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Dr. Stephen Fodor to Accelerate Scientific and Innovation Efforts
Affymetrix Inc. (Nasdaq:AFFX) today announced that Stephen P.A. Fodor, Ph.D., founder, chairman and CEO, will begin to transfer his CEO responsibilities to Kevin M. King, president of Affymetrix. Assuming the new role of full-time executive chairman, Dr. Fodor will identify and advance new platform technologies and explore new market opportunities for the company. Mr. King will become CEO and a member of the Board of Directors on January 1, 2009.
Dr. Fodor founded Affymetrix to commercialize the high-density arrays that he and his colleagues developed in the late 1980s. The company pioneered transforming paradigm shifts in modern molecular biology. It has opened new markets in whole-genome expression, whole-genome association genetics and set new approaches to clinical diagnostics. Thousands of scientists now use Affymetrix technology, generating more than 14,000 peer-reviewed scientific publications.
"Under Steve's leadership, Affymetrix developed and commercialized a series of breakthrough technologies that continue to advance science and improve human health around the world," said Dr. Paul Berg, Nobel Laureate and a member of the Affymetrix Board of Directors. "Recognizing that Affymetrix operates in a rapidly evolving industry, Steve has chosen to devote his time to exploring next-generation technologies and applications that advance genomic science. He has planned for an orderly management transition that began by hiring Kevin King in January 2007."
"Sequencing of the human genome and the emergence of novel tools in molecular biology continue to open new opportunities in health care and science," said Dr. Fodor. "Affymetrix has an exciting portfolio of next-generation technologies. At the same time, the pace of scientific innovation is fast, and my time is best spent identifying new technologies for the company and accelerating their development for applications in scientific research and the health care enterprise. The Board and I are confident in Kevin's ability to lead the company as he has a keen understanding of Affymetrix' products, markets and challenges. His experience as CEO and president with Thomson Healthcare, the $500 million healthcare and pharmaceutical information services division of Thomson Corporation, as well as his 20-plus years at Hewlett-Packard and GE, has prepared him well for his new role."
"Steve and I have worked closely on a detailed strategic plan for the future," said Kevin King. "I am excited to lead Affymetrix into the expanding opportunities of genetics and healthcare."
Dr. Fodor and colleagues were recognized in 1992 with the AAAS's Newcomb-Cleveland Award for their outstanding paper in Science Magazine describing microarray technology. He has received numerous honors and awards including the Takeda Foundation Award, the Intellectual Property Owner's Distinguished Inventor of the Year Award, the Jacob Heskel Gabbay Award in Biotechnology and Medicine, the Prize in Molecular Bioanalytics and the Economist Innovation Award in Nanotechnology, among others. In addition to serving on corporate boards, Dr. Fodor sits on the Board of Trustees, Carnegie Institution of Washington and the Scientific Advisory Board of the College of Chemistry, University of California, Berkeley.
About Affymetrix Inc.
Affymetrix GeneChip® microarray technology is the industry-standard tool for analyzing complex genetic information. After inventing microarray technology in the late 1980s, Affymetrix scientists have been dedicated to developing innovative products that provide researchers with a more complete understanding of the genome. These products continue to accelerate genetic research and enable scientists to develop diagnostics and tailor treatments for individual patients by identifying and measuring the genetic associations with complex diseases.
Today, Affymetrix technology is used by the world’s top pharmaceutical, diagnostic and biotechnology companies, as well as leading academic, government and not-for-profit research institutes. More than 1,700 systems have been shipped around the world and more than 14,000 peer-reviewed papers have been published using the technology.
Affymetrix is headquartered in Santa Clara, Calif., and has manufacturing facilities in Sacramento, Calif., Cleveland, Ohio, and Singapore. The company has about 1,100 employees worldwide and maintains sales and distribution operations across Europe and Asia.
All statements in this press release that are not historical are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act as amended, including statements regarding Affymetrix’ “expectations,” “beliefs,” “hopes,” “intentions,” “strategies” or the like. Such statements are subject to risks and uncertainties that could cause actual results to differ materially for Affymetrix from those projected, including, but not limited to: risks and uncertainties associated with the management changes discussed in this press release; risks of the company’s ability to achieve and sustain higher levels of revenue, higher gross margins and reduced operating expenses; uncertainties related to technological approaches, manufacturing and product development; personnel retention; uncertainties related to cost and pricing of Affymetrix products; dependence on collaborative partners; uncertainties related to sole-source suppliers; risks associated with past and future acquisitions; uncertainties relating to FDA and other regulatory approvals; competition; risks relating to intellectual property of others and the uncertainties of patent protection and litigation. These and other risk factors are discussed in Affymetrix’ Form 10-K for the year ended December 31, 2007, and other SEC reports, including its Quarterly Reports on Form 10-Q for subsequent quarterly periods. Affymetrix expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Affymetrix’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
NOTE: Affymetrix, the Affymetrix logo and GeneChip® are registered trademarks owned or used by Affymetrix Inc.
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