SAN
FRANCISCO, Oct. 19, 2023 /PRNewswire/
-- Invitae (NYSE: NVTA), a leading medical genetics
company, today announced the appointment of veteran healthcare
leader David Sholehvar, M.D., as
chief operating officer, effective November
13, 2023. Dr. Sholehvar is a healthcare business leader with
a 25-year track record of successfully solving complex problems and
leading business transformations, addressing regulatory challenges
and developing new product and growth strategies.
"I'm excited to welcome Dr. Sholehvar to the Invitae leadership
team. His extensive general management experience in both large and
small healthcare companies, as well as global functional leadership
in sales, marketing, strategy and innovation will be an enormous
benefit to Invitae as we continue our focus on operational
excellence and innovation," said Ken
Knight, president and chief executive officer of
Invitae.
Dr. Sholehvar most recently held the role of president, clinical
services division, at NeoGenomics Inc., an oncology diagnostics
company, where he was responsible for the commercial and strategic
growth of the clinical services division. From 2017 to 2020, Dr.
Sholehvar served as chief executive officer for Dynex Technologies,
Inc., a manufacturer of laboratory instruments and associated
consumables and accessories, where his focus was transforming
Dynex's business model.
Prior to Dynex, Dr. Sholehvar spent four years with Quest
Diagnostics, a Fortune 500 company and leading provider of
diagnostic information services, serving as vice president of
Quest's largest sales region from 2014 to 2017, and general manager
of infectious disease and immunology from 2013 to 2014. Dr.
Sholehvar has also served as vice president for the Americas and
EMEA for Ortho Clinical Diagnostics, a former Johnson & Johnson
company, and general manager for Cellular Technologies, Inc., a
former Johnson & Johnson company, where he oversaw Johnson
& Johnson subsidiaries including Veridex, LLC, a startup
focused on the detection of circulating tumor cells. Dr. Sholehvar
received a bachelor's degree from the University of Pittsburgh, an M.D. from Thomas Jefferson University and a master of
business administration from the University of
Pittsburgh Katz School of Business.
"I'm looking forward to joining the Invitae team and using my
healthcare leadership experience to focus on operational excellence
in support of Invitae's mission to make genetic information part of
mainstream medicine," said Dr. Sholehvar.
Inducement Grant
Pursuant to his hiring
as Invitae's chief operating officer, Invitae
is granting 850,000 restricted stock units
("RSUs") to Dr. Sholehvar under
Invitae's 2015 Stock Incentive Plan (the "2015 Plan"), which
will be amended and restated to add 850,000 shares of
Invitae common stock to a pool of shares under the 2015 Plan
which is to be used exclusively for the grant of inducement awards
in compliance with New York Stock Exchange Rule 303A.08 ("Rule
303A.08"). The RSUs, which are subject to approval
by Invitae's Board of Directors, are being granted as
an inducement material to Dr. Sholehvar's agreement to
be employed with Invitae in reliance on the employment
inducement exemption under Rule 303A.08. One-third of the
RSUs will vest on each of the first three anniversaries of
November 15, 2023, subject to
Dr. Sholehvar's continued service as an employee
of Invitae through the applicable vesting dates. The
grant of the RSUs is subject to the terms and
conditions of the 2015 Plan and the applicable form of stock award
agreement.
About Invitae
Invitae (NYSE: NVTA)
is a leading medical genetics company trusted by millions of
patients and their providers to deliver timely genetic information
using digital technology. We aim to provide accurate and actionable
answers to strengthen medical decision-making for individuals and
their families. Invitae's genetics experts apply a
rigorous approach to data and research, serving as the foundation
of their mission to bring comprehensive genetic information into
mainstream medicine to improve healthcare for billions of
people.
To learn more, visit invitae.com and follow for updates on
Twitter, Instagram, Facebook and LinkedIn @Invitae.
Safe Harbor Statement
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
relating to the expected benefits Dr. Sholehvar will bring to the
company. Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially,
and reported results should not be considered as an indication of
future performance. These risks and uncertainties include, but are
not limited to: the company's ability to grow its business in a
cost-efficient manner; the company's history of losses; the
company's ability to maintain important customer relationships; the
company's ability to compete; risks associated with litigation; the
company's ability to use rapidly changing genetic data to interpret
test results accurately and consistently; security breaches, loss
of data and other disruptions; laws and regulations applicable to
the company's business; and the other risks set forth in the
company's filings with the Securities and Exchange Commission,
including the risks set forth in the company's Quarterly Report on
Form 10-Q for the quarter ended June 30,
2023. These forward-looking statements speak only as of the
date hereof, and Invitae Corporation disclaims any obligation to
update these forward-looking statements.
Invitae Contacts:
Investor Relations
Hoki
Luk
ir@invitae.com
Public Relations
Amy Hadsock
pr@invitae.com
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SOURCE Invitae Corporation