Rutherford-based Cancer Genetics Inc. has named venture capital industry veteran John Pappajohn its new chairman of the board of directors.
Cancer Genetics said Pappajohn has been involved with more than 100 start-up companies, 50 initial public offerings, and served as a director for more than 40 public companies, many in bioscience and health-related industries.
"My personal goal for CGI is to help the company become the world leader in DNA-based diagnostics," Pappajohn, a shareholder of Cancer Genetics and board member since 2008, said in a statement Monday.
Cancer Genetics provides DNA-based cancer diagnostics tests designed to personalize and improve clinical management of difficult-to-diagnose cancers. The company went public last April.
Pappajohn will be paid $100,000 plus stock-based compensation, Cancer Genetics said in a regulatory filing. Pappajohn replaces Dr. Raju Chaganti, who will continue to serve as a director and a scientific consultant for the company.
Cancer Genetics also announced that former Wisconsin governor Tommy Thompson has resigned from the board of directors. Cancer Genetics said Thompson's decision was not the result of disagreement with the company's direction.
Pappajohn's appointment marks the second key personnel announcement in a month for Cancer Genetics. The Bergen County company in December named Christopher Mitton director of national account development and sales operations, charged with increasing outreach to community hospitals and laboratories. Mitton previously led North American sales of leukemia and solid tumor molecular diagnostic tests for Qiagen.
Cancer Genetics reported $4.76 million revenue through Sept. 30, up 47.4 percent from the same time last year. The company in 2013 launched a proprietary test for cervical cancer and was granted a patent for kidney cancer diagnosis.
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