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Hyseq Names Chief Financial Officer

NEW YORK, April 25 – Hyseq said Wednesday it appointed Peter Garcia as chief financial officer.

“This is an important period for Hyseq as we are adding key players to the team and gathering momentum heading into the next phase of the company's growth," CEO Ted Love said in a statement.

The company was not immediately available to discuss whether Garcia was replacing someone or filling a new position.

Garcia was previously a CFO at other emerging life science companies, including Novacept, IntraBiotics Pharmaceuticals, and Dendreon.

Hyseq, a maker of gene-based products and biochips based in Sunnyvale, Calif., is currently working to establish a viable business. The company, which in February received a $20 million line of credit from its chairman, George Rathmann, to shore up its dwindling cash reserves, is gearing up to prepare for clinical trials for a number of its products.

The company is also in the process of considering seeking a new partner with whom to commercialize its biochip technology. A 1997 deal with Applied Biosystems to commercialize the biochips has not yet resulted in any commercial product.

The company is scheduled to report its first quarter earnings on Thursday before the market opens.

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