Aspira Women’s Health Announces Transition of its Chief Scientific Officer/Chief Operating Officer

Rhea-AI Summary

Aspira Women’s Health Inc. announced that Ryan Phan, Chief Scientific and Operating Officer, will step down effective September 15, 2023. Dr. Phan will remain as an advisor for ongoing product development programs. The CEO expressed gratitude for Dr. Phan's contributions and confidence in launching EndoCheck by the end of 2023. Dr. Phan stated his belief in Aspira's mission and thanked his colleagues for their dedication.

AUSTIN, Texas, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Aspira Women’s Health Inc. (“Aspira” or “the Company”) (Nasdaq: AWH), a bio-analytical based women’s health company focused on the development of gynecologic disease diagnostic tools, today announced that Ryan Phan, Ph.D., is stepping down as the Company’s Chief Scientific and Operating Officer effective September 15, 2023. Dr Phan is expected to remain as an advisor for the Company to provide scientific and operational advice related to ongoing product development programs.

“I would like to thank Ryan for all his efforts in advancing our research, product development and operations capabilities. He has brought intensity and discipline to the Company and played a central role in the development and launch of OvaWatch, including the near-term expansion of its application to longitudinal testing. Ryan leaves behind a body of scientific work and a team of outstanding professionals, who will seamlessly carry forward the Aspira mission,” said Nicole Sandford, Chief Executive Officer of Aspira. “Ryan and I share confidence in our ability to launch EndoCheck before the end of 2023, and I am pleased that he will remain as an advisor through our major milestones before spending well deserved time with his family on sabbatical.”

Dr. Phan added, “This has been a difficult decision for me as I believe in Aspira’s mission and its prospects. I thank all my fellow employees for their hard work and dedication; it has been a privilege working with this team.”

About Aspira Women’s Health Inc. 
Aspira Women’s Health Inc. is transforming women’s gynecological health with the discovery, development, and commercialization of innovative testing options for women of all races and ethnicities, starting with ovarian cancer.   

Our ovarian cancer risk assessment portfolio is marketed to healthcare providers as OvaSuite^SM. OvaWatch^SM is a non-invasive, blood-based test intended for use in the initial clinical assessment of ovarian cancer risk in women with benign or indeterminate adnexal masses for which surgical intervention may be either premature or unnecessary. With a negative predictive value (NPV) of 99%, OvaWatch allows physicians to confidently rule out ovarian cancer malignancy and choose the appropriate clinical management for the right patient at the right time. Ova1Plus® combines our FDA-cleared products, Ova1® and Overa®, to detect risk of ovarian malignancy in women with adnexal masses planned for surgery.   

EndoCheck^SM, Aspira’s first-of-its-kind non-invasive diagnostic test for endometriosis, is currently in development. Visit our website for more information at www.aspirawh.com.  

Forward-Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the potential effects of widespread use of OvaWatch and the availability of OvaWatch in New York. Forward-looking statements involve a number of risks and uncertainties. Words such as “may,” “expects,” “intends,” “anticipates,” “believes,” “estimates,” “plans,” “seeks,” “could,” “should,” “continue,” “will,” “potential,” “projects” and similar expressions are intended to identify forward-looking statements. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties, and assumptions, including those described in the section entitled “Risk Factors” in Aspira’s Annual Report on Form 10-K for the year ended December 31, 2022, and as supplemented in Aspira’s 10-Q filing for the quarter ended March 31, 2023. These risks include, but are not limited to: our ability to continue as a going concern; our ability to comply with Nasdaq’s continued listing requirements; impacts resulting from potential changes to coverage of Ova1 through our Medicare Administrative Carrier for Ova1; impacts resulting from or relating to the COVID-19 pandemic and actions taken to contain it; anticipated use of capital and its effects; our ability to increase the volume of our product sales; failures by third-party payers to reimburse for our products and services or changes to reimbursement rates; our ability to continue developing existing technologies and to develop, protect and promote our proprietary technologies; plans to develop and perform laboratory developed tests; our ability to comply with Food and Drug Administration (“FDA”) regulations that relate to our products and to obtain any FDA clearance or approval required to develop and commercialize medical devices; our ability to develop and commercialize additional diagnostic products and achieve market acceptance with respect to these products; our ability to compete successfully; our ability to obtain any regulatory approval required for our future diagnostic products; or our suppliers’ ability to comply with FDA requirements for production, marketing and post-market monitoring of our products; our ability to maintain sufficient or acceptable supplies of immunoassay kits from our suppliers; in the event that we succeed in commercializing our products outside the United States, the political, economic and other conditions affecting other countries; changes in healthcare policy; our ability to comply with the additional laws and regulations that apply to us in connection with the operation of Aspira Labs; our ability to use our net operating loss carryforwards; our ability to use intellectual property; our ability to successfully defend our proprietary technology against third parties; our ability to obtain licenses in the event a third party successfully asserts proprietary rights; the liquidity and trading volume of our common stock; the concentration of ownership of our common stock; our ability to retain key employees; our ability to secure additional capital on acceptable terms to execute our business plan; business interruptions; the effectiveness and availability of our information systems; our ability to integrate and achieve anticipated results from any acquisitions or strategic alliances; future litigation against us, including infringement of intellectual property and product liability exposure; and additional costs that may be required to make further improvements to our laboratory operations. The events and circumstances reflected in Aspira’s forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Aspira expressly disclaims any obligation to update, amend or clarify any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:
Monique Kosse 
Managing Director
LifeSci Advisors, LLC
Tel: 212-915-3820
monique@lifesciadvisors.com

FAQ

Who is stepping down as Aspira Women's Health's Chief Scientific and Operating Officer?

Ryan Phan

When will Ryan Phan step down?

Effective September 15, 2023

Will Ryan Phan continue to be involved with Aspira?

Yes, as an advisor for ongoing product development programs

What is the CEO's opinion of Ryan Phan's contributions?

The CEO expressed gratitude for Ryan Phan's efforts in advancing research, product development, and operations capabilities.

What is the CEO's expectation regarding the launch of EndoCheck?

The CEO is confident in launching EndoCheck before the end of 2023.

How does Ryan Phan feel about his decision to step down?

Ryan Phan stated that it was a difficult decision for him as he believes in Aspira's mission and prospects.