Nanosphere Adds Former JNJ Executive to Board

Nanosphere Inc. has added Roy N. Davis to its board of directors, a new retiree from Johnson & Johnson (JNJ) where he worked for almost thirty years.

“We are pleased to welcome Roy to the board,” said William Moffitt, president and CEO of Nanosphere. “Roy’s background is well suited to help us guide Nanosphere through the very rapid stage of growth we recently entered.”

Nanosphere had a good showing in its third quarter this year, which ended Sept. 30. The Northbrook, Ill.-based molecular diagnostics firm reported $865,000 in revenues compared to $556,000 for the third quarter of 2011. Q3 2012 was not as good as Q2, which brought in revenues of $1.3 million, but according to company Chief Financial Officer Roger Moody, “this sequential reduction was driven by weakness in European market.” The addition of Davis is hoped to help build the momentum of success the company has achieved this year.

Davis was president of JNJ’s Development Corporation and vice president of corporate development for all of JNJ until his retirement on Jan. 1 2012. Previously, he served as company group chairman and worldwide franchise chairman of JNJ’s diagnostics business after running several other JNJ businesses.

“I am pleased to help Nanosphere take full advantage of its opportunity to lead the diagnostics market in adopting molecular testing in mainstream medicine,” said Davis. “I look forward to working with the company and fellow board members to build shareholder value.”

Davis also serves on the boards of Rosetta Genomics and Innosight and is an advisor to the Cleveland Clinic, Cleveland, Ohio, and Wake Forest Baptist Health System, Winston-Salem, N.C. He received a B.S. from State University of New York at Albany and a M.S. from Rensselaer Polytechnic Institute in Troy, N.Y.

Nanosphere develops, manufactures and markets the Verigene system, an advanced molecular diagnostics platform for detection of life threatening infections and cardiovascular diseases.