EXHIBIT 99
INTEGRA LIFESCIENCES EXTENDS EMPLOYMENT AGREEMENT OF CHIEF EXECUTIVE OFFICER
PLAINSBORO, N.J.--(BUSINESS WIRE)--Dec. 22, 2000--Integra LifeSciences Holdings
Corporation (Nasdaq:IART) today announced that Stuart M. Essig, Integra's
President and Chief Executive Officer, has extended his employment agreement
with the Company through December 31, 2005.
In making the announcement, Dr. Richard Caruso, Integra's Chairman, said, "We
are delighted to have Stuart on board for the next five years. His demonstrated
leadership has strengthened our senior management team. He has proven that his
substantial expertise in negotiating corporate alliances and in public company
mergers and acquisitions can dramatically increase shareholder value. Stuart's
considerable financial and managerial discipline has led us to profitability and
dramatic revenue growth. Integra is a company that has grown through acquisition
of technologies and products as well as through internal development. We expect
Stuart to continue to drive that activity, as well as to continue to build on
Integra's growing recognition with the investment community."
Integra is a NASDAQ-listed company with a market capitalization of approximately
$250 million. Integra is an established manufacturer and marketer of a broad
range of instruments and implantable and single-use specialty medical products,
and a leader in the separate fields of medical devices for the neurosurgical
market and implantable devices for the regeneration of tissue in vivo.
"Mr. Essig has earned our confidence through continued execution on Integra's
programs for the growth and development of the Company," said Neal Moszkowski,
one of Integra's directors and partner of Soros Private Equity Partners LLC. "We
are delighted to have Mr. Essig's continued leadership at the company in the
coming years."
Mr. Essig has extended his employment agreement for an additional four-year
period through December 31, 2005. In connection with the extension of the
agreement with Integra, he received options for 500,000 shares of Integra common
stock granted under two different stock option plans previously approved by the
stockholders. Mr. Essig is also entitled to receive a deferred payment
consisting of 1.25 million Integra shares. Integra expects to take a one-time,
non-cash compensation charge of approximately $13.5 million for this deferred
payment in the fourth quarter of this year.
Prior to joining Integra at the end of 1997, Mr. Essig supervised the medical
technology practice of Goldman Sachs as a managing director. At the time he
joined the Company, he had 10 years of broad health care experience, including
acquisitions, divestitures, strategic alliances, principal investing and capital
markets. While at Goldman Sachs, Mr. Essig, 39, served as a senior merger and
acquisitions advisor to a broad range of domestic and international medical
technology, pharmaceutical and biotechnology clients. His experience also
includes substantial financing and investing experience. He holds an MBA and
Ph.D. in Financial Economics from the University of Chicago and a BA from
Princeton University.
Integra's leading neurosurgical devices include the Camino(R) and Ventrix(R)
lines of intra-cranial pressure monitors and the Selector Integra(R) Ultrasonic
Aspirator. Integra's leading tissue regeneration products include DuraGen(TM)
Dural Graft Matrix (for repair and regeneration of dura mater), INTEGRA(R)
Dermal Regeneration Template (for regeneration of dermis, sold through the
Ethicon division of Johnson & Johnson) and the Biomend(R) Absorbable Collagen
Membrane (for the guided repair of the gingiva). In addition, Integra makes or
sells hundreds of other surgical instruments, shunts for the management of
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hydrocephalus and surgery on the carotid artery, Integra Coblation(R), and
collagen products for general and dental surgery.
In less than three years, Integra has transformed itself from a traditional
biotechnology company focused on product development to a fully-integrated
medical device company. Since the beginning of 1998, Integra has launched many
new products and consummated four significant acquisitions, two major strategic
alliances, and numerous other smaller transactions. The result is that Integra's
quarterly revenues have risen more than five-fold in the last three years.
Integra is now profitable on an operating basis, which distinguishes it from
virtually all other tissue regeneration companies, and many other medical device
companies.
Integra LifeSciences Holdings Corporation has its corporate headquarters in
Plainsboro, NJ. Manufacturing and research facilities are also located in San
Diego, CA, Anasco, Puerto Rico, Andover, England and Exton, PA. The Company has
approximately 510 permanent employees. Please visit the Company's Website at
(http://www.integra-ls.com).
This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve risks and uncertainties that could cause actual results to
differ from predicted or expected results. Forward-looking statements include,
but are not limited to, statements relating to the company's ability to motivate
and retain key employees, the success of the company's acquisition strategy, and
new product launches. In addition, the economic, competitive, governmental,
technological and other factors identified in the filings of Integra
LifeSciences Holdings Corporation with the Securities and Exchange Commission
could affect Integra's actual results. Integra disclaims any obligation to
update any of the forward-looking statements contained herein to reflect future
events or developments.
SOURCE: Integra LifeSciences Holdings Corporation
CONTACT: Integra LifeSciences Holdings Corporation
John B. Henneman, III, 609/936-2481
jhenneman@integra-ls.com
www.integra-ls.com
or
John Bostjancic, 609/936-2239
jbostjancic@integra-ls.com
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