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Luminex

Company: Luminex Corporation, Austin, TX
Entry Submitted By: Seigenthaler PR
Company Description: As the worldwide leader of multiplexing solutions, Luminex is dedicated to positively impacting the health, safety and quality of life of people worldwide. Luminex is advancing science and healthcare with biological testing technologies that provide scientists quick, cost-effective and accurate results throughout drug discovery, clinical diagnostics and biomedical research.
Nomination Category: Management Categories
Nomination Sub Category: Best Executive - Other

Nomination Title: Patrick J. Balthrop, President and Chief Executive Officer, Luminex Corp.


  1. Tell the story about what this nominee achieved since January 1 2007 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

    When Pat Balthrop joined Luminex in 2004, the company was in need of a growth 
    strategy to increase adoption of its foundational xMAP® Technology. This
    multiplexing technology platform, which allows scientists to conduct multiple,
    simultaneous tests on one patient sample, had tremendous potential to improve
    science and healthcare.

    Reaching beyond the company’s original business model, Pat pursued partnerships
    with market leaders in research and diagnostics, launched an aggressive
    internal effort to create innovative applications for xMAP Technology, and
    sought acquisitions that could expand Luminex’s product portfolio and market
    reach.

    Pat’s strategy advanced Luminex’s business on several fronts. The company
    pursued and established more partnerships with key market leaders across
    diverse disciplines, including the Mayo Clinic, Tyson Foods, Abbott,
    PerkinElmer and Smiths Detection. These partnerships have advanced the
    placement of Luminex detection analyzers around the world, and spurred the
    creation of new tests based on the company’s xMAP Technology.

    Pat invested heavily in research and development. In 2005, he created the
    Luminex Bioscience Group (LBG), a team focused on developing novel uses for
    xMAP Technology in clinical and research areas not being explored by the
    company’s partners. LBG has launched unique products, including a pneumococcal
    assay that can test for the 14 most common pneumococcal serotypes, and the
    FlexmiR™ line of microRNA products.

    On the acquisition front, in 2007, Luminex acquired Tm Bioscience, a molecular
    diagnostics partner with a pipeline of diagnostic tests including the first
    test cleared by the U.S. Food and Drug Administration (FDA) for cystic fibrosis
    genotyping. This acquisition led to the establishment of Luminex Molecular
    Diagnostics (LMD) and catapulted Luminex into the high growth molecular
    diagnostics market.

    In January 2008, LMD achieved a second landmark FDA clearance: the xTAG™
    Respiratory Viral Panel, a comprehensive diagnostic test that in a matter of
    hours, from one patient sample can detect the presence of 12 respiratory
    viruses and subtypes that are responsible for more than 85 percent of
    respiratory viral infections. This breakthrough test is changing the way
    doctors diagnose and monitor respiratory infections and assisting in reducing
    inappropriate antibiotic use worldwide.

    Pat’s strategic initiatives have translated into significant financial gains
    for Luminex. From 2006 to 2007, annual revenue increased 42 percent to $75
    million, gross profit margins rose 61 percent, and market capitalization
    increased 48 percent to $595 million.

    Today, as a result of Pat’s strategy, Luminex is the worldwide leader in
    multiplexed solutions, with more than 5,000 Luminex analyzers placed in
    hospitals and laboratories worldwide. xMAP Technology is the backbone of more
    than 40 FDA-cleared products, and across the globe, Luminex is advancing
    science and healthcare in diverse ways including:

    - Creating next-generation tests for cancer, Alzheimer’s disease and
    tuberculosis
    - Preventing organ rejection in transplant patients
    - Detecting genetic disease in newborns
    - Improving the diagnosis, treatment and monitoring of infectious diseases
    - Enhancing food safety
    - Furthering environmental and biodefense monitoring

    Pat continues his efforts to grow Luminex, expanding the company’s reach to
    improve science and healthcare through unparalleled technology, innovation and
    business execution.

  2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

    Luminex Corporation Reports Fourth Quarter and Year-End 2007 Results (02/07/08)
    http://www.marketwatch.com/news/story/luminex-corporation-reports-fourth-
    quarter/story.aspx?guid=%7B7A997184-9681-4C0F-A221-5F4BCDEDAADC%7D


    Technology Innovation & Leadership 2006 Award Conferred
    LabMedica International
    February 27, 2007
    http://www.medinews.com/GMEDTS32olcgi/ts.cgi?tsurl=0.57.22838.0.0

    Emerging IVD Companies: Breaking New Ground
    IVD Technology
    March 2007
    http://www.devicelink.com/ivdt/archive/07/03/010.html

    Cover Story: 2007 Medtech Executive Profiles
    MX Magazine
    July 2007
    http://www.devicelink.com/mx/archive/07/07/cover_x.html

    Acquisition of Tm Bioscience by Luminex Completed
    LabMedica International
    March 13, 2007
    http://www.medinews.com/GMEDTS32olcgi/ts.cgi?tsurl=0.63.23069.0.0

    Luminex vies for molecular diagnostics market
    IVD Technology
    March 2007
    http://www.devicelink.com/ivdt/archive/07/03/003.html

    Luminex to increase assay speeds and efficiency
    DrugResearcher.com
    July 19, 2007
    http://www.drugresearcher.com/news/ng.asp?id=78326

    3-D Multiplexing System Simultaneously Measures up to 500 Analytes
    LabMedica International
    July 25, 2007
    http://www.medinews.com/GMEDTS32olcgi/ts.cgi?tsurl=0.57.24912.0.0

    In Person: Examining the Future of Molecular Diagnostics
    IVD Technology
    November/December 2007
    http://www.devicelink.com/ivdt/archive/07/11/008.html

    Luminex Collaborates With Mayo Clinic on Genetic Testing
    Clinical Lab Products / CLPrime
    December 5, 2007
    http://www.clpmag.com/clprime/2007-12-05_03.asp

    FDA Clears First Test Designed to Detect and Identify 12 Respiratory Viruses
    from Single Sample
    January 3, 2008
    FDA News Release
    http://www.fda.gov/bbs/topics/NEWS/2008/NEW01770.html

    Luminex Shares Fly On Flu Test
    Forbes.com
    January 3, 2008
    http://www.forbes.com/markets/economy/2008/01/03/luminex-flu-test-markets-
    equity-cz_as_0103markets28.html


    New Tests Spot Infectious Bugs More Quickly
    The Wall Street Journal
    February 5, 2008; Page D1
    http://online.wsj.com/article/SB120217523458943021.html?mod=yahoo_hs&ru=yahoo

    Luminex, Tyson Collaborate on Food Safety, Animal Health Tests
    GenomeWeb News
    January 23, 2008
    http://www.genomeweb.com/issues/news/144582-1.html

    Luminex Corporation Places 5,000th Instrument (02/20/08)
    http://www.marketwatch.com/news/story/luminex-corporation-places-5000th-
    instrument/story.aspx?guid=%7B396A57BD-A70F-4F00-9F21-3059CECF693A%7D


    Abbott to Distribute Luminex MDx's Respiratory Panel Worldwide
    GenomeWeb News
    February 29, 2008
    http://www.genomeweb.com/issues/news/145382-1.html

    Innogenetics presents research results for first Alzheimer biomarker test in
    blood
    Bionity.com
    June 14, 2007
    http://www.bionity.com/news/e/65426/

    USAID Grant Funds UC Davis Partnership to Improve TB Diagnosis in Pakistan
    ADVANCE for Administrators of the Laboratory
    June 21, 2007
    http://laboratory-manager.advanceweb.com/Editorial/Search/AViewer.aspx?
    CC=90604


    Luminex Corp. Awarded Homeland Security Contract
    HOMELAND SECURITY WEEKLY
    August 15th, 2006
    http://www.homelandsecurityweekly.com/press-releases/luminex-biological-sensor-
    081506/

  3. Provide a brief (up to 100 words) biography about the nominee:

    Pat Balthrop joined Luminex Corporation in May 2004 as president and CEO. From 
    2002 to 2004, he served as president of Fisher Healthcare, where he led a $1
    billion integrated business. From 1981 until 2002, he served in a number of
    leadership positions at Abbott Laboratories, ranging from diagnostics to
    vascular devices.

    Pat has more than 25 years of experience in the biotech industry including R&D,
    manufacturing, sales and marketing, intellectual property and technology
    management, and international operations.

    Pat holds an MBA from the Kellogg Graduate School of Management of Northwestern
    University, and B.S. in Biology from Spring Hill College.