Healthcare Industry News: Sorrento Therapeutics
News Release - December 7, 2011
Antonius Schuh, Ph.D. Joins TrovaGene, Inc. As Chief Executive OfficerSAN DIEGO--(Healthcare Sales & Marketing Network)-- TrovaGene, Inc. (Pink Sheets: TROV.PK), a developer of trans-renal molecular diagnostics, has announced that Antonius Schuh, Ph.D. has been named Chief Executive Officer. Dr. Schuh previously served as Chairman and Chief Executive Officer of Sorrento Therapeutics, Inc. (Pink Sheets: SRNE.PK), a biotechnology company he co-founded based on a proprietary platform to generate very large fully human antibody libraries. Sorrento Therapeutics merged in 2009 with a public company supported by Phillip Frost and the Frost Group.
Dr. Schuh also served as the founding CEO of AviaraDx, Inc., a leading molecular diagnostic innovator in oncology. In 2008, Dr. Schuh led the sale of AviaraDx to bioMerieux, which continues to operate AviaraDx under the name bioTheranostics. Before AviaraDx, Dr. Schuh served as CEO of Arcturus Bioscience, Inc., where he led the sale of Arcturus’ life science business to Molecular Devices, Inc. From 2000 to 2005, Dr. Schuh served as the President and Chief Executive Officer of Sequenom, Inc. (Nasdaq: SQNM ). He had joined Sequenom in 1996 as Managing Dierctor of its European operations, and led during his tenure, amongst others, the commercial launch of the MassARRA® system and numerous business development and corporate acquisition transactions. Dr. Schuh holds a degree in pharmaceutics and earned his Ph.D. in medicinal chemistry from the University of Bonn, Germany.
“We are pleased and fortunate that Dr. Schuh joins us to lead the transition of TrovaGene from a research stage organization to a commercial enterprise,” states Dr. Thomas Adams, TrovaGene’s Chairman. “The company has made significant efforts to establish the utility of trans-renal nucleic acids in urine as a diagnostic sample in clinical fields as diverse as detection of minimal residual disease in oncology, infectious disease, transplant medicine and prenatal monitoring. Dr. Schuh has a proven track record of building companies and creating value for shareholders. I look forward to working with him.”
“I have observed TrovaGene closely over the past years, as I have been intrigued by the attractive opportunities the Company’s proprietary trans-renal technologies offer, and I am confident that we can introduce novel diagnostic modalities with significant clinical utility based on this platform,” states Dr. Schuh.
About TrovaGene, Inc.
Headquartered in San Diego, California, TrovaGene has focused on the development of its patented technology to detect transrenal DNA and RNA, short nucleic acid fragments from normal and diseased cell death that cross the kidney barrier and can be detected in urine.
TrovaGene has a dominant patent position as relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myeloid leukemia (AML).
TrovaGene has filed a Form 10 with the SEC. More complete current information about TrovaGene is contained in the filing.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on TrovaGene’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. TrovaGene does not undertake an obligation to update or revise any forward-looking statement.
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