ChemTrak announces changes to board of directors.SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 12, 1996--Prithipal Singh, chairman and chief executive officer of ChemTrak Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMTR CMTR Certified Material Test Report CMTR Combined Marginal Tax Rate ), Monday announced changes in the membership of the ChemTrak board of directors. Singh indicated that Jerry B. Gin, Ph.D., has resigned from the board, and that the board accepted Gin's resignation with regret and elected Edward F. Covell, ChemTrak's new president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , to fill the vacancy created by Gin's resignation. Gin was, with Singh, a co-founder of ChemTrak. He has served as the company's president, executive vice president and corporate secretary. Currently, Gin is president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Oculex Pharmaceuticals Inc. of Sunnyvale, a biotechnology company. "Jerry Gin's responsibilities with Oculex have become such that he is unable to devote the time and attention to ChemTrak that he believes he should," said Singh. "He has been associated with the company since its founding and has played a central role in its development. He will be missed, and I will listen to his advice and counsel whenever he is able to give it." Covell joined ChemTrak in June of this year, bringing nearly 30 years' experience in the consumer products and medical device industries to his new position. Covell's background includes executive experience with Tambrands Inc. and with The Kendall Co. At Tambrands, he was responsible for the sales growth of the First Response Pregnancy Test pregnancy test Any test used to detect or confirm pregnancy; in early pregnancy, all PTs measure hCG, the developing placenta's principal hormone, which is detectable as early as 6 days after fertilization; in clinical laboratories, serum levels of hCG are , a pioneer home diagnostic product. "Ed Covell has been a wonderful addition to our management team, and his election to the board affirms the judgment we made in asking him to join ChemTrak," said Singh. "We continue to move aggressively into the consumer marketplace with a series of diagnostic tests meant for use in the home, directly by the consumer. His experience in exactly that area will play a central role in ChemTrak's future." ChemTrak develops and markets easy-to-use diagnostic medical tests for consumers at home and for health professionals in clinical settings. The company is in the market nationally and internationally with CholesTrak(TM), the only FDA-cleared home test for cholesterol. CholesTrak allows users to track their cholesterol levels in connection with a physician-directed program to improve cardiac health. The company also has a home collection test system for HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. pending FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. marketing approval. In July, the company received FDA marketing clearance for its test for Helicobacter pylori Helicobacter pylori A gramnegative rod-shaped bacterium that lives in the tissues of the stomach and causes inflammation of the stomach lining. Mentioned in: Indigestion, Ulcers Helicobacter pylori , a bacterium associated with ulcers. Presently, the H. pylori test is cleared for use by health care professionals. -0- NOTE: Statements in this release that relate to product performance, customer acceptance, market conditions and new product plans are forward-looking statements. Actual results might differ materially from these statements due to risks and uncertainties -- including determinations by the FDA, the impact of competitive products and pricing, the timely development and acceptance of new products, and medical market conditions. CONTACT: ChemTrak Inc., Sunnyvale Alene A. Holzman, 408/773-8156 or Freeman/McCue Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Timothy L. Dolan, 714/557-3663 |
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