SOURCE: Vicor Technologies, Inc.

Vicor Technologies, Inc.

January 05, 2010 08:30 ET

Vicor Technologies Forms Information Technology Function With Two Senior Hires; New Function to Support Staged Product Rollout Beginning January 2010

BOCA RATON, FL--(Marketwire - January 5, 2010) - David H. Fater, CEO of Vicor Technologies, Inc. (OTCBB: VCRT), today announced the creation of a formal Information Technology (IT) function with the hiring of Lloyd C. Chesney as Chief Technology Officer and Michael Harwitz as Senior Systems Architect. Both Mssrs. Chesney and Harwitz will be based in the Company's Boca Raton headquarters. Vicor Technologies is a biotechnology company focused on the commercialization of innovative, non-invasive medical devices and diagnostics using its patented, proprietary PD2i® nonlinear algorithm and software to stratify patients at risk of sudden cardiac death and trauma victims in need of lifesaving intervention.

"We are extremely fortunate and gratified to have Messrs. Chesney and Harwitz joining our senior management team and forming the foundation of our newly-formed IT department," stated Mr. Fater. "They have been working with Vicor over the past six months to complete our distribution model and server architecture, and provide programming enhancements. With proven records of success in the development, commercialization, and implementation of emerging technologies specifically within the healthcare arena, Messrs. Chesney and Harwitz are the ideal hires for these positions," Mr. Fater continued. "We are confident that having these two highly skilled individuals leading our technology efforts will ensure successful adoption of our innovative, non-invasive diagnostic products by physicians as we gain momentum in the implementation phase of Vicor's commercialization process," concluded Mr. Fater.

Mr. Chesney brings more than 20 years of healthcare IT experience to his position at Vicor. Prior to joining Vicor, he was CTO of MDVIP, the premier concierge physician organization providing personalized preventive medicine. During his tenure, he integrated MDTablet's electronic medical record into MDVIP's portal to provide bi-directional information exchange creating a dynamic patient health record, and integrated MDVIP's patient instant medical history into MDVIP's portal and MDTablet's electronic medical record for patient health risk assessments, which formed the foundation for individualized patient wellness plans.

Earlier, Mr. Chesney served as CTO for Fanizzi, a meeting logistics company involved in pharmaceutical promotions. He implemented a meeting logistics system that propelled Fanizzi's growth from $12 to $22 million in one year. Following Fanizzi's acquisition by HealthSTAR Communication, (the second largest privately-held U.S. pharmaceutical marketing company), in 2002, Mr. Chesney managed the integration of Fanizzi's organization and systems into HealthSTAR's four subsidiaries. Functioning as Executive Vice President of IT, he was then responsible for the strategic and tactical planning of HealthSTAR's IT systems, which enabled integration with 18 companies in 10 locations on two continents.

Before that, Mr. Chesney was: CIO consultant for Network for Medical Communication & Research, a leading provider of physician-accredited continuing medical education and analytical research for the oncology market; CTO for EHealth Latin America, a facilitator of hospital-centric, Web-based medical communication and education in Central and South America; CTO for Cybear Inc., a then development-stage internet healthcare portal; CIO for Phymatrix Corp., a medical practice management company; and CIO for the Palm Beach County Health Care District.

An associate faculty member in Environmental Engineering of the University of Florida, Mr. Chesney is a recognized IT expert in the healthcare industry. He has made numerous presentations about the use of the internet, intranet, and networking technologies before prestigious medical associations including the Healthcare Information and Management Systems Society and the American College of Physicians. Specifically relevant to his work with Vicor, Lloyd developed and deployed the first trauma/EMS tablet-based EMR system for use by field personnel.

Mr. Harwitz brings more than 15 years of experience leading IT integration and workflow automation processes to Vicor. Most recently, Mr. Harwitz provided Medical Data Group, Inc., a provider of digital medical records management and solutions, with proprietary product development services. Earlier, he was Director, Application Development and Director, IT Strategic Development for Network for Medical Communication & Research, a leading provider of physician-accredited continuing medical education and analytical research for the oncology market.

Mr. Harwitz has consulted on numerous IT medical services projects, including a data warehouse design and implementation; the automation of HMO renewal quotes based on medical claims analysis, which improved efficiency by 75%, and an automated creation of a camera-ready provider directory from a physician database, which eliminated outside preparation and improved efficiency by 65%. Medical enterprises for which Mr. Harwitz has provided service include ParkStone Medical Information Systems, a provider of handheld prescription hardware and software; Cybear, a national e-healthcare connectivity, applications, and portal provider, and Preferred Medical Plan and Beacon Health Plans, both federally-qualified HMOs.

About Vicor Technologies, Inc.

Vicor Technologies is a biotechnology company creating innovative non-invasive diagnostics employing its patented, proprietary point correlation dimension algorithm (PD2i®). The PD2i® nonlinear algorithm is a deterministic, nonlinear measure of electrophysiological potentials that predicts future pathological events with a high degree of accuracy in target populations.

Vicor currently has three products employing the PD2i® nonlinear algorithm. The PD2i Analyzer™, which has FDA 510(k) marketing clearance, measures heart rate variability; physicians performing diagnostic tests with the PD2i Analyzer™ are able to receive reimbursement under existing CPT codes. The PD2i VS™ (Vital Sign), in clinical trials under a collaborative effort with the U.S. Army Institute for Surgical Research (, risk stratifies combat and civilian trauma victims. The PD2i CA™ (Cardiac Analyzer), in multiple clinical trials, identifies patients at risk of sudden cardiac death.

Vicor anticipates additional applications employing the PD2i® nonlinear algorithm to enable early detection and risk stratification for a variety of other disorders and diseases. Additional information is available at

The appearance of name-brand institutions or products in this media release does not constitute endorsement by the U.S. Army Medical Research and Materiel Command, the Department of the Army, Department of Defense or the U.S. Government of the information, products or services contained therein.

Caution Regarding Forward-Looking Statements

Forward-looking statements in this press release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: our ability to obtain FDA approval of the PD2i VS™ (Vital Sign) for military and civilian applications and the PD2i CA™(Cardiac Analyzer), our ability to continue to receive financing sufficient to continue operations and complete the critical clinical trials; our ability to continue as a going concern; our ability to successfully develop products based on our technologies, included but not limited to our ASP distribution model for the PD2i Analyzer™; our ability to obtain and maintain adequate levels of third-party reimbursement for our products; the impact of competitive products and pricing; our ability to receive regulatory approval for our products; the ability of third-party contract research organizations to perform preclinical testing and clinical trials for our technologies; the ability of third-party manufacturers to manufacture our products; our ability to retain the services of our key personnel; our ability to market and sell our products successfully; our ability to protect our intellectual property; product liability; changes in federal income tax laws and regulations; general market conditions in the medical device and pharmaceutical industries; and other matters that are described in Vicor's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and subsequent filings with the Securities and Exchange Commission. Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.

Release 10-01

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