Todd Wallach and Paul Sohmer, MD join Oran Diagnostics’ Board of Managers

BERWYN, PA, October 1, 2010—Oran Diagnostics, LLC, a specialized medical device company developing novel clinical diagnostic tools for applications across a broad spectrum of disease states, today announced that Todd Wallach and Paul Sohmer, MD have joined the Company’s Board of Managers.

Mr. Wallach is the Chairman and Chief Executive Officer of Molecular Detection, Inc. (MDI). MDI is developing and commercializing a portfolio of "sample-to-answer" Detect-Ready™ molecular diagnostic tests for the rapid detection of infectious diseases. With more than 20 years of experience in operations, finance and strategy, Mr. Wallach is a successful life sciences entrepreneur who has helped found companies with a combined market capitalization of over $500 million. Prior to MDI, Mr. Wallach was chief financial officer and a member of the founding management team of specialty pharmaceutical company Aton Pharma, Inc., which was acquired by Valeant. He was previously vice president of finance and operations and a member of the founding management team of Acuity Pharmaceuticals, Inc., which was acquired by publicly traded OPKO Health. Earlier in his career, Mr. Wallach was a management consultant at Booz Allen Hamilton. Mr. Wallach received an M.S. in technology management from the Wharton School of Business and the School of Engineering and Applied Science at the University of Pennsylvania, an M.S. in biotechnology from the University of Pennsylvania, an M.B.A. from Rider University, and a B.S. in mechanical engineering from Purdue University.

Dr. Sohmer has served as CEO of both public and privately held growth companies focused on medical devices, biotechnology, and health care services. He is currently Chief Executive Officer of Orthocon, Inc., which develops, manufactures, markets, and sells implantable products designed to stop the bleeding from and to deliver drugs to bone. Prior to Orthocon he served as Chairman, President and CEO of TriPath Imaging, Inc., which was sold to Becton Dickinson and Associates (BD) in December of 2006. Previously he served as President and CEO of Neuromedical Systems, Inc., Genetrix, Inc., and the Pathology Institute, Inc. Dr. Sohmer was named North Carolina Life Sciences Entrepreneur of the Year in 2005.

“The addition of Mr. Wallach and Dr. Sohmer to Oran’s Board of Managers brings an enormous wealth of resources to the Company as it moves down the path of commercialization of its novel diagnostic and prognostic technologies,” said Bruce Goldstein, Founder and Chief Executive Officer of Oran. "Mr. Wallach and Dr. Sohmer are entrepreneurial leaders with proven track records of success, and their individual and collective experience in building successful research and development and commercial infrastructures will be invaluable to Oran."

About Oran Diagnostics

Oran Diagnostics, LLC is using its proprietary device (the TCL Analyzer™) and method (thermochemiluminescence) to develop accurate, minimally invasive clinical tools for use in clinical diagnostics, and for drug discovery and development. The company’s proprietary technology is currently being applied in cardiovascular and neurodegenerative disease. Oran Diagnostics is headquartered in Berwyn, PA, with research and development facilities in Haifa, Israel. For more information, please visit www.orandx.com.

TCL-HF™ is a rapid, minimally invasive procedure for designed to aid in the risk stratification of patients diagnosed with heart failure. The TCL Analyzer™ measures lipid peroxidation in a small sample (50 microlitres) of blood serum. Using a highly sensitive, proprietary method of biomarker identification (thermochemiluminescence), TCL-HF™ measures the level of oxidative stress and oxidizability, which measurement correlates with the degree of disease severity. Analysis can be performed in a hospital or clinical laboratory in just minutes. TCL-HF™ provides a relevant, previously unavailable clinical data point that helps guide treatment options for patients with heart failure. The TCL Analyzer™ and TCL-HF™ are not currently cleared for use in the U.S. by the Food and Drug Administration.

Contact: Meredith Hegg
491 Baltimore Pike Suite 209
Springfield, PA 19064
Phone: 610-626-0175

This release was published on openPR.