San Diego, Ca., USA - July 28, 2009, San Diego, Ca., USA - SpectraScience, Inc., a medical device company, announced that F. Duwaine Townsen has joined the Board of Directors.
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Mr. Townsen began his career with Arthur Young & Company following graduation from San Diego State University in 1961. He later became a founder and Chief Financial Officer of Oceanographic Engineering Corporation guiding the company to profitability and its sale to Dillingham Corporation. Mr. Townsen was then promoted to President of the newly formed Ocean Operations Division of Dillingham in 1967. Mr. Townsen left Dillingham Corporation in 1969 to form Kay Laboratories, Inc., a medical device company, as Chief Financial Officer. He was appointed to CEO and Chairman in 1974 and guided the Company through its IPO in 1978 and sale to American Hospital Supply Corporation in 1981. In 1982, Mr. Townsen co-founded the Ventana Growth Funds, a group of four venture capital funds, one leasing fund and one joint venture strategic fund, and served as the group's Managing Partner. In 1998 Mr. Townsen co-founded and was the Managing Partner of EndPoint Late-Stage Fund located in San Diego.
In a career that spans more that 40 years in San Diego, he has worked with over 100 emerging companies, primarily in the areas of biotechnology, healthcare and high-tech. As a CPA, former CEO/Chairman, and General Partner of six venture funds, his business background is one of strong corporate governance, business management, financial planning and controls, and his areas of technical expertise are in healthcare and biotechnology.
Mr. Townsen currently serves as a director on the board of Sequal Technologies, a privately held high-technology company. During the past twenty years, Mr. Townsen has served on the Board of Directors for ten publicly held companies, including Agouron Pharmaceuticals, Inc., Brooktree Corporation, Cymer, Inc., and Maxim Pharmaceuticals, Inc. He has also served on the Board of Directors of thirteen privately held companies, nine located in San Diego. ■