LexaGene Holdings Inc (CVE:LXG) (OTCQB:LXXGF) (FRA:5XS2), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, said that its president Daryl Rebeck will resign from the board and his position, effective February 15.
In a statement Friday, the Massachusetts-based company said that in addition to Rebeck’s pending departure. Stephen Mastrocola has joined the board of directors.
“I’m immensely grateful to Daryl for being my partner and helping me found this company four years ago,” said Dr Jack Regan, LexaGene’s CEO and founder. “I would like to thank him for all his hard work and leadership and wish him great success in his future endeavors.”
READ: LexaGene Holdings initiates program to identify the UK and South African variants of coronavirus
Rebeck added: “The pandemic has certainly presented some challenges for me to travel to the Beverly office while based outside of the country. I am confident that Jack and the current management team will continue to move the company forward. I am incredibly proud of what we’ve built at LexaGene, and the company has my continued support.”
As a board member, the company noted that Mastrocola brings almost 40 years of accounting and auditing experience working with public and private companies. He recently retired from Ernst & Young LLP (EY) after 19 years, where he was a senior assurance partner and led EY’s New England Assurance Practice for several years. Prior to EY, Mastrocola was an assurance partner at Arthur Andersen LLP.
Through his four-decade career at leading auditing firms, he served primarily emerging and growth-oriented companies in the life science sector with products in medical devices and diagnostics.
Mastrocola is a Certified Public Accountant with extensive experience in various financial transactions including IPOs, debt financings, mergers and acquisitions, revenue recognition, internal controls, and corporate governance, including compliance matters. He is also a member of LaunchPad Venture Group and serves on the Boards of Partners for Youth with Disabilities and the New England Aquarium.
Dr. Regan added: “We are extremely excited to have Steve join our board. He brings strong leadership skills, a wealth of knowledge, and connections in the industry that will be critical for LexaGene to meet its growth goals in 2021 and beyond.”
The company has configured its MiQLab system to investigate novel variants of SARS-CoV-2 -- the pathogen that causes the COVID-19 disease -- and is pursuing US Food & Drug Administration emergency use authorization.
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