October 16, 2008
Prognostix Appoints Diagnostics Industry Veteran Orville President and Chief Executive
Prognostix Inc., a Cleveland Clinic spin-out company focused on cardiovascular disease diagnostics, today announced the appointment of Jake Orville as president and chief executive.
Mr. Orville brings a decade and a half of diagnostics industry experience to his new role at Prognostix. He was most recently vice president of global sales for NextGen Sciences, an Ann Arbor, Mich.-based biomarker testing provider. Prior to joining NextGen, Mr. Orville was vice president of sales and business development, and member of the senior management team at Third Wave Technologies Inc., then a NASDAQ-traded molecular diagnostics company. He led a six-fold growth in Third Wave's clinical diagnostic revenue during his four years with the company. Mr. Orville served as national sales manager at Smiths Medical, a global medical device provider, before he joined Third Wave.
"Jake Orville has long track record of success in the diagnostics industry and we are delighted that he will lead Prognostix at this important time in the company's development," said Vijay Aggarwal, Ph.D., a member of the company's board of directors and chief executive of Aureon Laboratories Inc. "The company's CardioMPO test, the only FDA-cleared diagnostic of its kind, is the first in what we believe will be a strong, valuable portfolio of cardiovascular diagnostics. Jake is the right leader to guide Prognostix as the company captures valuable market opportunities and builds shareholder value."
Mr. Orville joined Prognostix in April as a consultant. Under his leadership, the company recently closed a $1-million fundraising round with its current investors.
"Prognostix has a truly unique opportunity in cardiovascular diagnostics and I am excited by the chance to lead the company as we accelerate our product commercialization," Mr. Orville said. "There are substantial, near-term opportunities for Prognostix. Our product pipeline is strong and we are executing our product commercialization plan to bring valuable cardiovascular diagnostics to market."
About Prognostix Inc.
Prognostix, a privately-held spin out of the Cleveland Clinic Foundation, develops and markets next-generation cardiovascular disease diagnostic products. The company's CardioMPO(TM) test, which aids in the diagnosis of near-term heart attack and cardiac death risk, is the first FDA-cleared diagnostic of its kind. Prognostix' proprietary product pipeline includes valuable, high-margin cardiovascular and inflammatory biomarkers licensed to it exclusively by the Cleveland Clinic, the world's most respected cardiovascular center. Among these pipeline products is a novel biomarker that complements the cholesterol test, providing additional, more precise information for coronary artery disease risk assessment. The company also operates a CLIA-certified specialty reference laboratory, enabling it to bring promising new cardiovascular biomarkers to market more quickly. To learn more about Prognostix, its product menu and pipeline, please visit www.prognostix.com.
About Cleveland Clinic Innovations
CC Innovations, the commercialization and innovation arm of Cleveland Clinic promotes innovation and is responsible for commercialization of all Cleveland Clinic technologies. CC Innovations advances product-oriented innovation and transforms promising therapies, devices and diagnostics into beneficial medical products, via spin-off companies, licensees and equity partnerships.