving money.
According to the company, the former seven-member board has been reduced to five. The Cambridge Heart board saw the resignations of former chairman Kenneth Hachikian of Avidyne Corp., CFO Reed Malleck, and MIT biomedical professor Richard Cohen, as well as the addition of Paul McCormick, former Endologix Inc. president and CEO. Cohen will work as chairman of Cambridge Heart’s scientific advisory board and consultant for the company. The board reshuffling leaves the company with three independent directors and two non-independent directors.
Paul McCormick joins the Cambridge Heart board serving as the current executive chairman of Cardiogenesis Inc., a California-based maker of cardiovascular catheters. He also sits on the boards of Cianna Medical Inc. and Endologix, where he held executive positions for 10 years. McCormick earned a bachelor’s degree in economics from Northwestern University and an executive sales and marketing certification from Columbia University.
Cambridge Heart (OTCBB: CAMH) was founded in 1990 on technology developed at MIT to help identify people at risk for sudden cardiac arrest.
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