DENVER, COLORADO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- SeaStar Medical Holding Corporation (Nasdaq:ICU), (“SeaStar Medical” or the “Company”), a medical technology company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, today announced the appointment of Rick Barnett as Chairman of the Company’s Board of Directors. Mr. Barnett has served on the SeaStar Medical Board as a Director since January 2021, and currently serves as Chair of the Compensation Committee and a member of the Audit Committee.
Rick Barnett has extensive experience in strategic transactions and financial analysis for healthcare and medical device companies, as well as significant expertise and skills in hospital operations, risk and compliance management. Mr. Barnett joined SeaStar Medical’s Board of Directors after serving as President, Chief Executive Officer and Board Member of Satellite Healthcare, Inc. for seven years. During this time, Mr. Barnett served as the Chairman of the Strategic Planning Committee, as well as a member of the Finance, Quality, Risk/ Compliance, and Governance/Compensation committees for Satellite Healthcare, Inc. Mr. Barnett currently serves on the Board of CutisCare, Inc and is a member of its Strategy and Audit Committee.
“As we continue to evolve and grow as a public company, strengthening and optimizing the expertise of our leadership team is a key area focus. With the appointment of Rick as Chairman, it enables me to be laser focused on executing our business strategy and successfully advancing our development programs. Rick has been a valuable member of our Board since the beginning of last year and is well aligned with our mission and goals. Additionally, his tremendous commercial expertise and over 25 years of hospital and health systems CEO experience, makes him an ideal candidate for the role of Chairman of our Board,” commented Eric Schlorff, Chief Executive Officer of SeaStar Medical.
Mr. Barnett added, “SeaStar Medical has continued to execute on many operational fronts, has advanced the technology and now has entered a new phase as a publicly traded company, with a potential commercial launch of an SCD product candidate in Q2 2023. I am excited to deepen my position with the team and assume the role of Chairman as the Company advances towards a commercial-stage company. I look forward to working more closely with the team to unlock the full potential of SeaStar Medical.”
Mr. Barnett is the Chairman of the board of directors of the National Kidney Foundation – California, Nevada & Pacific Northwest Region. He also serves as a member of the Nominating, Strategic Partnerships, and Membership committees. He also previously served as Chair of the Board of Directors for West Coast Sourcing Solutions, a product procurement company. From 2009 to 2014, Mr. Barnett has served previously as Executive Officer of the West Coast Division and Senior Vice President of VHA, Inc., a purchasing cooperative for community-owned, nonprofit healthcare institutions. He also served as General Partner & Board Member of North State Surgery Centers, LLC, an ambulatory surgical clinic center and Chair of the Board of Directors of the Hospital Council of Northern California - Northern Sierra Section, a non-profit hospital and health systems trade association. Mr. Barnett holds a bachelor’s degree in business administration and management from Pacific Union College and a master’s in business administration from California State University, Fullerton. He also has received the Corporate Director certification from the National Association of Corporate Directors (NACD) in 2021.
About SeaStar Medical Holding Corporation
Denver-based SeaStar Medical (Nasdaq: ICU) is a medical technology company that is focusing on redefining how extracorporeal therapies may reduce the consequences of excessive inflammation on vital organs. SeaStar Medical’s novel technologies rely on science and innovation to provide life-saving solutions to critically ill patients. It is developing and commercializing extracorporeal therapies that target the effector cells that drive systemic inflammation, causing direct tissue damage and secreting a range of pro-inflammatory cytokines that initiate and propagate imbalanced immune responses. For more information visit www.seastarmedical.com or visit us on LinkedIn or Twitter.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, SeaStar Medical’s expectations with respect to the timing of regulatory approval of its products and other corporate milestones, the ability of SCD to treat patients with AKI, and the potential benefits of SCD to treat other diseases. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside SeaStar Medical’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: (i) the inability to recognize the anticipated benefits of the business combination with LMAO, which may be affected by, among other things, competition and the ability of the post-combination company to grow and manage growth profitability and retain its key employees, (ii) costs related to the business combination, (iii) the outcome of any legal proceedings that may be instituted against SeaStar Medical following the business combination, (x) the ability to maintain the listing of its securities on NASDAQ, (iv) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities, (v) the risk of downturns and the possibility of rapid change in the highly competitive industry in which SeaStar Medical operates, (vi) the risk that SeaStar Medical and its current and future collaborators are unable to successfully develop and commercialize its products or services, or experience significant delays in doing so, including failure to achieve approval of its products by applicable federal and state regulators, (vii) the risk that SeaStar Medical may never achieve or sustain profitability; (viii) the risk that SeaStar Medical may need to raise additional capital to execute its business plan, which many not be available on acceptable terms or at all; (ix) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to SeaStar Medical’s products and services, (xi) the risk that SeaStar Medical is unable to secure or protect its intellectual property, and (xiii) other risks and uncertainties indicated from time to time in SeaStar Medical’s registration statement on Form S-4, as amended (File No. 333-264993), including those under the “Risk Factors” section therein and in SeaStar Medical’s other filings with the SEC. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SeaStar Medical assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
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