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Twenty Months After Chandler s Departure, Luminex Appoints Permanent CEO

NEW YORK, May 17 (GenomeWeb News) - After nearly two years of being run by an interim CEO, Luminex has named a permanent leader.

 

The company has appointed Abbott veteran Patrick Balthrop as CEO and president, filling the two top spots at Luminex that were being overseen by Thomas Erickson, a professional interim president.

Balthrop comes to Luminex from Fisher Scientific International, where he was president of the Fisher Healthcare division since 2002. He has also been head of worldwide commercial diagnostics operations at Abbott Diagnostics.

 

Balthrop was appointed 20 months after Luminex's CEO Mark Chandler left the company to head a spin-off based on the company's Rules-Based Medicine project. Luminex expects Balthorp to become a company director.

Erickson will remain as a company director and chairman of the executive committee, subject to his election to the board during the company's annual meeting of stockholders May 20.

To sweeten the deal for Balthorp, Luminex gave him a restricted stock grant for 200,000 shares of common stock at $9.36 per share, and a contractual option grant to buy 500,000 shares of common stock.

 

As GenomeWeb News reported in September 2002, Luminex developed its Rules-Based Medicine program, also known as RBM, to develop an array of markers by using the xMap technology to map and measure proteins associated with various diseases. These markers can then be used to determine an individual's risk of those diseases.

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