PLEASANTON, Calif., July 31, 2012 (GLOBE NEWSWIRE) -- ZELTIQ Aesthetics, Inc. (Nasdaq:ZLTQ), a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, today announced that Joshua Brumm, Senior Vice President and Chief Financial Officer, has resigned from the Company, effective August 8, 2012, to pursue a new career opportunity. The Board of Directors has initiated an executive search process to find a replacement. Mr. Brumm will remain available to the Company through the end of August to assist with the transition. The finance function will report directly to Mark Foley, interim President and CEO.
Mark Foley, interim President and Chief Executive Officer, said, "Since joining the Company in 2009 as Director, Corporate Development and Strategy, Josh has played an increasingly important role in the growth and evolution of the Company. Josh was instrumental in facilitating the completion of our IPO in October 2011 and, since his appointment as CFO in January 2012, he implemented several changes that strengthened our finance team and IT infrastructure. We have a very strong finance team and I have the utmost confidence that they will continue to execute in Josh's absence. We are pleased with our second quarter 2012 performance and are confident in both our current operations as well as our long-term growth prospects. On behalf of the Board of Directors, I would like to thank Josh for the contributions he has made to ZELTIQ and wish him luck in his new endeavor."
About ZELTIQ Aesthetics
ZELTIQ Aesthetics is a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform. The Company's first commercial product, the CoolSculpting® System, is designed to selectively reduce stubborn fat bulges that may not respond to diet or exercise. CoolSculpting is based on the scientific principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. CoolSculpting utilizes patented technology of precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis, without causing scar tissue or damage to the skin, nerves, or surrounding tissues. ZELTIQ developed CoolSculpting to safely, noticeably, and measurably reduce the fat layer within a treated fat bulge without requiring the patient to diet or exercise.
Forward-Looking Statements
This press release contains forward-looking statements relating to the Company's current and future business operations and financial performance and condition. Any statements contained in this press release that are not of historical facts may be deemed to be forward-looking statements. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect the Company's actual business operations and financial performance and condition. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, less than anticipated growth in the number of physicians electing to purchase CoolSculpting Systems, insufficient patient demand for CoolSculpting procedures, product or procedure announcements by competitors, our failure to correctly estimate and control our future expenditures, and the failure of our sales and marketing plans to increase sales as well as those other risks and uncertainties set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the SEC on March 15, 2012. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.