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Alverix Names Ric Tarbox Chief Executive Officer


6/14/2010 7:17:06 AM

SAN JOSE, Calif.--(BUSINESS WIRE)--Alverix, Inc., a leader in developing next generation instrument and connectivity platforms for diagnostic testing, today announced that Richard “Ric” C. Tarbox, III has been named Chief Executive Officer of the company.

Mr. Tarbox has more than 30 years of experience in the healthcare industry, with a proven global track record within the diagnostic and medical device segments. He joins Alverix having previously served as VP, Strategy Management at Cardinal Health, Inc. (NYSE: CAH - News), a $96 billion health care services company that improves the cost-effectiveness of health care, helping pharmacies, hospitals and ambulatory care sites focus on patient care while reducing costs, improving efficiency and quality, and increasing profitability.

Prior to his work at Cardinal Health, Mr. Tarbox was SVP, Corporate Development Officer at Quidel Corporation, a worldwide leader in developing, manufacturing and marketing rapid diagnostic solutions at the point-of-care (POC) in infectious diseases and reproductive health. He was also VP, Strategic Sourcing and Business Development for the Healthcare Market Division of Thermo Fisher Scientific Incorporated (NYSE: TMO - News), where he was responsible for management of vendor relationships, strategic sourcing and M&A activity in the Healthcare sector. Other positions previously held include senior operations and business development roles with Ostex International, Inc., Baxter International, Inc. and American Hospital Supply Corporation.

“Ric brings to Alverix a unique skill set with experience from across the entire POC value chain,” said Gary J. Kurtzman, MD, Chairman of the Board at Alverix and Managing Director in the Life Sciences Group at Safeguard Scientifics, Inc. (NYSE: SFE - News). “From the diagnostic test manufacturer to the distributor to the end customer, such as a hospital or physician lab, Ric’s experience will prove invaluable as Alverix continues to foster partnerships, develop products and commercialize its novel instrument and technology platforms. Alverix’s disruptive technology has the potential to revolutionize patient testing and dramatically improve patient care by enabling more sensitive, affordable, immediate and accurate testing in nearly any setting.”

When measuring diagnostic assays, Alverix’s instrumentation enables central laboratory quality results to be delivered at the POC or any near patient setting. Until now, this level of performance required expensive, immobile bench-top instrumentation. In contrast, Alverix’s detection devices combine optoelectronics and sophisticated signal processing algorithms in a portable, battery operated instrument to generate more precise results, for a fraction of the cost and turn around time of traditional methods.

“Alverix’s core technologies, which leverage a 30-year legacy of expertise in optical sensors, image processing, software and signal enhancement algorithms, have resulted in an elegant technology solution that combines image acquisition, analytical software and data management to create a unique testing platform,” stated Tarbox. “As a result, Alverix has the unique potential to deliver significant benefits to patients, healthcare providers, test kit marketers and community health agencies. The time is now for Alverix and its next-generation POC diagnostic instruments and I am very excited to be a part of the team that will commercialize these offerings and make them available where immediate results are critical to patient care.”

Mr. Tarbox is a graduate of the University of Washington where he received his Bachelor's Degree and the Kellogg School of Management at Northwestern University where he earned a Master's in Business Management. He has served on the boards of numerous organizations, including Ostex International, Inc., DenOptix, Inc., Metrika Laboratories, Inc., BioSeparations, Inc., and ClearData Communications, Inc., as well as serving as a member of the BOD of the HIDA Educational Foundation and Chairman of its Research/Business Intelligence Committee.

About Alverix

Alverix is a leader in providing next-generation instrument and connectivity platforms for diagnostic Point-of-Care (POC) testing. Building upon a 30-year legacy within Hewlett Packard and Agilent, Alverix was spun off as a privately held company in 2007 and is based in San Jose, CA. Alverix’s systems enable laboratory class performance in a mobile, inexpensive format, extending testing beyond high volume sites to physician office labs, retail clinics, emerging markets and the home. Alverix’s target markets include infectious disease, drugs of abuse (DOA), cardiac markers, cholesterol/lipids, glucose and hemoglobin, amongst others. With strength in product design, product development and high volume manufacturing, Alverix is leading the transition of diagnostic testing from the laboratory to all locations where immediate results are critical to patient care. www.alverix.com.

Contact:

for Alverix, Inc. Theresa Murray, 610-642-8253 x164 Theresa@GregoryFCA.com

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