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|Illumina Appoints Mostafa Ronaghi as Senior Vice President and Chief Technology Officer|
SAN DIEGO--(BUSINESS WIRE)--Aug. 4, 2008--Illumina, Inc. (NASDAQ:ILMN) today announced the appointment of Dr. Mostafa Ronaghi as Senior Vice President and Chief Technology Officer. As reported during Illumina's July 22, 2008 second quarter earnings release, Dr. Ronaghi joined Illumina following the Company's recent acquisition of Avantome, Inc., which closed on August 1, 2008. Among his other duties, Dr. Ronaghi will be responsible for leading the technology development effort at Illumina including the Avantome technology, which is a low-cost, long-read-length sequencing technique that complements Illumina's current sequencing technologies.
Dr. Ronaghi is an experienced entrepreneur with Avantome being his fourth life sciences start-up company. In 1997, he co-founded Pyrosequencing AB, which was later renamed to Biotage AB in 2003, and led the company to a successful initial public offering in June 2000 on the Stockholm Stock Exchange. In 2001, Dr. Ronaghi co-founded ParAllele Bioscience. ParAllele, which was eventually acquired by Affymetrix, Inc., was involved in the development and commercialization of highly multiplexed technology for genetic testing and was later acquired by Affymetrix. In 2005, Dr. Ronaghi co-founded NextBio, a search engine for life science data.
Dr. Ronaghi earned his Ph.D. from the Royal Institute of Technology in Sweden and, until recently, he was associated with Stanford University as a principal investigator focusing on developing novel tools for molecular diagnostic applications. He holds more than 20 pending and issued patents and has written more than 50 peer-reviewed publications in journals and books. Dr. Ronaghi also serves on the Board of Directors of Microchip Biotechnologies, NextBio, and Aurora Biofuels.
"Mostafa's entrepreneurial background makes him an ideal addition to Illumina's culture," said Jay Flatley, Illumina's President and Chief Executive Officer. "His extensive technical expertise and wealth of experience developing technologies for genetic analysis will be a tremendous asset to the Company going forward."
About Dr. Ronaghi's Compensation
The Company granted an option to purchase 115,000 shares of Illumina's common stock to Dr. Ronaghi as part of his inducement to join the Company. The option was granted by the Company's Compensation Committee under Illumina's New Hire Stock and Incentive Plan, which was approved by Illumina's Board of Directors on January 29, 2008. This option has the following terms: an exercise price equal to the closing fair market value of Illumina's common stock on the grant date, a ten-year term and vesting over four years with 25 percent of the option vesting one year from the grant date and 1/48th of the option vesting monthly thereafter. The grant date for this option is August 4, 2008.
Illumina (www.illumina.com) is a leading developer, manufacturer, and marketer of next-generation life-science tools and integrated systems for the analysis of genetic variation and biological function. Using our proprietary technologies, we provide a comprehensive line of products and services that currently serve the sequencing, genotyping, and gene expression markets, and we expect to enter the market for molecular diagnostics. Our customers include leading genomic research centers, pharmaceutical companies, academic institutions, clinical research organizations, and biotechnology companies. Our tools provide researchers around the world with the performance, throughput, cost effectiveness, and flexibility necessary to perform the billions of genetic tests needed to extract valuable medical information from advances in genomics and proteomics. We believe this information will enable researchers to correlate genetic variation and biological function, which will enhance drug discovery and clinical research, allow diseases to be detected earlier, and permit better choices of drugs for individual patients.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: this release may contain forward-looking statements that involve risks and uncertainties. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are Illumina's ability (i) to develop and commercialize further our BeadArray(TM), VeraCode(R), and Solexa(R) technologies and to deploy new sequencing, gene expression, and genotyping products and applications for our technology platforms, (ii) to manufacture robust instrumentation and reagents technology, together with other factors detailed in our filings with the Securities and Exchange Commission including our recent filings on Forms 10-K and 10-Q or in information disclosed in public conference calls, the date and time of which are released beforehand. We disclaim any intent or obligation to update these forward-looking statements beyond the date of this release.
CONTACT: Illumina, Inc.