BennuBio, an expanding Albuquerque biotech startup, has new leadership.
Matthew Hess has been appointed president and CEO of the company. The firm is trying to commercialize a product that uses flow cytometry — used to analyze cells or particles as they flow in a solution past lasers — to analyze biological samples regardless of particle size or sample volume. The platform is significant because it allows researchers to do multicellular analyses instead of just single cell analyses, allowing for the use of three-dimensional cellular models, Hess previously told Business First. It has various medical applications, including the analysis of small life forms and drug discovery, according to the company.
Hess, who was formerly the company's chief operating officer, said "the real essence this year is going to be on getting our message out. We know our [technology platform] is great and now we need to.. let the researchers and the market know what we got.”
He has more than two decades of experience working with startups to help commercialize technology, per the company, and previously worked with Intellicyt, an Albuquerque-based company used flow cytometry in medical instrumentation and software. He is listed as an inventor on at least one patent for Intellicyt, which was acquired by pharmaceutical company Sartorius for $90 million in cash.
The move comes as Steven Graves steps back from the leadership role. He will continue to act as a board member and "contributor" to the company's research and development team, according to the company. In a statement, Graves said "this is something we’ve been planning for a while, and I am very pleased that the transition has been so smooth."
BennuBio was founded in 2018 and quickly gained traction in New Mexico. The same year, the state announced under former Gov. Susana Martinez that the startup was to receive $1.5 million from the Catalyst Fund, a $20 million investment vehicle with public and private funds. It later disclosed $5 million in financing from five investors, according to a Form D filed with the Securities and Exchange Commission last year. It previously acquired all assets and intellectual property of Eta Diagnostics, another Albuquerque technology firm, Business First reported, citing a news release.
In January, BennuBio announced a move into a larger facility for the consolidation of operations. The expansion also set the stage for the growth of the company's staff. At the time, Hess said the company was "planning to hire production technicians, biologists, lab technicians [and] software engineers." The company was formerly located within the WESST Enterprise Center, according to a release announcing the expansion.
“[The appointment of Hess as CEO] is a great move for BennuBio. It allows Steve to focus on his passion, which is research and innovation, while at the same time putting the commercial and operational success of the company in the hands of a proven leader," said founding board member Waneta Tuttle in a statement.
