COLUMBIA, Md., May 30 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK - News) is pleased to announce that Tim Fealey, Ph.D, MBA, is joining the company as senior vice president and chief innovation officer.
Dr. Fealey has an extensive background in the consumer packaged goods industry in research and product development and in general management, including nearly three decades at The Procter and Gamble Company where he served as vice president of worldwide strategic planning, foods and beverages. Dr. Fealey also served as vice president of corporate research and development at The Coca-Cola Company where he led the creation of the Company's strategic technology platforms to support newly established global growth objectives.
As Martek's senior vice president and chief innovation officer, Dr. Fealey will work with customers and the Company's commercial division. He will be responsible for aligning research and development initiatives and new product development opportunities with corporate strategies, further leveraging Martek's core capabilities aimed at increasing product offerings and accelerating worldwide growth.
"We welcome Dr. Fealey to Martek. His knowledge and experience will provide Martek with senior-level industry experience to enhance our efforts in marketing and new product development," said Steve Dubin, CEO of Martek Biosciences.
Martek Biosciences Corporation (Nasdaq: MATK - News) is a leader in the innovation and development of DHA omega-3 products that promote health and wellness through every stage of life. The Company produces life'sDHA(TM), a vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods, beverages, infant formula, and supplements, and life'sARA(TM) (arachidonic acid), an omega-6 fatty acid, for use in infant formula. For more information on Martek Biosciences, visit http://www.martek.com.
Sections of this release contain forward-looking statements concerning, among other things, expectations regarding personnel changes and corporate governance actions. These statements are based upon numerous assumptions which Martek cannot control and involve risks and uncertainties that could cause actual results to differ. These statements should be understood in light of the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's Form 10-K for the fiscal year ended October 31, 2006 and other filed reports on Form 10- K, Form 10-K/A, Form 10-Q and Form 8-K.