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Company Appoints CFO and CBO, Completing Executive Team

Wed, 02/22/2012 - 2:45am
The Associated Press

(http://www.integrated-diagnostics.com)

Integrated

Diagnostics(http://ctt.marketwire.com/?release854430&id1290508&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2f)

(InDi@), an emerging leader in molecular diagnostics, today announced

that the company has made substantial progress in its diagnostic

programs, triggering a $10 million third tranche of its Series A

financing. The company will use the funds to complete clinical

development of its in vitro proteomic-based diagnostics programs and

prepare for them for commercialization. Funds will also be used to

advance the company's novel class of molecules -- protein-catalyzed

capture

agents(http://ctt.marketwire.com/?release854430&id1290511&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2fdiagnostics-development%2fsynthetic-antibodies%2f)

(PCCs) -- for use in in vivo molecular imaging and therapeutics. InDi

concurrently announced that it has put in place its complete executive

team with the appointments of Donald "Guy"

Seaton(http://ctt.marketwire.com/?release854430&id1290514&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2fmolecular-diagnostics%2fexecutive-team-founders%2fdonald-guy-seaton%2f)

as chief financial officer and James "Jim"

Garner(http://ctt.marketwire.com/?release854430&id1290517&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2fmolecular-diagnostics%2fexecutive-team-founders%2fjames-jim-garner%2f)

as chief business officer.

"As InDi moves swiftly towards commercialization, the third tranche

demonstrates the progress we've made in validating our in vitro

diagnostic programs as well as our novel class of diagnostic and

therapeutic molecules," said Albert "Al" A.

Luderer(http://ctt.marketwire.com/?release854430&id1290520&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2fmolecular-diagnostics%2fexecutive-team-founders%2falbert-luderer%2f),

Ph.D., CEO, Integrated Diagnostics. "In two short years, we have met

our two main objectives: define a new in vitro proteomic diagnostic

platform capable of answering previously unanswerable diagnostic

questions and; demonstrate the feasibility of a new in vivo molecular

diagnostic and therapeutic molecular class: PCCs. It's rare that a

start-up can hit all of its objectives -- even rarer when the bar has

been set so high. Our success speaks to the vision of our founders,

the support of our investors, the hard work our employees, and

finally, the support of our expanded network of collaborators that

continue to assist us in realizing of our vision."

The company is based on Dr. Lee Hood's groundbreaking research in

protein blood markers at The Institute for Systems Biology (ISB). In

2009 Integrated Diagnostics became the first commercial enterprise to

arise from a partnership that ISB had established with the University

of Luxembourg in 2008. Integrated Diagnostics then raised a $30

million Series A round of financing in September 2009. Today's tranche

represents the completion of the company's Series A, which was led by

InterWest Partners, a diversified venture capital firm, and joined by

The Wellcome Trust and the Grand Duchy of Luxembourg.

"With the appointment of our new CFO and CBO, we are also pleased to

announce that InDi now has its complete executive team in place," said

Dr. Luderer. "Guy is an experienced biotech CFO, familiar with both

medical devices and drugs, and has successfully raised money in both

good and poor markets. Jim Garner, our new CBO, brings extensive

clinical reference laboratory experience and a superb commercial track

record of consistently beating sales objectives. Our financial,

operational and commercialization efforts could not be placed in more

expert hands."

Donald "Guy" Seaton Appointed CFO

As Integrated Diagnostics' CFO, Seaton leads the company's operations,

finances and strategic company-building objectives. He brings over 20

years of experience as a biotech executive. Seaton's track record as a

biotech CFO spans drug development through commercialization and

medical devices. His financial experience includes the full range of

capital formation activities for emerging companies ranging from

venture-backed financings through IPO.

Seaton was previously the CFO and COO of EndoGastric Solutions. Prior

to that he was the CFO of several life sciences companies, including

Corus Pharma, Talisma, SonoSite and InControl. He has an MBA in

finance from the University of Chicago and an undergraduate degree

from Stanford.

James "Jim" Garner Appointed CBO

As InDi's CBO, Garner leads the company's commercialization efforts

including global marketing, sales, customer support and commercial

partner agreements. He brings 25 years of experience as a sales and

marketing executive -- much of it spent selling complex, multi-million

dollar data products and technical services to chief executives of

life sciences and health insurance companies. His background including

building, developing, and leading high performance sales and customer

support teams.

Prior to his appointment as CBO, Garner served as a consultant to

Integrated Diagnostics for more than a year. Previously he worked at

UnitedHealth Group, most recently as senior vice president, global

sales, i3 Research. Earlier in his career he was vice president, sales

at MDdatacor, a medical informatics company -- and as director of

marketing for Elan Diagnostics. He also held sales positions at Dianon

Systems, a diagnostic reference laboratory, where he was a colleague

of Dr. Luderer's.

Garner served as an aviation officer in the United States Army for

five years. He holds a B.S. from Texas A&M University.

About Integrated Diagnostics

Integrated

Diagnostics(http://ctt.marketwire.com/?release854430&id1290523&type1&urlhttp%3a%2f%2fintegrated-diagnostics.com%2f)

is developing large-scale, blood-based molecular

diagnostics(http://ctt.marketwire.com/?release854430&id1290526&type1&urlhttp%3a%2f%2fintegrated-diagnostics.com%2fdiagnostics-development%2fin-vitro-overview%2f)

that detect important diseases like lung

cancer(http://ctt.marketwire.com/?release854430&id1290529&type1&urlhttp%3a%2f%2fintegrated-diagnostics.com%2fdiagnostics-development%2flung-cancer-diagnostics%2f)

and

Alzheimer's(http://ctt.marketwire.com/?release854430&id1290532&type1&urlhttp%3a%2f%2fintegrated-diagnostics.com%2fdiagnostics-development%2falzheimers-diagnostics%2f)

at their earliest stages by simultaneously monitoring tens to hundreds

of disease markers. The company, founded in October 2009 by systems

biology pioneer Dr. Lee

Hood(http://ctt.marketwire.com/?release854430&id1290535&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2fmolecular-diagnostics%2fexecutive-team-founders%2flee-hood%2f),

is creating a new generation of personalized medical solutions using

sophisticated informatics for biomarker

selection(http://ctt.marketwire.com/?release854430&id1290538&type1&urlhttp%3a%2f%2fintegrated-diagnostics.com%2fmolecular-diagnostics%2fproteomics-company-strategy%2f)

and a novel class of synthetically created diagnostic and therapeutic

agents with antibody-like properties: protein-catalyzed capture agents

(PCCs). Integrated Diagnostics' mission is to build a new generation

of low-cost, large-scale diagnostic assays for early detection of

serious diseases. The company is conceptually based on a systems view

of disease where pathophysiology arises from disease-perturbed

networks of proteins, genes, and other molecules. Investors include

InterWest Partners, The Wellcome Trust, and BioTechCube Luxembourg.

Foundational intellectual property is exclusively licensed from the

Institute of Systems Biology and Caltech. Learn more at

www.integrated-diagnostics.com(http://ctt.marketwire.com/?release854430&id1290541&type1&urlhttp%3a%2f%2fwww.integrated-diagnostics.com%2f)

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