Artificial Heart Developer, MedQuest ®, adds to World Class Organization

August 7, 2001 ,SALT LAKE CITY —MedQuest™ Products Inc. a company engaged in the design and manufacture of Ventricular Assist Devices (VADs) announces the hiring of four additional management team members: Timothy P. Walker, MBA, as Director of Marketing, Tim Krauskopf as Director of Regulatory Affairs, Scott Miles as Director of Manufacturing, and Barbara R. Madsen, MBA, as Controller.

“We at MedQuest are delighted in these additions to our already strong management team, as each brings a proven track record for success in the medical device industry. We are now ready to move toward completing key milestones for commercialization of the revolutionary, next-generation, HeartQuest™ System, our first entry into the VAD market,” commented Pratap Khanwilkar, President and CEO of MedQuest.

Mr. Walker brings 21 years of experience in the medical device market to his new position. Mr. Walker comes from Cordis Endovascular, a Johnson and Johnson Company, where he was an integral member of the teams that commercialized the S.M.A.R.T.™ Stent and the TrapEase™ Vena Cava Filter, both implantable devices.

Mr. Krauskopf has specialized in clinical and regulatory affairs for more than 17 years. He most recently served as Vice President of Regulatory Affairs for TCI, Inc. (recently acquired by Thoratec) — in his role with TCI he successfully obtained regulatory clearance for the HeartMate™ I LVAD.

Mr. Miles has 17 years of experience in the design and manufacture of medical devices; he holds 8 medical device patents. Mr. Miles’ expertise is in the transition of medical devices from development to manufacturing. Mr. Miles has been a key employee in two successful start-up ventures.

Ms. Madsen contributes 14 years of medical device experience in various finance and management roles. Most recently, Ms. Madsen served as Vice President of Operations and General Manager for Med-ecom, Inc., Glastonbury, CT. Ms. Madsen’s experience spans from strategic operations to risk management.



Company Background
MedQuest is a pioneer in the development of implantable ventricular assist devices (VADs). The HeartQuest™ VAD is an implantable, centrifugal pump that utilizes a magnetically suspended impeller to provide a frictionless, wear-free pumping action. A VAD boosts the output of a failing heart to normal levels. Congestive heart failure is the fastest growing segment of the cardiovascular disease market and is diagnosed in 550,000 Americans each year; over 200,000 deaths annually are attributed to congestive heart failure according to American Heart Association 2002 statistics .

MedQuest®, HeartQuest™, and MagLev™ are trademarks of MedQuest® Products Inc.