Babson Diagnostics Appoints Former Siemens Healthineers Executive to CEO

September 24,2020

Austin, Texas —--(BUSINESS WIRE)--Babson Diagnostics (Babson), a transformative medical technology company, has appointed David Stein, Ph.D., former head of global strategy and innovation at Siemens Healthineers, to chief executive officer. Eric Olson, Babson’s founder and former CEO, will assume the roles of chairman of the board and chief operating officer.

“The broad interest in Babson’s recent Series A funding exemplifies the demand to redefine in-vitro diagnostic testing and will be critical in supporting Babson Diagnostics' mission to fundamentally change how samples are collected, processed and analyzed. It’s an honor to join the core team to bring Eric’s vision to life.”

David Stein, Ph.D., CEO

Dr. Stein—who holds a doctorate in engineering from Johns Hopkins University—also serves as a board member for Babson. His prior roles include head of strategy and innovation for Siemens Healthineers, CEO of Siemens' point of care businesses, and global vice president of engineering within Siemens’ diagnostics division. Dr. Stein was instrumental in incubating Babson in the company’s earliest days.

“David and I have worked together for 20 years, and when he became available, the timing was perfect to expand the management team and take Babson into the next phase of growth,” Olson said. “I’ve known David personally and professionally for most of my career. I know what he can achieve and I trust he’ll achieve it with integrity. His expertise in leading business development on behalf of the world’s leading medical technology companies will prove invaluable to Babson as we work to transform the diagnostics industry.”

The announcement follows the company’s recent closing of its $13.7 million Series A funding. The funding raise and expansion of the company’s management team enable Babson to build upon its strategic partnerships, proprietary technology ecosystems, and clinical study programs underway with key retail partners.

Olson will continue to lead Babson’s operations, technology, and clinical affairs, while Dr. Stein will lead the formation of the company’s commercialization, marketing, and business development teams.

“Eric and the Babson Diagnostics team have built a truly unique diagnostics model underpinned by the world’s leaders in health care innovation,” Dr. Stein said. “”

The following disclaimers apply:

  • This test has not been FDA cleared or approved;
  • This test has been authorized by FDA under an EUA only for use by the authorized laboratory, Babson Diagnostics, Inc.
  • This test has been authorized only for the detection of IgG antibodies against SARS-CoV-2, not for any other viruses or pathogens;
    and,
  • This test is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Act, 21 U.S.C. § 360bbb-3(b)(1), unless the authorization is terminated or revoked sooner.

About Babson Diagnostics

Babson Diagnostics is a healthcare technology company focused on moving laboratory testing to the pharmacy counter. Babson has developed a model for diagnostic blood testing that maintains a high standard of accuracy, yet requires only one-tenth the sample size of traditional venipuncture methods.

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