Xenomics Appoints Bruce A. Huebner as Chief Executive Officer and Board Member
October 06 2009 - 07:30AM
Business Wire
Xenomics, Inc. (Pink Sheets:XNOM.PK)(FWB:XE7) a developer of
trans-renal molecular diagnostic technologies, announced today the
appointment of Bruce A. Huebner, a veteran of the diagnostics
industry, as Chief Executive Officer and board director. Concurrent
with Mr. Huebner’s appointment, Xenomics announced the formation of
TrovaGene, Inc., a wholly owned subsidiary, under the laws of the
State of Delaware, and plans to change the name of the company to
“TrovaGene.” The planned name change, by statutory merger, will be
proposed to shareholders in the next 30 to 60 days. TrovaGene,
under Mr. Huebner’s guidance, will be engaged in refocusing the
company’s development and partnering programs. The company is
pursuing several high value targets using its trans-renal DNA and
RNA technology. One application for the detection of HPV in urine
was presented this year at ASCO by Dr. David Robbins, VP Research
and Development of Xenomics, which compared the Xenomics’ test with
the market leading Digene HPV test now owned and marketed by
Qiagen. In this study the Xenomics test showed superior sensitivity
and specificity to the Digene assay. The company is also pursuing a
test for the detection of KRAS mutations in urine samples from
patients with colon cancer. The detections of these mutations will
provide valuable information to the physician resulting in more
optimal treatment decisions for the patient.
Mr. Huebner has over 35 years of experience in the diagnostic
industry, and has been a key member of upper management in a number
of clinical diagnostic companies including Hybritech, Inc.,
Gen-Probe, Inc., Nanogen, Inc. and Osmetech Molecular Diagnostics.
From 1996 to 2002, he was Executive Vice President and Chief
Operating Officer of Gen-Probe, Inc. which today is the world
leader in diagnostics to detect and monitor sexually transmitted
diseases, with a market cap of approximately $2.2 billion dollars.
From 2002 to 2004, Mr. Huebner was President and Chief Operating
Officer of Nanogen, Inc., a publicly held nanotechnology/microarray
company. From 2005 to 2008, Mr. Huebner, as President of Osmetech,
successfully established Osmetech as a fully integrated business,
obtaining FDA clearance for four molecular diagnostic microarray
products and introducing them to the marketplace.
“A major goal since I joined the company in April has been to
put the recent past of the company behind us, and re-focus the
company under an entirely new brand, “TrovaGeneTM” which will
emphasize a commercially focused business based on the company’s
unique trans-renal molecular diagnostic technology,” said Dr.
Thomas H. Adams, Chairman of the Board and former Chairman, CEO,
and founder of Gen-Probe Inc. "Over the past five years the company
has established a very strong intellectual property position in the
field of molecular diagnostics based upon the detection of
trans-renal DNA and RNA. This patent position is as important in
the field of molecular diagnostics as the patent position of the
PCR patents of Roche and the ribosomal RNA and amplification
patents of Gen-Probe. The key to our strategy going forward has
been to identify the type of leader with the proven skills and
know-how to develop TrovaGene into a successful molecular
diagnostic business. I am pleased today to say that the search has
culminated with the appointment of Bruce Huebner. Bruce has a
proven track record and unique qualities that make him ideal for
this task, and I am pleased to welcome him on board.”
“I am pleased to join the company at this critical time, and
look forward to working closely with Tom, as we strategically
refocus the company’s development, partnering, and commercial
efforts under the TrovaGeneTM banner, as well as building the
company into a key player in the molecular diagnostic marketplace,”
said Mr. Huebner. “I am particularly impressed with the extensive
IP portfolio related to the detection of trans-renal DNA and RNA in
urine specimens. Our plan is to pursue a combined collaboration and
development strategy which includes identifying corporate partners
in Japan and Europe, while TrovaGene focuses on development of
products for the North American market.”
About Xenomics, Inc. and TrovaGene, Inc.
The company has focused on the development of DNA and RNA-based
tests using Trans-renal DNA (Tr-DNA) or RNA (Tr-RNA). Its patented
technology uses safe and simple urine collection and can be applied
to a broad range of applications, including tumor detection and
monitoring, infectious disease detection, prenatal testing, tissue
transplantation, genetic testing for forensic identity
determination, drug development, and research to counter
bioterrorism. Its TrovaGene, Inc. subsidiary was formed principally
to provide a mechanism to change the company’s corporate domicile
from Florida to Delaware and the company’s corporate name by
statutory merger. The company’s founding scientists were the first
to report that fragments of DNA from normal cell death cross the
kidney barrier and can be detected in urine. The company believes
that its technology will open significant new markets in the
molecular diagnostics field. The company has been issued three U.S.
patents covering different applications of the technology for
molecular diagnostics and genetic testing and a European patent for
the company's prenatal testing applications, as well as numerous
pending patent applications.
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technology, markets, and other statements that are not historical
facts are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and are based on management's
current beliefs, assumptions, estimates and projections. Actual
results may differ materially from those projected in the
forward-looking statements for various reasons, including risks
associated with product development, government regulation, market
acceptance, dependence on key personnel, obtaining financing and
other factors.