WisBusiness: Third Wave’s co-founder resigns

By WisBusiness Staff

Lance Fors, who co-founded Third Wave Technologies in 1993, has resigned as the company’s executive chairman and is leaving the board of directors. He remains a technology adviser to the company.

Yesterday, the company reported a significant drop in second-quarter results that it said came as no surprise as it changes its focus from research to producing clinical products.

The genetic technology company reported a second-quarter net loss of $5.5 million, or 13 cents per diluted share, compared to a net loss of $106,000, or 0 cents per diluted share, a year ago.

The results also were weaker than analysts’ expectations of a loss of 10 cents per share. Revenues declined to $5.8 million from $12.6 million.

Third Wave also announced today that David A. Thompson has been elected chairman of the company’s board of directors.

Thompson, 63, was the senior vice president and president of the diagnostic division of Abbott Laboratories. He was integral to achieving Abbott’s market leadership in the diagnostic market. He also serves as a director of St. Jude Medical Inc., the global medical device company.

The company also announced that James P. Connelly has joined its board of directors. Connelly, 58, is a partner in the Foley & Lardner law firm. He brings to Third Wave’s board more than 25 years of experience providing strategic business and legal advice to large health care networks, clinics, and laboratories. He also has advised a number of emerging biotechnology and life science companies

Connelly served as founding chair of Foley & Lardner’s health law practice. The firm is recognized regularly for the strength of its health care and life sciences practices.

He also has worked extensively with significant national physicians organizations, including serving as general counsel to the American Medical Group Association, the association that represents 300 of the nation’s largest, most prestigious integrated health care delivery systems, and special counsel to the American Medical Association and major multi-specialty clinics across the country.

Connelly was selected as a White House fellow by President Gerald R. Ford and served subsequently as special assistant to Treasury Secretary William E. Simon.

As part of his Treasury responsibilities, he represented the Ford Administration in matters affecting the potential bankruptcy of New York City and in the passage of federal legislation relating to the regulation of financial institutions.

Connelly earned his bachelor’s degree from Marquette University and his law degree from the Georgetown University Law Center.