Temple City, California, August 4, 2022– (work wire) – Fulgent Genetics Inc. (NASDAQ: FLGT) (“Fulgent Genetics,” “Fulgent,” or “the Company”) today announced the addition of two treatment veterans to its board of directors. Dr. Michael Nohill, Chief Scientific Officer of Generate Biomedicines (“Generate”), and Dr. Leonard Post, Chief Scientific Officer of Vivace Therapeutics (“Vivace”), who have joined the Company’s Board of Directors, effective August 1, 2022.
“We are delighted and honored to welcome Dr. Nohill and Dr. Post to the Fulgent Board of Directors,” said Ming Hsieh, Chairman and CEO of Fulgent Genetics. “Dr. Nohil is a highly respected scientist with operational, research and development experience in both genetics and new drug discovery. He has an impressive resume for corporate strategic roles. His experience in building and expanding numerous therapeutic development projects will bring unique expertise to our Board of Directors continued Hsieh.” Dr. Post He is a respected veteran of the treatment industry with extensive experience in new drug discovery and clinical development. His leadership and strategic advisory experience is evidenced by the numerous board and advisory positions he holds in private and publicly traded companies around the world. Genetics and Therapeutic Industries. Dr. Nohill and Dr. Post have deep experience and strong relationships across the pharmaceutical and biotechnology industries, which we believe will bring tremendous value to Fulgent as we delve deeper into treatment opportunities in the future. We look forward to the contributions and insights Dr. Naheel and Dr. Post will bring to our board of directors and our operations.”
“I am delighted to be joining the Fulgent Board of Directors,” said Dr. Michael Nohill. “The company has accomplished a tremendous amount over the past few years, including significant contributions to the fight against COVID-19. Fulgent is looking at biopharmaceutical assets poised to make a difference to patients and the healthcare system. What impressed me most in my conversations with Fulgent is the team that They have built it across their organization. They are an outstanding group of individuals who have demonstrated imagination, scientific rigor and operational excellence over the course of the company’s evolving life. I look forward to helping the team bring the company to new heights.”
“I look forward to working with the Fulgent team on their board of directors,” said Dr. Leonard Post. “Over the past 20 years, genetic testing has evolved from a research tool into the mainstream of drug discovery and development. I have seen this transformation myself across many management roles and advisory positions across R&D in the pharmaceutical and biotechnology industries. Fulgent continues to push the envelope with their contributions to genetic testing and I am delighted To be part of the team as the company continues to integrate genetics into the future of medicine.”
Dr. Michael Noel is the chief scientific officer of Generate, a pharmaceutical company pioneering a biomedical platform based on machine learning. Prior to joining Generate, Dr. Nuhaily held various roles of increasing responsibility at Amgen Inc. (“Amgen”) where he was most recently Senior Vice President of Strategy, Marketing and Innovation. In this role, he served on the Executive Committee of Amgen and led the company’s strategy efforts, marketing process, portfolio management, all Amgen data, digital health, and artificial intelligence efforts. This included overseeing the $4 billion research and development budget, as well as overseeing the leaders of all drug programs from late research to late life cycle management. Prior to joining Amgen, Dr. Nehaly was at Novartis AG in Switzerland where he was the Global Head of Molecular Diagnostics. He began his career at McKinsey & Company, where he was a partner and worked extensively in the healthcare industry with a focus on diagnostics, instrumentation, and pharmaceuticals. Dr. Nahil holds a Ph.D. He received his Ph.D. in Molecular and Cell Biology from the University of California, Berkeley, and completed a Postdoctoral Fellowship at the Massachusetts Institute of Technology (“MIT”). He received his undergraduate degree in chemistry and life sciences from the Massachusetts Institute of Technology.
Dr. Leonard Post has over 30 years of experience in all stages of drug development, from early detection to FDA approval, with a particular focus on oncology and genetics. Since 2016, he has served as Chief Scientific Officer (“CSO”) and board member of Vivace, an oncology-focused drug discovery and development company, in a similar role at Vivace’s sister company Virtuoso Therapeutics, focused on oncology antibodies. Post also serves on the board of directors of a number of private and public companies in the fields of therapy, oncology, and genetics, including uniQure (NASDAQ: QURE), ImmVirX, ML BioSolutions, and CG Oncology. Prior to joining Vivace as CSO, he held the position of Chief Scientific Officer at BioMarin Pharmaceutical Inc. (“BioMarin”), a publicly owned biopharmaceutical company focused on rare diseases. He joined BioMarin when the company acquired LEAD Therapeutics, where he was responsible for the founding as well as the subsequent development of talazoparib until it was sold to Medivation by BioMarin for more than $400 million. Previous LEAD positions have included senior vice president of research and development at Onyx Pharmaceuticals and vice president of Discovery Research for Parke-Davis Pharmaceuticals. Post holds a Ph.D. in Biochemistry from the University of Wisconsin and a Bachelor’s degree in Chemistry from the University of Michigan.
About Fulgent Genetics
Fulgent Genetics is a technology-based genetic testing company focused on transforming patient care in the field of oncology, infectious and rare diseases, and reproductive health. Fulgent Genetics’ proprietary technology platform has created an extensive and flexible test list and the ability to continually expand and improve its genetic reference library while maintaining accessible pricing, high accuracy, and competitive turnaround times. By integrating next generation sequencing with its technology platform, the company performs complete gene sequencing with deletion/duplication analysis in a range of panels that can be tailored to meet specific customer needs. The cornerstone of the company’s business is its ability to provide broad choice and flexibility for all of customers’ unique testing needs through a comprehensive technology offering including cloud computing, pipeline services, records management, web portal services, clinical workflow, sequencing as a service, and automated laboratory services.
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, limitations, expectations, and assessments regarding: The performance and potential patient benefits of Fulgent products and services and the skills and experience of new members of the Fulgent Board of Directors and their expectations regarding their future contributions to Fulgent, the Fulgent pipeline, and Fulgent’s ability to expand or grow its business and product offerings.
Forward-looking statements are statements that are not historical facts and relate to future events, conditions or the future performance of the Company, and are based on management’s current assumptions, expectations and beliefs regarding future developments and their potential impact on the Company’s business. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in the forward-looking statements. These risks and uncertainties include, among others: the ongoing effects of the COVID-19 pandemic, including preventive public health measures that may continue to affect demand for its tests and the pandemic’s effects on the global supply chain; 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 developing market for genetic testing and COVID-19 and to compete successfully in these markets, including its ability to continue developing attractive new tests for its various customer markets, and its ability to maintain turnaround times and keep pace with rapidly changing technology; The Company’s ability to maintain low internal costs to its business model, particularly as the Company makes investments across its business; The Company’s ability to maintain an acceptable margin on its test sales, particularly in light of increased competitive pressures and other factors that may continue to lower the Company’s selling prices and profit margins on its tests; Risks related to the volatility of the company’s results, which can fluctuate significantly from one period to another; risks associated with the formation of the company’s customer base, which can fluctuate from period to period and may consist of a small number of customers representing a significant part of the company’s revenue; The company’s ability to grow, diversify its customer base and increase demand from existing and new customers; The Company’s investments in its infrastructure, including the organization of its sales and operational capabilities, and the extent to which these investments affect the Company’s business and performance and enable it to manage any growth it may witness in future periods; The company’s level of success in obtaining coverage and appropriate levels of reimbursement and collection from third parties driving its tests; The company’s level of success in creating and obtaining the desired benefits from partnerships, strategic investments, joint ventures, acquisitions, or other relationships; The Company’s compliance with the various evolving and complex laws and regulations applicable to its business and industry; risks associated with the company’s international operations; The company’s ability to protect its technology platform; and industry, economic, political and general market conditions. As a result of these risks and uncertainties, forward-looking statements should not be relied upon or viewed as predictions of future events.
The forward-looking statements in this press release speak only as of the date of this press release, and the Company assumes no obligation to publicly update any 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 US Securities and Exchange Commission (“SEC”) including its annual report on Form 10-K for the year ended December 31, 2021 submitted to the US Securities and Exchange Commission on February 28, 2022, and its quarterly report on Form 10-Q Filed with the Securities and Exchange Commission on May 5, 2022, and other reports it makes from time to time, including annual, quarterly, and current reports submitted subsequently, are available on the Company’s website when they are filed with the Securities and Exchange Commission. These reports contain more information about the Company, its business, and the risks affecting its business, as well as the results of its operations for the periods covered by the financial results presented in this press release.
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