Press Releases 10.20.2008
Novomer Set to Continue Strong Momentum with New CEO and Corporate Headquarters in Massachusetts
Former Surface Logix CEO, Jim Mahoney, Joins to Spearhead Growth
Boston, Mass. – October 20, 2008 – Novomer Inc., a materials company pioneering a family of high-performance, biodegradable plastics, polymers and other chemicals from renewable substances, today announced the appointment of Jim Mahoney as its new chief executive officer and the relocation of company headquarters from Ithaca, N.Y. to Boston, Mass. Today the company also announced the appointment of industry veteran Peter Shepard as vice president of business development.
Mahoney brings a strong track record of driving new innovations in chemistry into high growth markets – having most recently served as the CEO of Surface Logix. In his tenure at Surface Logix, he raised over $60 million and led the transformation of Surface Logix from a chemistry platform to a small molecule drug discovery and development company with two internally generated programs having completed several successful Phase II clinical trials.
Novomer President Charles Hamilton said, “Jim joins the company at a key time, bringing proven leadership in technology commercialization that will help Novomer accelerate its rapid growth and move to the next level.”
Mahoney commented, “The demand for alternative materials is set to explode, based on the need to reduce environmental impact and cut costs while vastly improving performance. Novomer is incredibly well-positioned to lead the market based on the innovations of Dr. Coates and his team. I commend the success that Charles and the company have achieved to date, and very much look forward to maximizing our opportunity moving forward.”
The new Boston office will host the company’s business development and marketing teams. Novomer will continue to grow its research and development expertise in Ithaca, close to the core development team that first brought the innovations to market.
Mahoney brings more than 20 years of executive experience at various biotechnology, healthcare and specialty chemicals companies to his new position. In addition to his tenure at Surface Logix, he previously held senior executive positions at Dade Behring Inc, Baxter International, and FMC Corporation. Mahoney has an MBA degree from Northwestern University’s J.L. Kellogg School of Management, an MMA degree in international economics from the University of Southern California and a BS degree from the University of Massachusetts, Amherst.
Novomer Inc. is a revolutionary new materials company pioneering a family of low-cost, high-performance, green plastics, polymers and other chemicals. Founded in 2004 by technology commercialization firm KensaGroup, Dr. Geoffrey Coates and Dr. Scott Allen, the company is based on pioneering catalysts developed at Cornell University. Novomer’s groundbreaking technology allows carbon dioxide and other renewable materials to be cost-effectively transformed into polymers, plastics and other chemicals for a wide variety of industrial markets. The company is partnered with equity investors DSM Venturing, Flagship Ventures, and Physic Ventures, and has received support from the Department of Energy and the National Science Foundation.
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