Healthcare Industry News: Bayer HealthCare
News Release - January 8, 2016
MDNA Life Sciences Appoints New Management Team Members to Lead Development and Commercialization of Mitochondrial Diagnostic PipelineChris Mitton Appointed Chief Executive Officer; Jack Riccardi Appointed Chief Financial Officer
JUPITER, Fla., Jan. 8, 2016 -- (Healthcare Sales & Marketing Network) -- MDNA Life Sciences Inc., a molecular diagnostics company pioneering the development of diagnostic tests based on the mitochondrial genome, announced today the appointment of Chris Mitton as Chief Executive Officer and Jack Riccardi as Chief Financial Officer, effective immediately.
The new management team members will strengthen the company's foundation and drive momentum as it prepares for several key milestones regarding its pipeline of mitochondrial DNA-based diagnostic tests. In 2016, MDNA will launch its first two blood-based diagnostic tests for prostate cancer and endometriosis. In conjunction, MDNA will continue to commercialize its revenue-generating tissue-based Prostate Core Mitomic Test™.
Harry Smart, Chairman of the MDNA Board of Directors, commented, "We are excited to announce the establishment of our new commercially-focused executive team. Chris Mitton was chosen to lead MDNA as CEO during this pivotal time because of his extensive expertise in diagnostic product launches, which will be a key component of our strategic plan in 2016 and 2017. Equally as important is the appointment of Jack Riccardi as CFO. Having held previous CFO positions, including publicly traded healthcare companies, we expect his efforts to be extremely valuable as we evaluate our near-term financial plan and contemplate future public market strategies."
Mr. Mitton and Mr. Riccardi will join MDNA's current Chief Development Officer Jennifer Creed and Chief Science Officer Andy Harbottle, Ph.D., to complete the executive team.
Chris Mitton has more than 15 years of medical device and diagnostics experience including transactional, sales and marketing, business development, licensing and new product introductions on an international level at leading molecular diagnostics companies. Mr. Mitton previously held sales roles at Abbott and Bayer HealthCare, and held senior commercial operations leadership positions at Ipsogen, Qiagen, and Cancer Genetics Inc.
Jack Riccardi has more than 10 years of experience in CFO positions in both privately held and publicly traded entities including Omni Bio Pharmaceutical, ADial Pharmaceuticals, and Modern Visuals. Prior to his CFO positions Mr. Riccardi has had a career long emphasis on strategic finance roles, including Director of Strategic Planning and Director of Finance with General Motors. He is a graduate of the London School of Economics and Wharton School of Business with Sarbanes Oxley Certification.
Former Interim CEO George Steinfels, Ph.D., will continue to support MDNA Life Sciences as a Board Advisor.
Chairman Smart, stated, "George's science pedigree and biotech product launch experience made him particularly well equipped to build a solid foundation for the future success of MDNA Life Sciences. We thank George for his contribution during the year since he took up the role of interim CEO, particularly for his leadership role in overseeing the acquisition of the intellectual property and assets of Mitomics Inc., and for helping to establish our current executive team, who will now focus on augmenting sales of the Prostate Core Mitomic Test™ and managing multiple planned product launches for MDNA's novel blood-based tests for prostate cancer, endometriosis, ovarian cancer and lung cancer."
About MDNA Life Sciences
MDNA Life Sciences, Inc. is pioneering the development of molecular diagnostic tests based on the mitochondrial genome. The company's revenue-generating Prostate Core Mitomic Test™ (PCMT™) is the highest performing tissue-based prostate cancer diagnostic on the market with a significantly greater tumor field effect that allows 85% sensitivity and 92% negative predictive value. MDNA is applying its expertise in mitochondrial genomics to developing an extensive and proprietary portfolio of blood-based molecular tests in conditions that are currently dependent on poor or absent screening tests or invasive procedures for detection. Blood-based diagnostic tests for prostate cancer and endometriosis are in late stage development. For more information visit www.mdnalifesciences.com.
Source: MDNA Life Sciences
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