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nanoTox Announces Appointment of New CEO and Vice Chairman of Board

Published on May 20, 2009 at 8:51 AM

nanoTox, the first company to provide complete risk assessment exclusively for nanoparticles, announced today that Gary W. Pankonien has joined the company as Chief Executive Officer and Vice Chairman of the Board. Mr. Pankonien was formerly CEO for the nanoparticle firm, Nanotechnologies (now NovaCentrix), a provider of custom engineered nanopowders.

“As an early producer of nanomaterials, there were not a lot of resources available to evaluate the safety of nano-materials,” said Mr. Pankonien. “nanoTox fills that gap by offering a complete Risk Assessment Analysis of materials and products under Good Laboratory Practices conditions. We are all about enabling the nanoindustry by providing assessment and guidance to our customers, their investors and insurers. This industry is the next evolution of technology that must be approached safely and developed into next-generation products.”

"We could not be more excited to have Mr. Pankonien at the nanoTox helm," said Harry Bushong, president of nanoTox. "He has intimate knowledge of the need for our services and the industries with which we work. His expertise was instrumental in the growth of not only Nanotechnologies but other highly successful companies, and we believe he will provide the leadership necessary for nanoTox to fully realize its vision of ensuring the safety of nanomaterials for the world market."

Prior to Nanotechnlogies, Mr. Pankonien was president and CEO of CALEB Technologies and founder and CEO of 1st TECH Corp., which merged with Tanisys (Nasdaq: TNSU). He also was president of both Emergent Technologies, Inc.’s Fund III and WesTech Ventures I, L.P. and CEO of Auxano Biomedical, a fund portfolio company.

Mr. Pankonien spent seven years at Compaq Computer Corporation where he co-developed and currently holds the patent for the first notebook computer and several other patents. He graduated from Texas A&M University in 1972 with a BSEE degree in electronics.

Located in Austin, Texas, nanoTox is the first company to provide complete assessment – and solutions – exclusively for nanoparticles. nanoTox determines the toxicity of its clients’ nanoproducts and offers strategies for managing, reducing or eliminating risk to meet state and federal safety guidelines and shorten time to market. Because nanoTox uses methodologies that are performed under recognized international data quality standards (GLP, ISO, etc.) in its laboratories, the results and associated assessments are suitable for use to support regulatory decisions, product registrations, litigation and for acceptance by the insurance industry.

nanoTox ensures complete client confidentiality for all of its clients, which include companies or entities that require government approval to market their nanoproducts, venture capital firms that invest in nanoproduct companies, law firms engaged by such companies and insurance companies considering insuring such companies from liability.

nanoTox is headquartered in Austin, Texas, with offices in Maastricht, Netherlands.

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