Applied Precision, maker of the ArrayWoRxe biochip reader, has a new CEO, founder Ron Seuber. This change in management comes as Riverside Partners of Boston has taken a minority ownership in Applied Precision, and provided the company with working capital.
Walt Mahoney, who recently left his job as chief scientific officer of Quantum Dot in San Diego, heading north to become vice president of R&D at Epoch Biosciences in Seattle, said he made the decision to be closer to family in the Seattle area, not because he was dissatisfied with his job at Quantum Dot. Mahoney said he still heads down to Quantum Dot once a week to advise the management team. “The Quantum Dot story is a typical early phase story. It was built by Joel Martin, who sold the technology to investors, and maybe oversold it a little bit,” said Mahoney.
When Mahoney arrived last Spring at the company, he said he set to work on making the technology live up to its promise, and on giving the company a lower profile than it had previously had. The company has recently focused on cell-based assays, where a cell can “eat” a quantum dot, then the dot serves as a label for the cell. A month ago, Quantum Dot delivered results to GlaxoSmithKline for 10-plex SNP analysis on 96 samples.
Currently, Mahoney is working on improving the biology side of Epoch’s R&D. “My main mission is to take a great chemistry platform and build a big biology platform around it so the company can market its own assays.”