Foundation Medicine Announces Executive Leadership Transition
January 06 2017 - 8:30AM
Business Wire
Proven biopharma executive and commercial
leader, Troy Cox, named as chief executive officer to succeed
Michael Pellini, M.D.
Dr. Pellini named chairman of the company’s
Board of Directors
Foundation Medicine, Inc. (NASDAQ:FMI) today announced that, as
part of the succession of its executive leadership, the Board of
Directors has appointed Troy Cox, a highly regarded global
biopharma leader, as chief executive officer to succeed Michael
Pellini, M.D. Dr. Pellini, who has served as chief executive
officer of the company since 2011, has been appointed chairman of
the company’s Board of Directors. Alexis Borisy, founding chief
executive officer and current chairman of the board for Foundation
Medicine, will continue to serve on the Board of Directors. Mr. Cox
will also join the Board of Directors. All of these changes will
become effective by February 6, 2017.
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Proven biopharma executive and commercial
leader, Troy Cox, named as chief executive officer of Foundation
Medicine. (Photo: Business Wire)
Dr. Pellini commented, “On behalf of Foundation Medicine’s Board
of Directors, we’re delighted to welcome Troy to the Foundation
Medicine team, and we look forward to his leadership of the company
through this next, important phase of growth and progress across
our molecular information portfolio. In the coming years,
Foundation Medicine will face a series of key catalysts for company
growth, and Troy’s strategic, commercial and organizational acumen
will be particularly critical as we proceed through the FDA’s
parallel review process and, if approved, prepare for the launch of
the first FDA-approved universal companion diagnostic assay for
cancer. My decision to change roles at Foundation Medicine has been
made easier by the presence of an experienced senior management
team, and our ability to attract Troy, who has a proven track
record of achievement, to Foundation Medicine. I look forward to
collaborating with Troy and the senior management team in
transitioning the chief executive officer role, as we jointly work
towards the achievement of the company’s objectives and its overall
mission to transform cancer care.”
Mr. Cox brings nearly three decades of proven performance in
global, strategic, and operational biopharma leadership and
expertise to Foundation Medicine. He’s led or contributed to dozens
of successful product launches in the U.S. and abroad. Mr. Cox
joins Foundation Medicine from Roche-Genentech, where he’s led one
of the largest oncology portfolios in the U.S., with more than
1,400 people delivering unprecedented growth.
Before joining Genentech, Mr. Cox held global P&L business
unit responsibility within UCB BioPharma, with responsibility for
developing and commercializing medicines that serve patients across
diverse specialty therapy areas. During his tenure at UCB
BioPharma, Mr. Cox shaped corporate strategy, led M&A
initiatives and implemented commercial strategies that accelerated
the business unit’s growth and profitability. Prior to UCB
BioPharma, Mr. Cox led a large U.S. primary care business unit for
Sanofi-Aventis. His diverse experience includes senior roles in
European country general management, U.S. managed care sales
leadership, and U.S. marketing with Schering-Plough.
Mr. Cox received a bachelor's degree in business administration
in finance from the University of Kentucky, as well as a master’s
of business administration from the University of Missouri. He
currently serves on the Board of Directors of the Dream Foundation,
the only national non-profit organization serving terminally-ill
adults and their families by providing end-of-life dreams that
offer inspiration, comfort and closure. Troy has also been a
long-term supporter and advisor to the Healthcare Businesswomen’s
Association (HBA).
Mr. Borisy commented, “Mike’s dedication, and his numerous
contributions to Foundation Medicine, its employees, investors,
partners and patients, are unmistakable. The past six years have
constituted the transformation of the company from its
pre-commercial phase to a growing enterprise with global
operations, more than 500 employees, and a fully integrated suite
of molecular information products. Mike has positioned Foundation
Medicine as a market leader in comprehensive genomic profiling,
which we believe is now broadly recognized as a critical element in
the oncology ecosystem. Mike will continue to play an important
role as Board Chairman as the leadership of Foundation Medicine
transitions to Troy’s capable hands.”
About Foundation Medicine
Foundation Medicine (NASDAQ:FMI) is a molecular information
company dedicated to a transformation in cancer care in which
treatment is informed by a deep understanding of the genomic
changes that contribute to each patient's unique cancer. The
company offers a full suite of comprehensive genomic profiling
assays to identify the molecular alterations in a patient's cancer
and match them with relevant targeted therapies, immunotherapies
and clinical trials. Foundation Medicine’s molecular information
platform aims to improve day-to-day care for patients by serving
the needs of clinicians, academic researchers and drug developers
to help advance the science of molecular medicine in cancer. For
more information, please visit http://www.FoundationMedicine.com or
follow Foundation Medicine on Twitter (@FoundationATCG).
Cautionary Note Regarding Forward-Looking Statements for
Foundation Medicine
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
transition of leadership at Foundation Medicine; potential
catalysts for growth by Foundation Medicine (including the
potential approval and launch of the first FDA-approved universal
companion diagnostic assay for cancer) and Mr. Cox’s abilities to
facilitate the company’s achievement of these catalysts; the
continuing roles of Dr. Pellini and Mr. Borisy at the company; the
appointment of Mr. Cox as chief executive officer and director; and
the ability of the company to achieve its business objectives. All
such forward-looking statements are based on management's current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties
include the risks that the executive and Board transitions as
announced are not completed as planned; the catalysts for growth do
not occur, are delayed or occur in manner not currently
anticipated; Mr. Cox is not able to facilitate achievement of these
catalysts effectively; and the risks described under the caption
"Risk Factors" in Foundation Medicine's Annual Report on Form 10-K
for the year ended December 31, 2015, which is on file with
the Securities and Exchange Commission, as well as other risks
detailed in Foundation Medicine's subsequent filings with
the Securities and Exchange Commission. All information
in this press release is as of the date of the release,
and Foundation Medicine undertakes no duty to update this
information unless required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170106005125/en/
Media Contact:Pure Communications, Inc.Dan Budwick,
973-271-6085dan@purecommunicationsinc.comorInvestor
Contact:Foundation Medicine, Inc.Kimberly Brown,
617-418-2215ir@foundationmedicine.com
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