Myriad Announces Retirement of Peter D. Meldrum, President and CEO
February 03 2015 - 4:10PM
Myriad Genetics, Inc. (Nasdaq:MYGN) today announced that Peter D.
Meldrum, president and chief executive officer, has notified the
company of his decision to retire at the conclusion of the fiscal
year on June 30, 2015. Pursuant to the company's succession plan,
the board of directors has unanimously elected Mark C. Capone,
currently president of Myriad Genetic Laboratories, Inc., as Mr.
Meldrum's successor. Mr. Capone, a 13-year veteran of the company,
has worked closely with Mr. Meldrum and the board in charting the
strategic direction and managing the overall business of the
company, as well as regularly interfacing with our institutional
shareholders.
"Pete has led Myriad for the past 24 years, since the founding
of the company and has been the key architect in developing Myriad
into one of the world leaders in molecular diagnostics," said John
Henderson, chairman of the board of directors of Myriad. "We are
incredibly thankful for Pete's years of extraordinary contributions
to the company, and we wish him a long, healthy and fulfilling
retirement."
"I want to thank Myriad's board of directors for their wisdom
and guidance over the years, and in particular, I have enjoyed my
partnership with our chairman, John Henderson. Most importantly, I
will genuinely miss each and every one of the wonderful Myriad
employees who make the company such a unique and special place to
work," said Mr. Meldrum. "I know I will leave Myriad in
exceptionally capable hands with Mark Capone at the helm. I can't
think of anyone with better leadership skills than Mark Capone to
guide Myriad into the future and wish him well as the new president
and CEO."
During Mr. Capone's 13 years at Myriad, he has held various
senior management positions, most recently as president of Myriad's
largest wholly-owned subsidiary, Myriad Genetic
Laboratories. During his tenure at Myriad Genetic
Laboratories, Mr. Capone has been responsible for growing the
annual molecular diagnostic revenues from $14 million to over $700
million. In addition, over the past five years, Mr. Capone has
been instrumental in developing and leading the strategic
initiative to diversify the company's molecular diagnostic test
portfolio through internal development and acquisition. This
has resulted in a twenty-fold increase in scientific publications
and ten new products addressing a global market potential in excess
of $15 billion. Mr. Capone received his B.S. degree, with highest
distinction, in chemical engineering from Penn State University, an
M.S. degree in chemical engineering from Massachusetts Institute of
Technology, and an M.S. degree in management from the Sloan School
of Management at MIT. In total, Mr. Capone has almost 30 years of
experience in the life science industry, having spent 17 years at
Eli Lilly in various positions in sales and marketing, research and
development, and manufacturing.
"Pete has been an outstanding and insightful mentor over the
years," commented Mr. Capone. "I feel honored to have worked
closely with him, and I look forward to leading Myriad as the
company continues the exciting journey to enrich the lives of our
patients through pioneering science."
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 initiatives to grow existing markets,
diversify through the introduction of new products, including
companion diagnostics, and expand internationally. For more
information on how Myriad is making a difference, please visit the
company's website: 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 the retirement of Peter D.
Meldrum as the Company's president and CEO; the election of Mark C.
Capone as successor to Mr. Meldrum; the growth of our annual
molecular diagnostic revenues; the development or our strategic
initiatives to diversify the company's molecular diagnostic test
portfolio; and the Company's strategic initiatives 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 single cancer tests to our new cancer panel tests,
including unexpected costs and delays; risks related to decisions
or 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
or covering patents or enforcement in the United States and foreign
countries generally; 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
Myriad Genetics (NASDAQ:MYGN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Myriad Genetics (NASDAQ:MYGN)
Historical Stock Chart
From Sep 2023 to Sep 2024