Wednesday, November 19, 2008

Z Corp. founding CEO Marina Hatsopoulos joins Cynosure board

By Mass High Tech Staff

Marina Hatsopoulos, a current director of GSI Group and founder and former CEO of Z Corp., has joined the board of directors at Cynosure Inc., a Westford maker of laser systems for aesthetic treatments.

Former Cynosure (Nasdaq: CYNO) board member Paul Kelleher, who served as chairman of the audit committee, resigned from the post. Hatsopoulos will work on the audit and compensation committees, while the chairman position of the committee will be filled by George Vojta.

Hatsopoulos, a Mass High Tech All-Star in 2001, works with GSI Group, a supplier of lasers, laser-based manufacturing systems and motion control products for the medical, semiconductor, electronics and industrial markets. She also is a founding member of the advisory board for MIT’s Deshpande Center for Technological Innovation.

In 1994, she founded 3-D printing firm Z Corp, which was bought by Contex Scanning Technology of Denmark in 2005.

Hatsopoulos graduated from MIT with a master’s degree in mechanical engineering and from Brown University with bachelor’s degrees in pure mathematics and music.

Founded in 1991, Cynosure develops non-invasive and minimally invasive products to treat vascular lesions, perform laser lipolysis, remove hair and improve skin. The company’s “Smartlipo MPX” device, intended to melt fat and tighten skin, received European marketing approval. Global sales of aesthetic treatments were expected to grow from $8.4 billion last year to $15 billion by 2011, according to figures Cynosure cited from a 2007 report by market research firm Medical Insight Inc.

Cynosure reported in September a quarterly gain of $3.2 million on quarterly revenue of $38.2 million.