Luminex of Texas says it is leading the way in multiplex testing technology.

Patrick Balthrop, president and CEO of Luminex Corp., says that his company is the top choice in its industry. "In our segment of the market, we are, without a doubt, the market leader," Balthrop declares.

Luminex develops, manufactures and markets a proprietary technology, which the company says has applications in the life science industry, including clinical diagnostics. According to the company, this industry depends on tests known as bioassays, which are used to discover new drugs, identify new biological pathways, or assist in diagnosis and/or monitoring of diseases.

Core of Luminex
Balthrop says the company's xMAP technology consists of a multiplexing system that can yield up to 100 reproducible results from a single drop of sample. "Additionally, xMAP technology is unique in its versatility to perform both DNA and protein-based assays, and in its flexibility to easily expand or reduce the number of tests in an assay panel as needed," Balthrop says.

The systems using the xMAP technology perform bioassays on the surface of color-coded beads known as microspheres. "Using multiple lasers and high-speed digital-signal processors, the analyzer reads multiplex assay results by reporting multiple colors on each individual microsphere particle, and simultaneously determining the fluorescence that provides the assay result," the company explains.

Luminex says xMAP technology-based systems are being used by leading clinical diagnostics laboratories and the biomedical research market. "With this expansion of market opportunities, Luminex is strategically positioned for sustained growth and success," the company declares.

Luminex says it has been marketing its current generation of the xMAP technology since 1999. The company adds that the technology allows laboratories to not only multiplex their bioassays, but it also reduces time, labor and costs.

According to Balthrop, there are six market segments where the xMAP technology has the most applicability. Two are segments of the life science research and drug discovery segments, which include protein profile-oriented screening and secondary screening in drug discovery.

In the field of clinical diagnostics, Balthrop says there are high-growth segments of molecular diagnostics, which include genetic disease and infectious disease testing. He adds that the company is focused on the immunoassay diagnostic segment for complex disease states, and the bio-terrorism testing segment.

Balthrop explains that Luminex licenses its equipment to business partners, who ultimately sell to the end-user. He cites Bio-Rad as an example, saying that the company uses Luminex's technology to develop and sell to clinical and research labs.

Luminex also notes that xMAP technology-based systems are being used by leading clinical diagnostics and research laboratories, as well as major pharmaceutical and biotechnology companies.

Market Focus
Balthrop says that Luminex continues to innovate on a "consistent basis." New developments for the company will include new hardware products, software releases and types of microspheres that Balthrop believes will allow Luminex to continue serving its customers and grow its business.

Balthrop adds that Luminex also licenses its products to other companies, and that currently, the company is in the process of developing a new line of applications that would increase the amounts in royalties Luminex would receive.

"The terms of the financial transaction will be that we get more of the end-user dollar than we do today," he explains. Balthrop believes Luminex to be very well positioned.

"Financially, we're very stable," he declares, adding that the company has a positive cash flow and strong balance sheet. "We are prepared, if presented with the opportunity, to make strategic acquisitions when it makes sense."

According to Balthrop, Luminex has more than 50 strategic partners, 27 patents issued and more than 60 patents pending.

Past, Present and Future
Balthrop joined Luminex in 2004 as president and CEO. "I jumped at it," Balthrop says, adding that he considered it a once-in-a-lifetime opportunity.

At the time, Balthrop says he was looking for an opportunity to run a publicly traded company with significant upside potential.

Before coming to Luminex in 2004, Balthrop served as the president of Fisher Healthcare. He also held many positions at Abbott Laboratories, including head of worldwide commercial diagnostics.

Balthrop has more than 25 years of experience in the industry that includes manufacturing, sales and marketing, R&D, intellectual property and technology management, and international operations. "I've been in this industry a long time," Balthrop says, "every minute of my adult life."

He received an MBA from the Kellogg Graduate School of Management of Northwestern University and a B.S. in biology from Spring Hill College. He also serves on the board of directors at Howard Brown Health Center in Chicago.

In terms of the company's future, Balthrop says that Luminex's market "is going to continue to grow nicely." He adds that the company is positioned to "be a major force in the life science industry."