Healthcare Industry News: CytoCore
News Release - May 7, 2007
CytoCore Taps Dr. Richard Domanik as New PresidentIndustry Veteran to Accelerate CytoCore's Product Development and Commercialization
CHICAGO--(HSMN NewsFeed)--CytoCore (OTCBB:CYCR ), the biopharmaceutical research and medical device company for early detection and treatment of reproductive-tract cancers, has appointed Richard Domanik, PhD, as its new president.
Domanik, a thirty-year veteran of the regulated life sciences industry, will be responsible for the development and commercialization of CytoCore's products from the company's expanding technology base. He co-founded two developmental medical device technology companies and is familiar with the foundation work and science for CytoCore's innovative InPath(TM) System. He has extensive expertise in product development, specifically in bringing advanced technologies from the lab to market.
Domanik spent 15 years at Abbott Laboratories in a variety of roles including Laboratory Manager and Senior Systems Engineer, notably working with the multi-department advanced technologies group responsible for identifying and evaluating new technologies, developing them to the product prototype stage and supporting their development through to commercialization. He has been issued more than 20 patents for his innovative work and has been widely published in journals covering topics from biophysics and environmental chemistry to optical engineering. Domanik received his Ph.D. in biochemistry from Northwestern University.
"We are very pleased to have an individual of Dick's caliber take a leadership position in our company," said CytoCore's CEO, Dr. Augusto Ocana. "Dick's past experience, his expertise in product development -- and his knowledge of CytoCore's technology and product line -- make him well-suited to help bring our products from the lab to commercialization. With his guidance, we should be able to successfully expand our development activities for CytoCore's growing portfolio of products."
"I am excited to join the CytoCore team and to guide the development of CytoCore's innovative products based on the proprietary technologies and research of Dr. Gorodeski," said Domanik. "I am particularly attracted by CytoCore's focus on delivering to the market top-quality, cost-effective products with new clinical capabilities that blend innovative science and established technology. This next phase in CytoCore's growth is filled with promise and will be exciting."
About CytoCore Inc.
CytoCore develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, endometrial, and other cancers. The InPath(TM) System is being developed to provide medical practitioners with highly accurate, low-cost, cervical and uterine cancer screening systems that can be seamlessly integrated into existing medical models. More information is available at: www.CytoCoreInc.com
Dr. Gorodeski has a significant financial interest in this research consisting of equity and fees as consultant and Director of the Scientific Advisory Board of CytoCore. Dr. Gorodeski's invention licensed to CytoCore could generate royalty income for Dr. Gorodeski, for University Hospitals of Cleveland, and for CASE University.
Certain statements in this release are forward-looking. These statements are based on CytoCore's current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate CytoCore's expectations with respect to the InPath(TM) System, and other factors set forth in reports and documents filed by CytoCore with the Securities and Exchange Commission. Actual results may differ materially from CytoCore's current expectation depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2006. Except as expressly required by law, CytoCore undertakes no obligation to publicly update or revise any forward-looking statements contained herein.
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