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Genomic Health's Randy Scott to lead new genetics subsidiary
Longtime Genomic Health Inc. executive Randy Scott is leaving the company — sort of.
Scott, most recently executive chairman of Genomic Health (NASDAQ: GHDX), will become CEO of a wholly-owned Genomic Health subsidiary that will focus on medical applications of the human genome. He will continue to serve on the board of the Redwood City-based cancer diagnostic test developer.
Genomic Health initially will fund the company with $20 million over two years. The company will be established March 1 and provide its first commercial service in 2013, according to a Genomic Health press release...
UCSF study: Boosting cigarette tax could bolster California economy by $2 billion
A June 5 ballot initiative designed to boost the tax on cigarettes by $1 a pack could create 12,000 new permanent jobs right away and add nearly $2 billion in economic activity in the Golden State annually, according to a new study by UC San Francisco.
The positive impacts would come, UCSF says, because “Californians would smoke less and spend their money in other ways.”
Roughly 4 dollars in every 5 spent on cigarettes goes to out-of-state manufacturers and farmers, since no tobacco is grown here and no cigarettes are made here...
Coventry renews contract with CEO Allen Wise
Coventry Health Care Inc. has extended CEO Allen Wise's contract for two years, securing his services through Dec. 31, 2013, and boosting his compensation to new heights.
Effective Jan. 1, Wise earns $900,000 in base salary annually and will be eligible for up to $1.8 million in bonuses each year, according to a Securities and Exchange Commission filing made public Monday. Furthermore, Wise will receive $7.6 million worth of stock awards in both 2012 and 2013 that would become payable upon the the health insurer's reaching earnings-per-share and revenue targets...
Five Prime Therapeutics Inc. makes interim CEO official
Five Prime Therapeutics Inc. made Lewis Williams, M.D., president and CEO, thus confirming him in a job he’s held temporarily since August.
Williams, who started Five Prime, worked in the past at Chiron Corp. and at the University of California, San Francisco. He was also on the faculty at Harvard Medical School and was a staff cardiologist at Massachusetts General Hospital.
He’s been temporary CEO of Five Prime since Julia Gregory quit as CEO last summer. Gregory herself had replaced CEO Gail Maderis in 2009...
Lincare income drops despite revenue gain
Lincare Holdings Inc. reported net income for 2011 of $177.3 million, or $1.93 a share, compared to net income of $181.6 million, or $1.87 a share, in 2010.
Although profit dropped, earnings per share increased in 2011 because Lincare had about 10.2 million fewer shares outstanding as of Dec. 31.
Revenue for 2011 was $1.85 billion, a 10.7 percent increase over revenue of $1.7 billion in 2010, a statement from the company said.
For the fourth quarter of 2011, Lincare reported net income of $44...
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