Diagnostics company LipoScience, which is in the midst of plans for an initial public stock offering, now has a new chief operating officer.
Timothy Fischer joined LipoScience in 2010 as the company’s vice president of research and development. Now as COO, Fischer will continue overseeing R&D as well as commercial operations and medical affairs.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Fischer brings to his new post more than 25 years of experience, particularly in in vitro diagnostics. Before joining LipoScience, Fischer was vice president of development for the women’s health and cancer business at Becton Dickinson (NYSE:BD).
Raleigh, North Carolina-based LipoScience has developed and commercialized a blood test for cardiovascular disease. The test uses nuclear magnetic resonance, or NMR, to measure the density of lipoproteins in a sample. The company says NMR offers a better test for cardiovascular disease than standard cholesterol tests.
LipoScience last summer filed plans for an initial public offering of stock that could raise up to $86.2 million. According to the most recent filing, the NMR tests generated $21.7 million in revenue in the first half of 2011, a 12.4 percent increase compared to the first six months of 2010.
LipoScience is currently seeking 510(k) clearance for its Vantera system, which tests the blood samples at the site of a research lab or healthcare facility. Right now, samples must be sent to LipoScience’s Raleigh facility for testing. Vantera could broaden the use of such testing by making testing capabilities available in more locations.
