Exhibit 99.3
INAMED "Innovation and Medicine" INAMED CORPORATION
700 Ward Drive
Santa Barbara, CA 93111
(805) 692-5400 Telephone
(805) 692-5441 Facsimile
COMPANY CONTACTS: Richard G. Babbitt
(805) 692-5400
Ilan K. Reich
(212) 626-6800
INAMED CORPORATION ANNOUNCES EXECUTIVE CHANGES
AND CORPORATE OFFICE MOVE
Santa Barbara, California - February 2, 1999 - INAMED Corporation (OTC Bulletin
Board: IMDC) announced today a series of executive changes, as detailed below.
The company also announced that it has moved its corporate headquarters from Las
Vegas to Santa Barbara. The move will not have a material impact on the company
from a financial standpoint.
The executive changes include the following:
o Ilan K. Reich has been elected President. Previously, he had been an
Executive Vice President. Mr. Reich is also a member of the company's Board
of Directors.
Mr. Richard G. Babbitt, INAMED's Chairman and CEO, stated: "Ilan has been
instrumental for the past year in helping guide the company through the
settlement agreement of the breast implant litigation. For the past six
months Ilan has also had executive responsibility for INAMED's U.S.
businesses. In both instances he has done a fine job in helping to advance
our two primary corporate objectives as a new management team: settle the
litigation and make the company profitable. Ilan's promotion to President
recognizes his key role as part of the senior management team at INAMED and
its subsidiaries. Together, we look forward to many exciting years ahead."
Messrs. Babbitt and Reich joined INAMED in January 1998 as the new senior
management team. Previously Mr. Reich was a partner at the New York law
firm of Olshan Grundman Frome & Rosenzweig LLP, practicing corporate and
securities law. In that capacity, he served as an outside legal advisor to
the company since May 1997.
o Jeffrey J. Barber's responsibilities as Executive Vice President have been
redefined to encompass business development and corporate communications.
Mr. Richard G. Babbitt, INAMED's Chairman and CEO, stated: "In these
capacities, Jeff will be responsible for identifying new products and
partners that the company can align itself with, whether through strategic
alliances or acquisitions. Jeff will also be responsible for communications
with the investment community, research analysts and the press."
Jeff has been a corporate officer of INAMED since 1997; he began his career
at INAMED in 1992 as a marketing manager at the company's McGhan Medical
Corporation subsidiary. He has held a series of positions with
responsibilities for marketing, business development and
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international development. Prior to joining INAMED, Jeff held positions
with Chiron Corporation and Baxter Healthcare.
o Kenneth Pearce has been promoted to President and CEO of INAMED
International. Ken joined the company in August 1998, based in Arklow,
Ireland, as a corporate vice president. Mr. Richard G. Babbitt, INAMED's
Chairman and CEO, stated: "In his brief tenure at the company, Ken has been
instrumental in restructuring our international sales and manufacturing
subsidiaries. With his broad background in finance and executive
management, we are fortunate to have his talents now focused on leading the
company's international business unit, with overall responsibility for
sales, marketing, administration and manufacturing.
Prior to joining INAMED, Ken held a series of senior executive and
financial positions for multinational companies. His career began at Price
Waterhouse.
o John Strohmeyer has joined INAMED as Corporate Vice President of
Manufacturing. In this capacity, John will have the responsibility for
overseeing the company's worldwide manufacturing facilities, and will lead
the efforts to improve efficiency.
Richard G. Babbitt, INAMED's Chairman and CEO, stated: "John brings a
wealth of experience in the automotive and computer industries, where high
quality and low costs are an everyday fact of life. We look forward to
benefiting from John's expertise and technical skills to help implement a
variety of changes in how we manufacture our products, so that INAMED can
continue to be at the forefront of innovation and quality in all of its
markets."
o Gregory E. Crane has joined INAMED's McGhan Medical Corporation subsidiary
as Vice President of International Manufacturing. In this capacity, Greg
will have responsibility for assessing and developing new manufacturing
locations outside the United States. Greg is a veteran of C.R. Bard and
Baxter Healthcare, where he was responsible for directing manufacturing
operations in Mexico, Malaysia and other locations.
Dr. Scott Eschbach, President and CEO of McGhan Medical Corporation,
stated: "As our sales continue to grow and we introduce new plastic surgery
products, we will need to expand our manufacturing capabilities. Greg is
uniquely suited to lead that effort, given his years of experience in
international manufacturing for prominent medical device companies."
o Dan Carlisle has been promoted to Director of Product Support for both
INAMED Corporation and its McGhan Medical Corporation subsidiary.
Previously, Dan was Director of Product Support at McGhan Medical.
Mr. Richard G. Babbitt, INAMED's Chairman and CEO, stated: "Dan is a unique
individual, with broad expertise in understanding physicians and the needs
of the marketplace. He is also an innovator, who has led the development of
many key products and improvements in our plastic surgery business. By
adding him to INAMED's corporate staff, we hope to be able to utilize his
talents on a worldwide basis."
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o Bruce Craney has joined INAMED's BioEnterics subsidiary as Vice President
of Operations and Chief Operating Officer. In that capacity, Bruce is
responsible for overseeing that company's manufacturing and product
development efforts. Bruce's business background includes extensive
experience at Faulding Pharmaceutical Co., International Medication Systems
and Miles Laboratories.
Ms. Ellen Duke, BioEnterics' President and CEO, stated: "We are very
pleased to have an individual of Bruce's caliber join our growing
organization. Bruce has experience in all key phases of development and
manufacturing, and his expertise will enable BioEnterics to improve its
operations and continue to develop new products. As we enter into a period
of significant growth and diversification, we look forward to Bruce helping
to guide our future development."
INAMED is a global surgical and medical device company engaged in the
development, manufacturing and marketing of medical devices for the plastic
and reconstructive, bariatric and general surgery markets.
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