Solexa joins elite index of 3,000 top US companies
Solexa Inc, the Cambridge based genome analysis specialist quoted on NASDAQ, has been added to the Russell 3000(R) Index that measures the performance of the 3,000 largest US companies based on total market cap.
CEO John West said the inclusion in this elite should increase Solexa’s visibility with institutions that rely on it as part of their investment strategy.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. According to Russell, an industry-leading $3.8 trillion in assets currently are benchmarked to them.
Investment managers who oversee these funds purchase shares of member stocks according to that company’s weighting in the particular index.
Solexa is developing and preparing to commercialise a genome analysis system, which will be used to perform a range of analyses including whole genome resequencing, gene expression analysis and small RNA analysis.
Solexa expects its first-generation instrument, the 1G Genome Analyzer, to generate over a billion bases of DNA sequence per run and to enable human genome resequencing below $100,000 per sample, making it the first platform to reach this important milestone.
The company’s longer-term goal is to reduce the cost of human resequencing to a few thousand dollars for use in a wide range of applications from basic research through clinical diagnostics.
Solexa, whose American base is in Hayward, California, Solexa, has also appointed Richard H. Lussier to the newly created position of vice-president, sales and field operations.
He will be responsible for hiring and managing a field organisation to support commercial sales of the Solexa Genome Analysis System to a broad target market, including large genome centres, core laboratories at universities and government institutions, commercial sequencing enterprises, and pharmaceutical and biotech companies.
Lussier brings more than 20 years of industry experience, including 12 years with Applied Biosystems. He was president and general manager of Applied Biosystems Japan for a five-year period that saw record sales of DNA sequencing instruments and related consumables.
He said: “Solexa has made remarkable progress in the past year to bring to market technology that could transform genetic analysis.”
A native of Massachusetts, Lussier holds an MBA from Temple University, conducted post graduate studies in molecular biology at the University of Vermont, where he used one of the first automated DNA sequencers installed in the US, and received a BS in biology and chemistry from Rhode Island College.