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 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.
- 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.
- 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/
- 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.
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