Pacific Biosciences of California, Inc. (NASDAQ:PACB), provider of Single Molecule Real Time (SMRT
) sequencing products, today announced the appointment of Michael W. Hunkapiller, Ph.D., as President and Chief Executive Officer effective immediately. He succeeds Hugh Martin, who will remain on the Board of Directors through the company’s next annual meeting of shareholders.
Dr. Hunkapiller was named Executive Chairman of PacBio’s Board of Directors in October 2011. Dr. Hunkapiller spent 21 years of his career helping build Applied Biosystems (“ABI,” now part of Life Technologies Inc.) into a market leader in the life sciences industry. From 1995 to 2004 he served as ABI’s President and General Manager. In 2004 he joined Alloy Ventures as a General Partner, and in 2005 led Alloy’s investment in PacBio and joined the company’s Board of Directors. Dr. Hunkapiller will continue to represent Alloy Ventures as a Director of NuGEN, Verinata Health and RainDance Technologies.
“I am excited and honored to take on the role of President and CEO of PacBio,” said Dr. Hunkapiller. “Since joining the company’s Board, I have always believed that our SMRT technology would play a significant role in biological research and the advancement of medical therapies. Now that we have begun to deliver products to customers, I am more convinced than ever that we are on our way to fulfilling that promise. The company is in great position with the people, products, and cash to drive the adoption of its disruptive technology.”
Bill Ericson, PacBio’s lead independent Board Member and Mohr Davidow General Partner commented: “We are thankful for Hugh’s dedication and efforts in transforming PacBio from an early stage R&D company to a leader in single molecule technology. Mike brings unmatched expertise, experience and relationships with customers in the life science tools market and is uniquely qualified to lead the company through its next stage of growth.”