Healthcare Industry News: HealthTronics
News Release - September 10, 2015
Metamark Genetics Appoints Kenneth E. Weg as President and Chief Executive OfficerCompany focuses on growth and expansion of its innovative diagnostic testing services with $10M in additional funding
CAMBRIDGE, Mass.--(Healthcare Sales & Marketing Network)--Metamark Genetics, Inc., (“Metamark” or the “Company”), a leader in commercializing high value urologic oncology products, today announced that Kenneth E. Weg has been named as the Company's new President and Chief Executive Officer, and continues as Chairman of the Board of Directors of Metamark. Mr. Weg succeeds Shawn Marcell, who resigned from his position to pursue other activities.
Concurrent with Mr. Weg’s appointment, Metamark also announced that it has secured additional financing of $10 million to fund the expansion of its clinical testing products and services both in the U.S. and abroad. In addition, the new funding will allow Metamark to complete the imminent onboarding of some important new urologic assay products.
Metamark’s independent lead director of the Board of Directors, Gregory C. Critchfield, M.D., said, "We are truly thrilled to have Ken Weg at the helm of Metamark. Ken’s career spans pioneering work in pharmaceuticals, biotechnology and diagnostics, which is exactly what Metamark is addressing. His outstanding record of leadership and accomplishment comes at a time when the Company is poised to move forward aggressively in commercializing its highly innovative clinical testing services.” Dr. Critchfield added, "We thank Shawn Marcell for his work at Metamark, for now serving as an advisor to the Company, and wish him the best in his pursuits.”
“Metamark is positioned to become the indispensable provider of essential information for the identification, diagnosis, prognosis and most effective treatment of urological cancer,” stated Mr. Weg. “Today, Metamark’s testing helps prostate cancer patients and their physicians during their entire diagnostic and therapeutic journey. Our lead product, ProMark®, exemplifies our vision: to make better outcomes possible through better information based on Metamark’s science.”
Mr. Weg is a Metamark Co-Founder and current Chairman of the Board of Directors. His extensive healthcare industry experience provides critical expertise in the areas of strategic planning, corporate and business development, research & development, commercial operations and government affairs. Mr. Weg has more than 30 years of experience and previously served as the President of the Worldwide Medicines Group at Bristol-Myers Squibb (BMS). In this capacity, he was responsible for overseeing all ethical pharmaceuticals and over-the-counter medicines on a global basis. In addition to serving as President, Mr. Weg also served as the Vice Chairman of the BMS Board of Directors. Subsequently, Mr. Weg served as the Non-Executive Chairman of Millennium Pharmaceuticals, Inc. until the company was acquired by Takeda in a $9 billion transaction. Mr. Weg previously served on the Boards of Fox Chase Cancer Center and AVEO Pharmaceuticals, Inc. (AVEO), and is currently a member of the Board of Directors of Karyopharm (KPTI). Mr. Weg holds a B.A. from Dartmouth and earned an M.B.A. from Columbia. He also received an honorary doctorate from the Medical University of Southern Africa for his work in the region on AIDS.
Launched in 2015, ProMark® is the first proteomic classifier of biopsied prostate tissue to assess whether an early-stage prostate tumor is aggressive or indolent. Test results generated in Metamark’s Cambridge, Mass. CLIA-certified laboratory can aid the decision whether to treat the cancer aggressively or to choose a course of active surveillance.
Metamark Genetics, Inc. is a privately held biotechnology company founded to develop novel, function-based prognostic and diagnostic tests aimed at improving cancer care. The company’s proprietary genomic and proteomic discovery platforms have led to significant discoveries in several disease areas, including prostate, bladder, colon and breast cancers. Through the acquisition of HealthTronics Laboratory Solutions in 2013, Metamark has become a leading provider of specialty urological pathology testing services with the first fully integrated clinical model for the prostate cancer care pathway.
For more information, please visit the company’s website: www.metamarkgenetics.com.
Source: Metamark Genetics
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