Myriad Genetics Names Bernard Tobin as President of Crescendo Bioscience
Myriad Genetics Names Bernard Tobin as President of Crescendo Bioscience
Former Amgen and Eli Lilly Executive Joins Crescendo Leadership Team
SALT LAKE CITY, Dec. 22, 2014 (GLOBE NEWSWIRE) — 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.
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