Velico Medical CEO Doug Clibourn to Retire May 31

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Clibourn to become Chairman of the Board and Consultant Effective June 1.

Velico Medical, Inc. today announced that Douglas L. Clibourn, the company’s President and Chief Executive Officer, has decided to retire as an officer of the company on May 31. Velico’s Board of Directors has elected Clibourn non-executive Chairman of the Board effective June 1. Beginning June 1, Clibourn will also begin serving as a consultant to the company.

The board of directors has launched the process to choose Clibourn’s successor, and has elected Tom Fitzgerald, the company’s Chief Financial Officer, as Interim President and Chief Executive Officer.

Clibourn’s decision to retire will bring to a close a remarkable career of nearly 40 years of continuous service to the transfusion medicine industry, the last 20 of which have been at Velico (including its predecessor companies). “Doug has managed the company through challenging times and numerous transitions,” said Bob Middleton, a founding director of the company. “The board is grateful for his innumerable contributions to the company and his dedication as CEO over the last 20 years.”

“I’ve been privileged to lead a truly great company,” Clibourn said. “After four decades in transfusion medicine and 20 years as CEO, it’s time to move on and transfer leadership of Velico to a new generation. I look forward as a director and an advisor to continuing to work with the board and the management team after retiring as CEO.”

“Doug has set a vision for the future that Velico’s management and staff will endeavor to achieve, launching new technologies and improvements to benefit patients and the health care system,” said Middleton.

Under Clibourn’s leadership, Velico achieved several breakthrough innovations with respect to the preparation, storage and use of critical blood components used in transfusion medicine. Prior to becoming CEO at Velico, Clibourn was a co-founder and marketing executive with Haemonetics Corporation, a leader in the transfusion medicine sector. He has also been active in the AABB, formerly the American Association of Blood Banks, and numerous associations in the areas of technology and blood banking.

About Velico Medical, Inc.

Velico Medical, Inc. is developing proprietary technologies directed at Transforming Transfusion Medicine™. Velico’s product-candidates are designed to make blood transfusions safer, more effective and less costly. Velico’s lead program is a technology designed to enhance the storage and post-transfusion effectiveness of platelets. Separately, the company is developing a spray-dried plasma technology to address important problems with preparing, storing, shipping and using plasma. The spray dried plasma project has been funded in part with Federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, under Contract No. HHSO100201200005C."    

The Company has an extensive patent portfolio covering its plasma, platelet and other technologies.

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