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GenMark Shares Spike on Appointment of New CEO

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – Shares of GenMark Diagnostics jumped 18 percent on Wednesday after the firm announced that it had appointed a new CEO.

The Carlsbad, Calif.-based firm said that its board of directors has appointed Hany Massarany as its new president and CEO. Massarany has served as president of Ventana Medical Systems and Head of Roche Tissue Diagnostics since February 2009. He spent 10 years at Ventana in various executive positions, including COO and EVP of worldwide operations. Ventana was acquired by Roche in February 2008 for around $3.4 billion.

Massarany also previously held executive positions at Bayer Diagnostics and Chiron Diagnostics, working in both Asia Pacific and the US.

"Hany brings extensive experience and is a highly regarded leader within the global diagnostics industry," Christopher Gleeson, chairman and interim CEO of GenMark, said in a statement. "He joins us at a pivotal time as we expect GenMark to enter a period of rapid and sustained growth, and his prior outstanding track record in high growth environments is going to be invaluable as we seek to capitalize on the market opportunity."

GenMark closed Wednesday up 18 percent at $4.66 on the Nasdaq. In early Thursday trade, its shares pulled back 1 percent to $4.62.

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