Healthcare Industry News: Millennium
News Release - July 27, 2016
Biocept Appoints Timothy C. Kennedy as Chief Financial Officer and Senior Vice President of OperationsSAN DIEGO, July 27, 2016 -- (Healthcare Sales & Marketing Network) -- Biocept, Inc. (BIOC), a molecular diagnostics company commercializing and developing biomarkers to improve the detection and treatment of cancer, announces the appointment of Timothy C. Kennedy as Chief Financial Officer and Senior Vice President of Operations, effective immediately. Mr. Kennedy brings to Biocept more than 30 years of financial and operational leadership experience, including over 25 years in the clinical diagnostics industry. He succeeds Mark Foletta, who has served as Interim CFO since August 2015 and will remain as a consultant to the Company, beginning in September 2016. Biocept LogoBiocept Logo Biocept Logo
"Tim's relevant experience with rapidly growing diagnostics laboratories makes him ideal to lead the financial and operational functions at Biocept," said Michael Nall, President and Chief Executive Officer of Biocept. "His proven ability to develop strong operating infrastructures and his expertise in strategic financial planning, productivity enhancement, billing processes and revenue cycle management will be invaluable as we continue to build upon our leadership position in the liquid biopsy segment and leverage our multiple product offerings including the development of Target Selector™ liquid biopsy kits. All of us at Biocept extend a warm welcome to Tim."
"I am delighted to join a company at the forefront of the emerging liquid biopsy market that is making rapid progress toward improving the standard of care," said Mr. Kennedy. "I look forward to leveraging my financial and operational experience in the dynamic diagnostic laboratory environment to support Biocept's continued growth and commercialization of its proprietary liquid biopsy testing services."
Mr. Nall added, "We were indeed fortunate to have had Mark Foletta serve as Interim CFO over the past year and have greatly benefitted from his financial insight and dedication. We are pleased that Mark will actively participate in the CFO transition and continue to advise us going forward as a consultant to the Company."
From 2013 to July 2016, Mr. Kennedy served as Chief Financial Officer of Millennium Health, a privately held leading urine drug testing and pharmacogenetics laboratory company. While at Millennium Health, he was an integral part of securing $1.825 billion of financing and taking Millennium Health through a $2.1 billion restructuring. From 2008 to 2012, Mr. Kennedy was Chief Financial Officer and General Manager of PLUS Diagnostics, a urology, gastroenterology and oncology lab. During his tenure at PLUS Diagnostics, the company was transformed from a small regional lab into a national anatomic pathology leader, culminating in a sale to Miraca Life Sciences, which then became the largest independent pathology company in the United States. From 1997 to 2008, Mr. Kennedy held an ownership position in Diagnostic Imaging Management, a multi-site imaging company that expanded from 12 to 33 free-standing centers across the United States. From 1988 to 1997, he held a number of management positions, including Head of Finance, with National Health Laboratories, the predecessor to LabCorp. In his role as Head of Finance, he was instrumental in completing over 50 acquisitions as well as the merger with Roche Biomedical Labs to form LabCorp in 1995. Mr. Kennedy serves on the Board of Directors for MyCircle Health, a data services company that helps patients with chronic health conditions measure, evaluate, control and communicate daily test results to their healthcare providers and physicians. Mr. Kennedy holds a bachelor's degree in Business - Accounting/Information Technology from Keane University.
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