TEMPLE CITY, Calif.–(COMMERCIAL WIRE)–Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics”, “Fulgent” or the “Company”) today announced the addition of Reggie Groves to its Board of Directors, effective January 3, 2023.
“Reggie possesses a diverse set of business skills and a global perspective that we believe will be invaluable to the Fulgent Board of Directors as we enter a new chapter in precision medicine with our recent acquisition of Fulgent Pharma,” said Ming Hsieh, president and chief executive officer. of Fulgent Genetics. “Her experience as an operator in various senior roles and with clinical and regulatory functions, particularly from her 13 years at Medtronic, will add important insights to our business as we advance our mission to build a holistic platform that provides comprehensive solutions and services across the globe. cancer. continuous care, from early detection, diagnosis and management to drug discovery and development,” Hsieh continued.
Ms. Groves is a C-level executive with experience working and serving on boards. His experience includes responsibility for profit and loss of a publicly traded company, managing rapid growth, financial recovery, integration of acquisitions, and significant and complex events with reputational impact (FDA, Congressional, and the press). She is an expert in business risk assessment and mitigation and has functional experience in strategy, finance, quality, regulation, sales, manufacturing/operations, marketing, and general management in medical devices, hospitals, insurance, physician practice management, pharmaceuticals, and professional services. . .
“I am excited to join the Fulgent Board of Directors,” said Ms. Reggie Groves. “I believe the company has the broadest genetic testing panel in the industry and a strong position in oncology, which makes the Pharma acquisition and trajectory forward a compelling story that I look forward to contributing to.”
Ms. Groves has held numerous leadership positions with medical device companies. Most recently, she was the CFO and COO of Stimwave. Prior to becoming CEO of REVA Medical, Ms. Groves served as Vice President and General Manager of the Atrial Fibrillation, Heart Rhythm and Heart Failure Solutions Division of Medtronic, a leading global medical technology company. In this role, she assisted in the successful acquisition and integration of companies, the completion of numerous clinical trials, and the launch of novel products in the United States and around the world. Prior to this, she was Vice President of Quality and Regulatory for Medtronic’s Heart Rhythm Disease Management (“CRDM”) business and Vice President and General Manager of CRDM Patient Management at Medtronic.
Ms. Groves currently serves on the boards of Advanced NanoTherapies and AtriCure, a publicly traded company. She has a BS in Pharmacy from the University of Florida and an MBA from the Harvard Graduate School of Business Administration.
Fulgent is a technology-enabled genetic testing and therapy company focused on transforming patient care in oncology, infectious and rare diseases, reproductive health and pathology. Its proprietary technology platform for genetics has created a broad and flexible testing menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining affordable prices, high accuracy, and competitive turnaround times. Fulgent’s therapeutics business is fully focused on the development of drug candidates for the treatment of a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The company aims to transform from a genomic diagnostics business into a fully integrated precision medicine company focused on oncology.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things: potential performance and benefits for the patient of Fulgent’s products and services; the skills and experiences of the new member of Fulgent’s board of directors and expectations regarding their future contributions to Fulgent; future growth and the Company’s testing technologies and services and expansion; the identification and evaluation of opportunities for the Company and its ability to capitalize on opportunities, capture market share or expand its presence in certain markets; and the company’s ability to continue to grow its business.
Forward-looking statements are statements that are not historical facts and relate to future events or circumstances or the future performance of the Company, and are based on management’s current assumptions, expectations and beliefs regarding future developments and their potential effect. in the business of the Company. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the forward-looking events and circumstances described in this press release not to occur, and actual results to differ materially and adversely from those described or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: the ongoing impacts of the COVID-19 pandemic, including preventative public health measures that may continue to affect demand for your tests and the effects of the pandemic on the global supply chain; the market potential and the rate and degree of market adoption of the Company’s tests, including its tests for COVID-19 and genetic testing in general; the company’s ability to capture a significant share of the COVID-19 and genetic test development market and to compete successfully in these markets, including its ability to continue to develop new tests that are attractive to its various customer markets, its ability to keep up with performance times and keep up with rapidly changing technology; Fulgent’s ability to successfully integrate acquired businesses and assets, including Fulgent Pharma, into its business strategy and derive value from its investments; the Company’s ability to maintain the internal costs of its business model low, particularly when the Company makes investments in its business; the Company’s ability to maintain an acceptable margin on the sales of its tests, particularly in light of increasing competitive pressures and other factors that may continue to reduce sales prices and margins for the Company’s tests; risks related to volatility in the Company’s results, which may fluctuate significantly from one period to another; risks associated with the composition of the Company’s customer base, which may fluctuate from period to period and may be comprised of a small number of customers representing a significant portion of the Company’s revenues; the Company’s ability to grow and diversify its customer base and increase demand from new and existing customers; the Company’s investments in its infrastructure, including its sales organization and operating capabilities, and the extent to which these investments impact the Company’s business and performance and enable it to manage any growth it may experience in future periods; Company’s level of success in obtaining coverage and adequate levels of reimbursement and collectability from third-party payers for its tests; the Company’s level of success in establishing and realizing the anticipated benefits of Fulgent Pharma, partnerships, strategic investments, joint ventures, acquisitions or other relationships; the Company’s compliance with various complex and evolving laws and regulations applicable to its business and industry; risks associated with the Company’s international operations; the company’s ability to protect its proprietary technology platform; and general industrial, economic, political and market conditions. As a result of these risks and uncertainties, forward-looking statements should not be relied upon or considered as predictions of future events.
Forward-looking statements made in this press release speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required. . by law.
The Company’s reports filed with the U.S. Securities and Exchange Commission, or SEC, including its annual report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 2022 and all other reports it files from time to time, including annual, quarterly and current reports filed thereafter, are available on the Company’s website upon filing with the SEC. These reports contain more information about the Company, its business and the risks that affect its business, as well as its results of operations for the periods covered by the financial results included in this press release.