Wednesday, July 23, 2008

Microfluidics promotes Panagiotou to CTO

By Mass High Tech Staff

Microfluidics International Corp., a Newton maker of microfluidics systems, said it has named Thomai “Mimi” Panagiotou its chief technology officer.

The company said it first hired Panagiotou in 2003 to be its director of research and development and promoted her to vice president of R&D in 2005. As CTO, she will be responsible for the overall direction of the company’s microfluidics R&D.

Panagiotou, who earned her Ph.D. in mechanical engineering from Northeastern University, previously worked for Cambridge consulting firm Arthur D. Little and Cambridge technology development firm Tiax LLC.

Microfluidics International (OTC: MFIC), which has provided systems for nanoparticle production for 15 years, reported 2007 net income of $1.5 million on revenue of nearly $13 million. The firm employs 52 workers.

This month the company announced it had obtained a $2.5 million line of credit from Silicon Valley Bank to support internal growth and fund general corporate expenses in fiscal 2008.