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BioMachines Announces Acquisition And New Management


2/1/2006 1:01:19 PM

CARRBORO, N.C., Feb. 1 /PRNewswire/ -- BioMachines Inc., a biotech company that sells advanced automation tools to accelerate drug discovery, today announced that a majority stake in the business was acquired by Clearview Limited. With this transaction comes two new leaders and a focus on expanding commercialization of the company's technology platform and on developing new products.

Clearview Limited, a consulting and advisory services firm based in Raleigh, N.C., purchased BioMachines on Dec. 29, 2005. Sam Tetlow, founding partner of Clearview and a principal with Research Triangle Ventures, is now chairman of BioMachines. He has named Tom Larrichio, formerly vice president of business development at TriVirix International, Inc., as BioMachines' chief executive officer. Terms of the deal were not disclosed.

"After a comprehensive review of the genomic and proteomics industry, we believe BioMachines is uniquely positioned to achieve excellent commercial results from its market-proven, proprietary products," said Tetlow. "The company has deep scientific expertise and a pipeline of novel diagnostic tools that will have a meaningful impact to the work of leading drug discovery researchers, especially those working in the growing field of proteomics."

Tetlow said he selected Larrichio as BioMachines' new CEO because of his sales acumen, extensive management experience and life science knowledge. "Tom has the requisite commercial expertise to take the company to the next level."

In welcoming his new role, Larrichio said, "BioMachines is poised to make a real difference in this industry. We have a great team, leading-edge technology and a formula to bring desired solutions to the marketplace."

Larrichio replaces Rick Sheridan who is remaining on staff during a transition period and will then become a consultant to the company.

About BioMachines Inc.

BioMachines Inc., a privately owned biotech company, provides the life sciences industry with proven solutions for drug discovery through advanced automation. Its vision-enabled, small-liquid, high-precision instrument systems are designed to automate complex laboratory workflows. Current products focus on automating front-end sample preparation for MALDI (Matrix- assisted laser desorption/ionization) mass spectrometry analysis. BioMachines' instrumentation and consumable platform provides cost-effective, reliable and high-quality solutions that scale from discovery in the research laboratory to clinical drug development. BioMachines is headquartered in the Research Triangle area. For more information, please visit www.bio-machines.com.

About Clearview Limited, LLC

Clearview Limited, LLC, based in Raleigh, N.C., provides consulting and advisory services to leading biotechnology firms focused on diagnostics and device industries.

BioMachines Inc.

CONTACT: Media Relations, Katherine Smart, +1-919-270-3714, orksmart@bio-machines.com, for BioMachines Inc.



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