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IRVINE, Calif., Feb. 22, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for cancer and developmental disorders, today announced that Mark McDonough, currently the Company's Chief Commercial Officer, will become Chief Executive Officer following the retirement of CEO R. Judd Jessup, who has announced his retirement, effective March 15, 2013.
McDonough, a resident of San Diego, came to CombiMatrix in 2012 with more than 15 years of experience in sales and business development with a specialty in diagnostics. McDonough previously worked for Fortune 500 companies (EMC and Lab Corp) as well as successful emerging companies (Ventana Medical Systems) and startups (Pathwork Diagnostics).
Jessup was named CEO in 2010 when CombiMatrix was in the midst of a transition phase from a manufacturing company to a diagnostics lab and services organization. Jessup recently refocused CombiMatrix's commercial efforts on prenatal and pediatric testing in response to the growing demand for molecular diagnostic testing in those specialties. Part of that strategic and operational shift included the recruitment of McDonough last year to lead the Company's commercial efforts.
"In his time at CombiMatrix, McDonough, (age 43), has been responsible for building a robust sales structure to accommodate the new strategic focus and effectively transitioning, equipping and training that team," Jessup said. "We brought Mark in to build and lead our sales team and he has done everything we expected and more. My role at Combimatrix was to lead during the transition to a pure-play diagnostics lab. With that transition complete, we have now refocused the organization on key markets where we are seeing rapid growth and Mark has led that execution over the past eight months. I believe the Company is headed in the right direction, is building momentum and is in very capable hands."