Axogen Announces New Vice President of Operations and Support in Compliance with Nasdaq Listing Rule 5635(c)(4) By Investing.com
Craig Swandal, an experienced director of medical device manufacturing, joins the leadership team
ALACHUA, Fla. and TAMPA, Fla., Jan. 10, 2025 (GLOBE NEWSWIRE) — Axogen, Inc. (NASDAQ: AXGN), a global leader in the development and marketing of innovative surgical solutions for peripheral nerve injuries, today announced the appointment of Craig Swandal as Vice President of Operations. Mr. Swandal will report to Michael Dale, President and Chief Executive Officer, and will be responsible for manufacturing, supply chain and infrastructure-related strategies and plans. Mr. Swandal will oversee all aspects of operations including tissue processing, distribution, procurement, planning, manufacturing and process engineering, customer care and continuous improvement.
Mr. Swandal is a successful executive with over 25 years of experience leading high growth global manufacturing companies and businesses within the highly regulated medical device sector. His experience spans from small, high-growth start-ups to Fortune 500 companies within the cardiovascular, imaging and electrosurgery spaces, including leadership experience in global manufacturing strategy planning and execution at companies such as Tendyne (Abbott Labs (NYSE: )); Meier Tool and Engineering; ATS Medical (CUP:); and Gyrus Medical (Olympus). He was also the director of the board of APYX Medical from March 2018 to November 2024, and has been a strategic advisor and member of the board of Tiumed LLC since April 2018.
Mr. Swandal earned a Mini MBA in Medical Technology from the University of St. Thomas and a BA in Organizational Management and Communications from Concordia University.
Craig brings extensive operational leadership experience in regulated medical device manufacturing, said Michael Dale, chief executive officer and director of Axogen. His experience in scaling operations while maintaining quality standards will be valuable as we continue to improve our manufacturing and operational capabilities.
Craig Swandal, Vice President of Operations, said: I am excited to join Axogen and look forward to working with the team to support the company’s commitment to peripheral nerve repair.
Notice on the issuance of the incentive grant
In connection with the commencement of Mr. Swandal’s appointment as Vice President of Operations on January 9, 2025 and as a material employment incentive, Mr. Swandal will be granted an equity grant consisting of: (i) non-qualified restricted stock units (RSUs) representing 58,000 shares of Axogen common stock , Inc.; and (ii) Performance Stock Units (PSUs) representing 58,000 shares of Axogen, Inc. common stock.
The shares representing RSUs vest over 4 years, with 50% vesting after the second year and 25% of the total shares awarded vesting each year thereafter for the following two years. Shares representing PSUs will vest based on performance metrics tied to the achievement of the Company’s stock price targets between February 22, 2024 and ending February 22, 2027. Mr. Swandal will earn 0% to 200% of PSUs after achieving these goals. specific objectives of the price of the Company’s shares.
The incentive awards were approved by the Compensation Committee of the Company’s Board of Directors in accordance with Nasdaq Stock Exchange Listing Rule 5635(c)(4).
About Axogen
Axogen (AXGN) is a leading company focused specifically on the science, development and commercialization of peripheral nerve regeneration and repair technologies. Axogen employees are passionate about helping restore peripheral nerve function and quality of life to patients with physical damage or transection of peripheral nerves by providing innovative, clinically proven and cost-effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide pathways for motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that affect the function of their peripheral nerves. Physical damage to a peripheral nerve or inability to properly reconnect peripheral nerves can result in loss of muscle or organ function, loss of sensation, or pain.
Axogen’s peripheral nerve repair platform contains a comprehensive portfolio of products used in two primary application categories: planned, non-traumatic procedures and emergency traumatic procedures. Planned procedures are generally characterized as those in which the patient seeks relief from conditions caused by a nerve defect or surgical procedure. These procedures include providing sensation to women seeking breast reconstruction after mastectomy, nerve reconstruction after surgical removal of painful neuromas, oral and maxillofacial procedures, and nerve decompression. Emergency procedures are generally characterized as procedures resulting from injuries that initially occurred in the emergency room. These procedures are usually ordered and completed by a professional either immediately or within a few days of the initial injury.
Axogen’s product portfolio includes Avance ® Nerve Graft, a biologically active standard-processed human nerve allograft for bridging severed peripheral nerves without comorbidities associated with another surgical site; Axoguard nerve connector ®porcine ECM submucosa coaptation adjuvant for tension-free repair of severed peripheral nerves; Axoguard nerve protector ®ECM product from porcine submucosa used to wrap and protect damaged peripheral nerves and enhance nerve reconstruction while preventing soft tissue attachment; Axoguard HA+ Nerve Protector™, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to provide short- and long-term protection in peripheral nerve injuries; and Axoguard Nerve Cap ®A porcine submucosa ECM product used to protect the peripheral nerve ending and isolate the nerve from the surrounding environment to reduce symptomatic or painful neuroma development. The Axogen product portfolio is available in the United States, Canada, Germany and the United States Kingdom (TADAWUL:), Spain, South Korea and several other countries.
Contact for investors:
Axogen, Inc.
InvestorRelations@axogeninc.com
