Myriad Genetics Names Bernard Tobin as President of Crescendo Bioscience
22 December 2014 - 11:00PM
Myriad Genetics, Inc. (Nasdaq:MYGN) today announced the appointment
of Bernard F. Tobin as president of Crescendo Bioscience, effective
January 5, 2015. Mr. Tobin will report to Peter D. Meldrum,
president and CEO, Myriad Genetics, Inc., and will succeed William
Hagstrom, who has chosen to pursue new start-up business and social
venture opportunities. Mr. Hagstrom will remain with the company
until January 2, 2015 to ensure a smooth transition in leadership.
"I want to thank Bill for his outstanding entrepreneurial vision
in building Crescendo from the ground up and his leadership through
the integration with Myriad to create a world-class diagnostic
franchise," said Mr. Meldrum. "I wish Bill and his family the very
best."
"I am grateful to the teams at Crescendo and Myriad for the
remarkable opportunity to play a role in building an organization
that is improving patients' lives and outcomes in autoimmune
diseases," said Mr. Hagstrom. "I am very excited about Crescendo's
future and am confident in the company's continued success."
As the new leader of Crescendo Bioscience, Mr. Tobin will
leverage its strong expertise in rheumatoid arthritis (RA) to drive
new growth opportunities for Vectra® DA, including obtaining
private payer coverage in the United States and expanding the
business internationally. In addition, Mr. Tobin will focus on new
products from Crescendo's robust pipeline of novel molecular
diagnostics for other autoimmune disorders.
"We are delighted to welcome Bernie to the Crescendo team with
his strong experience leading and growing healthcare businesses in
the United States and globally," said Mr. Meldrum. "Crescendo is
integral to our strategy to further diversify our portfolio and
Bernie will assist us in taking Crescendo to the next level. We
believe companion diagnostics for autoimmune disorders are one of
the fastest-growing and highest-value segments in healthcare
today."
"I look forward to working with the talented management team and
employees to ensure that Crescendo is the world leader in molecular
diagnostics for autoimmune diseases," said Mr. Tobin. "It is an
exciting time to join Myriad, with its commitment to innovation,
which will save and improve the lives of patients and help reduce
overall healthcare costs."
Mr. Tobin held several senior positions at Amgen over the past
seven years, including Executive Director of National Accounts,
General Manager of both the Netherlands and Brazil and Global Head
of Commercial Excellence. Before Amgen, Mr. Tobin held a variety of
leadership roles in the commercial organization at Eli Lilly and
Co. He received his bachelor of science degree in public service
and administration from Iowa State University in Ames, Iowa, and
his master's in business administration from the Fuqua School of
Business, Duke University, Durham, N.C.
About Crescendo Bioscience
Crescendo Bioscience, a wholly-owned subsidiary of Myriad
Genetics, Inc., is a molecular diagnostics company dedicated to
developing and commercializing quantitative blood tests for
rheumatoid arthritis (RA) and other autoimmune diseases, located in
South San Francisco, California. Crescendo Bioscience develops
quantitative, objective, reproducible blood tests to provide
rheumatologists with deeper clinical insight to help enable more
effective management of patients with autoimmune and inflammatory
diseases. For more information, please visit the company website
at: www.CrescendoBio.com.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic company
dedicated to making a difference in patients' lives through the
discovery and commercialization of transformative tests to assess a
person's risk of developing disease, guide treatment decisions and
assess risk of disease progression and recurrence. Myriad is
focused on strategic directives to grow existing markets, diversify
through the introduction of new products, including companion
diagnostics, as well as to expand internationally. For more
information on how Myriad is making a difference, please visit the
Company's websites: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris
AP, myPath, myRisk, myRisk Hereditary Cancer, myChoice, myPlan Lung
Cancer, BRACAnalysis CDx, HRD, Vectra and Prolaris are trademarks
or registered trademarks of Myriad Genetics, Inc. in the United
States and foreign countries. MYGN-F, MYGN-G
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements related to new growth opportunities for
Vectra DA, obtaining private payer coverage and expanding the
business internationally; new products in the Company's pipeline of
novel molecular diagnostics for other autoimmune disorders; the
importance of Crescendo to Myriad's strategy to further diversify
our portfolio; the Company's belief that companion diagnostics for
autoimmune disorders are one of the fastest-growing and
highest-value segments in healthcare today; and the Company's
strategic directives under the caption "About Myriad Genetics."
These risks and uncertainties include, but are not limited to: the
risk that sales and profit margins of our molecular diagnostic
tests and pharmaceutical and clinical services may decline or will
not continue to increase at historical rates; risks related to our
ability to transition from our existing product portfolio to our
new tests, including unexpected costs and delays; risks related to
changes in the governmental or private insurers reimbursement
levels for our tests or our ability to obtain reimbursement for our
new tests at comparable levels to our existing tests; risks related
to increased competition and the development of new competing tests
and services; the risk that we may be unable to develop or achieve
commercial success for additional molecular diagnostic tests and
pharmaceutical and clinical services in a timely manner, or at all;
the risk that we may not successfully develop new markets for our
molecular diagnostic tests and pharmaceutical and clinical
services, including our ability to successfully generate revenue
outside the United States; the risk that licenses to the technology
underlying our molecular diagnostic tests and pharmaceutical and
clinical services and any future tests and services are terminated
or cannot be maintained on satisfactory terms; risks related to
delays or other problems with operating our laboratory testing
facilities; risks related to public concern over our genetic
testing in general or our tests in particular; risks related to
regulatory requirements or enforcement in the United States and
foreign countries and changes in the structure of the healthcare
system or healthcare payment systems; risks related to our ability
to obtain new corporate collaborations or licenses and acquire new
technologies or businesses on satisfactory terms, if at all; risks
related to our ability to successfully integrate and derive
benefits from any technologies or businesses that we license or
acquire; risks related to our projections about our business,
results of operations and financial condition; risks related to the
potential market opportunity for our products and services; the
risk that we or our licensors may be unable to protect or that
third parties will infringe the proprietary technologies underlying
our tests; the risk of patent-infringement claims or challenges to
the validity of our patents or other intellectual property; risks
related to changes in intellectual property laws covering our
molecular diagnostic tests and pharmaceutical and clinical services
and patents or enforcement in the United States and foreign
countries, such as the Supreme Court decision in the lawsuit
brought against us by the Association for Molecular Pathology et
al; risks of new, changing and competitive technologies and
regulations in the United States and internationally; and other
factors discussed under the heading "Risk Factors" contained in
Item 1A of our Annual Report on Form 10-K for the fiscal year ended
June 30, 2014, which has been filed with the Securities and
Exchange Commission, as well as any updates to those risk factors
filed from time to time in our Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K.
CONTACT: Media Contact:
Ron Rogers
(801) 584-3065
rrogers@myriad.com
Investor Contact:
Scott Gleason
(801) 584-1143
sgleason@myriad.com
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