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
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
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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Media Contact:
Pure Communications, Inc.
Dan Budwick,
973-271-6085
dan@purecommunicationsinc.com
or
Investor
Contact:
Foundation Medicine, Inc.
Kimberly Brown, 617-418-2215
ir@foundationmedicine.com
Source: Foundation Medicine, Inc.
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