Bioheart, Inc., (OTC Bulletin Board: BHRT) a company committed to delivering intelligent devices and biologics that help monitor, diagnose and treat heart failure and other cardiovascular diseases announced today that several of its Directors have joined the Company's executive management team. In addition to assuming the position of Chairman of the Company's Board of Directors, Karl E. Groth, Ph.D., became the Chief Executive Officer; Peggy A. Farley became Chief Operating Officer; and Mark P. Borman became Chief Financial Officer. Howard Leonhardt will continue as Chief Scientific and Technology Officer, and Chairman of the Scientific Advisory Board. Mr. Leonhardt, the Company's founder, thus will be able to focus on enhancing the Company's existing technologies and strengthening its position as the leader within the cardiovascular arena of the stem cell therapy industry.
Howard Leonhardt stated: "Karl Groth and I have worked together in the cardiovascular products industry since 1983. He has had many successful harvests of the companies he has developed. His vast experience has been an asset to the Board and will be an even greater asset to the Company's Executive Management with his increased commitment."
Karl Groth has an exceptional record of bringing medical technology companies from development stage to profitable operations and then to achieving exceptional returns for shareholders as the companies were acquired. He has demonstrated the ability to identify market opportunities and technologies, strengthen management, improve operations, focus strategy and guide companies either to acquisition by major companies in the health industry or to an IPO. After his tenure at the University of Minnesota conducting research, Dr. Groth joined Medtronic, having been recruited to help to start up the company's neuro division. His fast track management career there culminated with his position as Director of Business Development, in which he oversaw corporate acquisitions. During his years there, he led marketing, product development, and research units. Subsequent to Medtronic, Karl Groth was Chief Executive Officer or Chief Operating Officer of a number of start-up companies, all of which he took public and subsequently saw divested for exceptional returns to investors in short periods of time. Those companies included InStent, Inc. and Heart Technology, acquired, respectively, by Medtronic and Boston Scientific. Since 1999, Dr. Groth has been working in the venture capital arena quite successfully.
Peggy Farley has a superior record of raising capital and investing both in publicly traded and privately held companies. She started her investment banking career at Morgan Stanley, where she was a member of the international group in the investment banking division. She led a strategic planning task force that was critical to the firm's international positioning in the early '80's, and then worked with sovereign governments, focusing on the People's Republic of China as it emerged from isolation. Earlier, she was a consultant to major U.S. corporations, and advised both manufacturing and financial organizations, among them Morgan Stanley. Subsequent to her time at Morgan Stanley, she founded a firm that engaged in important capital markets activities, including acquisitions and venture capital investments, particularly in health care. Ms. Farley has had a top tier record of returns in the equity management arena and is well regarded for expertise in the IPO markets. Since 1999, Peggy Farley and Dr. Groth have worked together to build the Ascent Group, which has two venture capital funds, both of which have invested in Bioheart.