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Efoora, Inc. Appoints New Chief Executive Officer


10/19/2005 5:11:21 PM

BUFFALO GROVE, Ill., July 29 /PRNewswire/ -- Efoora Inc., a late stage developer and manufacturer of laboratory quality rapid biotech diagnostic tests and components, today announced the appointment of Michael J. Minarich as its Chief Executive Officer and Member of the Company's Board of Directors effective August 9, 2004. Mr. Minarich will replace David Grosky, Efoora's current Chairman, who has served as the Company's CEO for the past seven years. Mr. Grosky will continue in his capacity as Chairman of the Board and will remain CEO and Chairman of the Board of Prion Developmental Laboratories Inc.

Mr. Minarich has more than 23 years of international experience and expertise leading healthcare operations in North America, Europe and Asia. For most of the past 20 years he has been an expatriate growing businesses from startup, integrating an over-the-counter (OTC) and consumer product acquisition as well as a wholesale distribution organization and merging various sized pharmaceutical, OTC and consumer operations. Most recently Mr. Minarich served as the Pharmacia Corporation's Market Company President in the Czech Republic responsible for merging the Searle and Pharmacia & Upjohn organizations into a successful new entity ranking among the five fastest growing companies in that marketplace. Prior to this position, Mr. Minarich held a number of positions of increasing responsibility in General Management, Marketing, and Business Development for a number of businesses in Eastern and Western Europe, Canada and South Korea with a Pharmacia legacy company, G.D. Searle, the $4 billion pharmaceutical division of The Monsanto Company.

Mr. Minarich received a B.A. degree, with Honors, in 1975 from Illinois State University and an MBA in International Management from the American Graduate School of International Management (Thunderbird) in 1977.

Mr. Grosky stated: "We are very pleased to have Mike joining Efoora at this critical juncture in the company's development. Mike's demonstrated expertise in developing new markets and rapidly establishing successful businesses through sales and earnings growth are the talents we urgently need to establish our unique technologies. Additionally, he brings a depth of healthcare industry knowledge and an extensive range of geographical experience and contacts, which will expedite this process."

"I am very excited to be joining the Efoora team," said Michael Minarich. "I believe that Efoora has great potential with its core technologies, and I look forward to the challenge of transforming what has been a successful R&D effort into significant commercial success."

About Efoora

Efoora Inc. is a developer of rapid diagnostic tests and biosensors for a variety of diseases including HIV, Bovine Spongiform Encephalopathy (BSE) and Chronic Wasting Disease (CWD). Efoora's flagship assay, the Efoora Rapid HIV test, has completed U.S. clinical trials and is under review by the U.S. Food and Drug Administration. Efoora's test format utilizes an innovative biochemical approach developed as a result of years of research that yields both consistent and reproducible assays compliant under both GLP and GMP. Efoora's assays are manufactured using Virotek's proprietary, cost-saving technology. Virotek is the in-vitro diagnostic and medical device-manufacturing subsidiary of Efoora.

For more information about Efoora and its subsidiaries, please visit http://www.efoora.com/ .

This release includes forward-looking statements, which reflect Efoora Inc.'s current view with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical or anticipated results. The words "believe," "expect," "anticipate" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of certain factors that could cause actual results to differ materially from historical or anticipated results, including investment risks, development risks and changes in the economic climate, please contact the Company.

Efoora Inc.

CONTACT: Jennifer Rozga of Efoora Inc., +1-847-634-4500, x283


Read at BioSpace.com

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