Orthofix Names Andres Cedron as New Chief Legal Officer

LEWISVILLE, Texas--(BUSINESS WIRE)--Apr 16, 2024--

Orthofix Medical Inc. (NASDAQ:OFIX), a leading global spine and orthopedics company, today announced that Andres Cedron has joined the company as Chief Legal Officer.

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Cedron most recently served as Vice President and Corporate Secretary at Stryker Corporation, a $20B+ global medical device company. In his corporate officer position, Cedron oversaw Stryker’s corporate governance, SEC compliance, mergers and acquisitions, and ESG matters.

“With a broad breadth of experience in the medical device industry and legal transactions, Andres is the perfect fit for this important leadership role,” said Massimo Calafiore, President and Chief Executive Officer of Orthofix. “His extensive understanding of our business and the overall market will be an asset in helping the company drive profitability and growth as we continue to power Orthofix’s transformation.”

Cedron is known for his strong focus on scaling businesses and accelerating performance and will lead Orthofix in a broad range of corporate and commercial matters.

“I am thrilled to join such a talented leadership team and organization of dedicated employees,” said Andres Cedron, Chief Legal Officer. “This is an exciting time for the company, and I look forward to helping Orthofix become an even stronger competitor in the market.”

About Andres Cedron

Cedron brings nearly 20 years of executive legal experience to Orthofix. In addition to his role as Vice President and Corporate Secretary at Stryker, Cedron held leadership roles as Chief Legal Counsel for Stryker’s $10B+ MedSurg and Neurotechnology Group, as well as the company’s EMEA and Latin America regions. In addition, Cedron served as President of Stryker’s Hispanic/Latino employee resource group from 2019 to 2022, growing it from two to eight chapters nationally and more than 1,000 members. He has extensive expertise in regulatory and compliance frameworks, anti-corruption programs, litigation management, and commercial legal strategies in the medical device industry.

Before Stryker, Cedron started his career as a corporate attorney at law firms in New York and Miami. Cedron holds a J.D. from Columbia Law School and a B.A. from Colorado College.

As an inducement to enter into employment with Orthofix, Cedron was granted (i) performance-based vesting restricted stock units that settle 57,296 shares of common stock at target achievement, (ii) time-based vesting restricted stock units that settle into 28,648 shares of common stock, and (iii) stock options to purchase 64,817 shares of common stock. The performance-based vesting restricted stock units vest at the end of a three-year performance period based on the Company’s total stockholder return relative to an industry peer group index during such period, while the time-based vesting restricted stock units vest in equal tranches over three years. The stock options vest upon achievement of both service- and performance-based criteria, whichever is the later of (a) the date certain service-based conditions are met (which will be met over three years) and (b) the date that the average closing price of the Company’s common stock over a one-month calendar period has been equal to or great than 150% of the closing price of the Company’s common stock on the grant date. The grants, which were approved by Orthofix’s Board of Directors, were made under standalone inducement award agreements approved pursuant to NASDAQ Marketplace Rule 5635(c)(4).

About Orthofix

Orthofix is a leading global spine and orthopedics company with a comprehensive portfolio of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions, and a leading surgical navigation system. Its products are distributed in more than 60 countries worldwide.

The Company is headquartered in Lewisville, Texas, where it conducts general business, product development, medical education and manufacturing, and has primary offices in Carlsbad, CA, with a focus on spine and biologics product innovation and surgeon education, and Verona, Italy, with an emphasis on product innovation, production, and medical education for orthopedics. The combined Company’s global R&D, commercial and manufacturing footprint also includes facilities and offices in Irvine, CA, Toronto, Canada, Sunnyvale, CA, Wayne, PA, Olive Branch, MS, Maidenhead, UK, Munich, Germany, Paris, France and São Paulo, Brazil.

Forward-Looking Statements

This news release may include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” “continue” or other comparable terminology. Orthofix cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that are based on the Company’s current expectations and assumptions. Each forward-looking statement contained in this news release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: the ability of newly launched products to perform as designed and intended and to meet the needs of surgeons and patients, including as a result of the lack of robust clinical validation; and the risks identified under the heading “Risk Factors” in Orthofix Medical Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the Securities and Exchange Commission (SEC) on March 5, 2024. The Company’s public filings with the Securities and Exchange Commission are available at www.sec.gov. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date when made. Orthofix does not intend to revise or update any forward-looking statement set forth in this news release to reflect events or circumstances arising after the date hereof, except as may be required by law.

Andres Cedron, Chief Legal Officer for Orthofix (Photo: Business Wire)

Three women were diagnosed with HIV after getting “vampire facial” procedures at an unlicensed New Mexico medical spa, the Centers for Disease Control and Prevention said in a report last week, marking the first documented cases of people contracting the virus through cosmetic services using needles.

Federal health officials said in a new report that an investigation from 2018 through 2023 into the clinic in Albuquerque, VIP Spa, found it apparently reused disposable equipment intended for one-time use, transmitting HIV to clients through its services via contaminated blood.

Vampire facials, formally known as platelet-rich plasma microneedling facials, are cosmetic procedures intended to rejuvenate one’s skin, making it more youthful-looking and reducing acne scars and wrinkles, according to the American Academy of Dermatology.

After a client's blood is drawn, a machine separates the blood into platelets and cells.

The plasma is then injected into the client's face, either through single-use disposable or multiuse sterile needles.

Vampire facials have gained popularity in recent years as celebrities such as Kim Kardashian have publicized receiving the procedure.

HIV transmission via unsterile injection is a known risk of beauty treatments and other services, officials say.

Despite this, the Academy says vampire facials are generally safe.

Health officials say spa facilities that offer cosmetic injection services should practice proper infection control and maintain client records to help prevent the transmission of bloodborne pathogens such as HIV.

The New Mexico Department of Health was notified during summer 2018 that a woman with no known HIV risk factors was diagnosed with an HIV infection after receiving the spa's vampire facial services that spring.

During the investigation, similar HIV strains were found among three women, all former clients of the spa. Evidence suggested that contamination from services at the spa resulted in the positive HIV infection tests for these three patients, according to the CDC report.

Another woman, who also received services at the spa, and her male sexual partner, who did not go to the spa, were both found to have a close HIV strain as well, but the HIV diagnoses for these two patients “were likely attributed to exposures before receipt of cosmetic injection services," the CDC said.

Evidence suggested that contamination from services at the spa resulted in the positive HIV infection tests for the other three patients.

Health officials found equipment containing blood on a kitchen counter, unlabeled tubes of blood and injectables in the refrigerator alongside food and unwrapped syringes not properly disposed of. The CDC report said that a steam sterilizer, known as an autoclave — which is necessary for cleaning equipment that is reused — was not found at the spa.

Through the New Mexico Department of Health's investigation, nearly 200 former clients of the spa, and their sexual partners, were tested for HIV, and no additional infections were found.

According to the CDC, free testing remains available for those who previously frequented the spa.

The former owner of VIP Spa, Maria de Lourdes Ramos de Ruiz, pleaded guilty in 2022 to five felony counts of practicing medicine without a license, including conducting the unlicensed vampire facials.

The New Mexico Attorney General's office said Ramos de Ruiz also did illegal plasma and Botox-injection procedures.

According to prosecutors, inspections by state health and regulation and licensing departments found the code violations, and the spa closed in fall 2018 after the investigation was launched.

Ramos de Ruiz was sentenced to 7 1/2 years, with four years being suspended on supervised probation, 3 1/2 years time in prison and parole, according to court documents.

Raul A. Lopez, attorney for Ramos de Ruiz, did not immediately respond to requests for comment.

Alexa St. John is an Associated Press climate solutions reporter. Follow her on X, formerly Twitter, @alexa_stjohn. Reach her at ast.john@ap.org.

'Vampire facials' were linked to cases of HIV. Here's what to know about the beauty treatment

'Vampire facials' were linked to cases of HIV. Here's what to know about the beauty treatment

FILE - This electron microscope image made available by the U.S. National Institutes of Health shows a human T cell, in blue, under attack by HIV, in yellow, the virus that causes AIDS. Three women who were diagnosed with HIV after getting “vampire facial” procedures at an unlicensed New Mexico medical spa are the first believed to have contracted the virus through a cosmetic procedure using needles, according to federal health officials. (Seth Pincus, Elizabeth Fischer, Austin Athman/National Institute of Allergy and Infectious Diseases/NIH via AP, File)