Key Developments For Sequenom Inc
Sequenom Inc (SQNM.O) (Consolidated Issue listed on NASDAQ Global Market)
Sequenom, Inc. Comments On Q4 2009 Revenue Outlook-Conference Call
Sequenom, Inc. announced that for the fourth quarter of 2009, it expects revenues to continue on the trend that had been over the last three-quarters. The Company reported revenue of $9 million in the first, second and the third quarters of 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $9 million for the fourth quarter of 2009.
Sequenom, Inc. Announces Paul Maier to Become Interim Chief Financial Officer
Sequenom, Inc. announced that Paul V. Maier has been appointed as the Company's interim Chief Financial Officer effective November 10, 2009. Prior to Prior to the effective date of Mr. Maier's appointment as interim Chief Financial Officer, Mr. Maier will act as a consultant to the Company.
Sequenom, Inc. Announces Management Change-Form 8-K
Sequenom, Inc. reported in its Form 8-K that on September 28, 2009, it has terminated the employment of President and Chief Executive Officer (CEO), Harry Stylli, Ph.D., and that Board of Directors had requested that Dr. Stylli resign as a Director. Board of Directors has appointed Harry F. Hixson, Jr., to serve as Interim CEO effective September 28, 2009.
Sequenom, Inc. Says It Is In Contact With Nasdaq, US Attorney, And SEC After Investigation-AP
The Associated Press reported that Sequenom, Inc. which fired its Chief Executive and other senior leaders last week, said it is in contact with the Nasdaq Stock Exchange and a U.S. attorney in California. The Company said the Nasdaq and the Office of the U.S. Attorney for the Southern District of California made contact with the Company following its announcements on September 28. The Company also said it met with representatives of the U.S. attorney and Federal Bureau of Investigation. Sequenom said it will cooperate fully with the stock exchange and U.S. attorney. The Company said in April that employees had mishandled data on its SEQureDx Down syndrome blood test. After a five-month review, Sequenom fired President and CEO Harry Stylli and research Chief Elizabeth Dragon, and three lower-ranking employees. Chief Financial Officer Paul Hawran and one other executive also resigned. The firings followed an investigation by a special committee of the Company's Board of Directors. Sequenom said members of the committee have also met with the Securities and Exchange Commission.
Sequenom, Inc. Fires CEO, 4 Others Over Tests-DJ
Dow Jones reported that Sequenom, Inc. fired Chief Executive Harry Stylli and four others after an independent panel of Directors found the Company failed to adequately police its studies of a noninvasive prenatal Down Syndrome test. The investigation concluded that the Company failed to put adequate protocols, controls and supervision in place as it attempted to transition from researching molecular diagnostic tests to developing and commercializing those tests. Because of those shortfalls, the test data and results in the Company's program to develop a Down's syndrome test included inadequately substantiated claims, inconsistencies and errors. Deficiencies in disclosure controls and procedures led to those results to be reported to the public. The terminations of Stylli and Elizabeth Dragon, senior vice president of research and development, are effective immediately. The board also asked Stylli to resign as a director, which he is required to do under his employment agreement. Chief Financial Officer Paul Hawran and Steven Owings, who oversaw commercial development in prenatal diagnostics, resigned. Three other unnamed employees were fired. Each of them denied wrongdoing, Sequenom said.
