Full Press Release Details
Transgenomic Announces Appointment of
Mark P. Colonnese as
Chief Financial Officer
Omaha, Neb. (September 13, 2012) -
Transgenomic, Inc. (OTC/BB: TBIO) today announced the appointment of Mark P. Colonnese as Executive Vice President and Chief
Financial Officer of the Company. In this role, Mr. Colonnese will lead the Company's financial and capital markets strategy,
as well as advise on business development and transactional activities.
Mr. Colonnese has nearly 30 years of experience
in leading business growth and financial strategies for life sciences companies. He most recently served as Executive Vice President,
Commercial Operations and Chief Financial Officer at Salutria Pharmaceuticals, LLC, a privately-held, development-stage pharmaceutical
company. Prior to that, Mr. Colonnese served as Executive Vice President, Commercial Operations at AtheroGenics, Inc., a development-stage
pharmaceutical company, where he raised $450 million in debt and equity capital, led the company's IPO in 2000 and helped
negotiate a worldwide partnership agreement with AstraZeneca. Prior to joining AtheroGenics, Mr. Colonnese served as Senior Vice
President and Chief Financial Officer at Medaphis Corporation and has also held executive positions at Applied Analytical Industries,
Inc. and Schering-Plough Corporation. Mr. Colonnese holds an M.B.A. from Fairleigh Dickinson University, a B.S. magna cum laude
from Ithaca College, and is a Certified Public Accountant.
"Mark's deep experience with
Wall Street brings a financial and transactional background that is a welcome addition to Transgenomic, as we look to aggressively
expand our business through internal development, collaborations and acquisitions," said Craig Tuttle, Chief Executive Officer
of Transgenomic. "Further, Mark's broad business background provides us with valuable expertise to foster and manage
our planned, rapid growth at the Company. This includes experience in the cardiology field, which will be paramount for our planned
growth in cardiac genetic testing. We look forward to his contributions to the team."
Mr. Colonnese commented: "As a
leader in cardiac genetic testing, and with a rapidly expanding portfolio of world-class products and services, Transgenomic
is an exciting growth story. I look forward to joining the team, and to helping develop the strategies that will further accelerate
the Company's growth."
About Transgenomic, Inc.
Transgenomic, Inc. (www.transgenomic.com)
is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through its proprietary
molecular technologies and world-class clinical and research services. The Company is the global leader in cardiac genetic testing
with a family of innovative products, including its flagship C-GAAP test, designed to detect gene mutations which indicate cardiac
disorders, or which can lead to serious adverse events. Transgenomic has three complementary business divisions: Transgenomic Clinical
Laboratories, which specializes in molecular diagnostics for cardiology, oncology, neurology, and mitochondrial disorders; Transgenomic
Pharmacogenomic Services, a contract research laboratory that specializes in supporting all phases of pre-clinical and clinical
trials for oncology drugs in development; and Transgenomic Diagnostic Tools, which produces equipment, reagents, and other consumables
that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant
opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise.
The Company actively develops and acquires new technology and other intellectual property that strengthens its leadership in personalized
Forward-Looking Statements
Certain statements in this press release
constitute "forward-looking statements" of Transgenomic within the meaning of the Private Securities Litigation Reform
Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially
different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements
include, but are not limited to, those with respect to management's current views and estimates of future economic circumstances,
industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in
the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking
statements are described from time to time in Transgenomic's filings with the Securities and Exchange Commission. Any change in
such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred
to in such statements. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. All information
in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information,
including any forward-looking statements, unless required by law.
David Pitts, 212-600-1902