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Biotechnology industries

Icoria, Inc. Announces Leadership Changes Amid Restructuring

Strategic Insights

— 1 min read

Icoria, Inc. has begun a significant transformation, shifting its focus from agricultural genomics to biomarker-enabled drug discovery. This shift, following the acquisition of certain agricultural genomics assets by Monsanto Company, led to the resignation of three long-serving board members: Robert M. Goodman, PhD, Susan Harlander, PhD, and Michael Summers. As part of this realignment, the company has created an Office of the President, led by Heiri Gugger, to oversee the transition and build its healthcare business. Brett Farabaugh has been named vice president of finance, and Peter Johnson, MD, has left the company for personal reasons. This restructuring aims to leverage the company's expertise in identifying biomarkers through gene expression, metabolomics, and tissue feature profiling to accelerate drug discovery.

Key Takeaways:

  • Three board members, Robert M. Goodman, PhD, Susan Harlander, PhD, and Michael Summers, will resign or not stand for re-election at the company's May 11 annual meeting, recognizing the diminishing need for agricultural and nutritional experience.
  • Heiri Gugger is leading the Office of the President, a new position created to facilitate the company's realignment, incorporating Keith Davis, PhD, and Doug Morton, PhD, to oversee agricultural commitments and build the healthcare business, respectively.
  • Brett Farabaugh has been named vice president of finance, filling the position vacated in a tumultuous time and building relationships with banks and institutional investors.
  • Peter Johnson, MD, executive vice president and chief medical officer, left the company for personal reasons and to pursue other interests.
  • Icoria's shift in focus aims to leverage the company's expertise in identifying biomarkers through gene expression, metabolomics, and tissue feature profiling to accelerate drug discovery.

Statistics:

  • The company will have an Office of the President,with Heiri Gugger as president and chief executive officer, to guide the transition and realignment.
  • Three board members are resigning: Robert M. Goodman, PhD (since June 1998), Susan Harlander, PhD (since May 2001), and Michael Summers (since March 1998).
  • The company has named Brett Farabaugh as vice president, finance, following his previous position as senior director of finance and chief accounting officer.
  • Icoria has the capability to use gene expression, metabolomics, and tissue feature profiling to identify biomarkers.

Sources:

  • Icoria, Inc., (ICOR) press release
  • Steve Burrill, chairman of the board
  • Health & Medicine Week editors
  • Health & Medicine Week, via NewsRx.com

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