The board of directors of Martek Biosciences Corporation has announced the election of Steve Dubin as president of the microalgae-derived products company.
"Steve has been key in developing Martek's business over the last eleven years. He has the experience, leadership ability and vision to take Martek to much higher levels of success," stated Henry Linsert, chairman and CEO of Martek.
Dubin has served in a variety of positions with Martek between 1992 and 2000 including CFO, treasurer, secretary, general counsel and senior VP of Business Development. In 2000, he moved to a part-time position of senior advisor - Business Development, a role in which he has continued filling until his current election.
As president of Martek, Dubin will be responsible for Operations, including the current production expansion, Research and Development, Human Resources and Business Development.
Martek Biosciences Corporation develops, manufactures and sells products made from microalgae. The company's products include docosahexaenoic acid (DHA) and arachidonic acid (ARA) oils for use in infant formula, which are claimed to aid in the development of the eyes and central nervous system in newborns and are the only source of these nutrients - naturally found in breast milk - cleared for use in US infant formula by the Food and Drug Administration.
Martek now has licencing agreements with each of the major infant formula manufacturers for the use of its oils, with the last firm, Nestec - an affiliate of Nestle - coming onboard last June.
The company also produces nutritional supplements and food ingredients to promote mental and cardiovascular health.
Revenues for the company soared during the third quarter of 2003, ended 31 July, with total revenues for the nine month period standing at $76.1 million, more than double the $30.9 million achieved in the same period in 2002, mostly due to higher sales of its nutritional oils to infant formula companies.