Bionano Genomics Appoints Industry Leading Cytogeneticist Dr. Alka Chaubey as the Company’s First Chief Medical Officer to Help Lead the Conversion of Cytogenetics to Digital Cytogenetics with Saphyr

Rhea-AI Summary

Bionano Genomics has appointed Dr. Alka Chaubey as its first Chief Medical Officer, effective August 31, 2020. Dr. Chaubey brings nearly 20 years of expertise in molecular diagnostics, including significant contributions to FDA-cleared tests and reimbursement processes. Her role will focus on driving the adoption of Bionano's Saphyr system for clinical applications like digital cytogenetics. CEO Erik Holmlin expressed confidence that Dr. Chaubey’s experience will enhance the company's capabilities and accelerate its commercial execution, positioning Bionano as a leader in molecular diagnostics.

Positive

• Dr. Alka Chaubey's appointment is expected to enhance Bionano's leadership team with her extensive clinical experience.
• Her focus will be on accelerating the adoption of the Saphyr system, potentially increasing market reach.
• Bionano could benefit from Dr. Chaubey's established relationships with payors, aiding reimbursement for new assays.

Negative

• Concerns exist regarding the continuity of leadership as Dr. Chaubey transitions into her role.
• Potential gaps in experience may arise due to a shift in operational focus.

SAN DIEGO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) announced today that Dr. Alka Chaubey, PhD, FACMG, will join Bionano as its first Chief Medical Officer, effective August 31, 2020. Dr. Chaubey is well known throughout the molecular diagnostics and cytogenetics communities for her contributions to innovation directed toward improving patient outcomes by making the clinical testing process more efficient and more effective.  Her breadth of experience includes developing and validating clinical tests, leading the process to obtain FDA clearance for whole-genome cytogenetic tests, engaging with third party payors to obtain reimbursement for novel assays, running clinical trials and leading CLIA-certified, CAP-accredited laboratories as their laboratory director.  As Chief Medical Officer of Bionano, she will take the lead in driving toward our goal of global, widespread adoption of Saphyr for use in various clinical applications, including digital cytogenetics.

Dr. Chaubey comes to Bionano with almost 20 years of scientific and clinical experience, including at PerkinElmer, where she currently serves as the Head of Cytogenomics for PerkinElmer Genomics and for Vanadis. She holds an academic appointment as the Scientific Director of the Georgia Esoteric and Molecular Laboratory, Scientific Director of the Cytogenetics Laboratory of the Augusta University Medical Center and Adjunct Assistant Professor of Pathology of the Medical College of Georgia at Augusta University. Previously, Dr. Chaubey was Director of the Cytogenomics Laboratory of the Greenwood Genetic Center.  Her breadth of clinical experience spans an array of clinical indications, including constitutional disorders, non-invasive prenatal Testing (NIPT) assay for common aneuploidies, the FDA Laboratory Developed Test (LDT-EUA) submissions for COVID-19 assays, a Bionano Saphyr-based test for Facioscapulohumeral Muscular Dystrophy (FSHD1) and other sequencing based tests, including whole genome sequencing.  She was also central in the FDA clearance for the first IVD whole genome microarray, CytoScan DX from Affymetrix, now part of Thermo Fisher Scientific. Dr. Chaubey is widely respected as a thought leader and innovator in the cytogenetic and molecular diagnostic community, serving on multiple advisory boards and consortia management boards.

Erik Holmlin, PhD, CEO of Bionano Genomics commented: “I am so happy that Dr. Alka Chaubey is joining Bionano as the first Chief Medical Officer in the history of our company.  Alka complements our leadership team by bringing clinical and scientific expertise that can take Bionano’s capabilities to the next level and accelerate commercial execution for Bionano and its customers. Over the years that Alka has advised Bionano, we have built a strong relationship of mutual trust and respect.  We cannot think of a better fit for us than Alka and believe her experience will help turn Bionano’s current string of initial successes in translational and clinical research into a movement in molecular diagnostics that we believe could revolutionize cytogenetic testing in cancer and genetic disease.”

About Bionano Genomics

Bionano is a genome analysis company providing tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing. Bionano’s Saphyr system is a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline the study of changes in chromosomes, which is known as cytogenetics. The Saphyr system is comprised of an instrument, chip consumables, reagents and a suite of data analysis tools, and genome analysis services to provide access to data generated by the Saphyr system for researchers who prefer not to adopt the Saphyr system in their labs. For more information, visit www.bionanogenomics.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: Saphyr’s ability to comprehensively detect all classes of chromosomal aberrations; Saphyr’s use as a viable alternative to traditional cytogenetic methods; the contribution of Dr. Chaubey’s experience and past achievements in helping us achieve our strategic objectives; Dr. Chaubey’s expected role on our executive team and in driving widespread clinical adoption of the Saphyr system; the advancement of our strategic plans; and Saphyr’s capabilities, including its ability to resolve the most complex regions of the genome. Each of these forward-looking statements involves risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the risks and uncertainties associated with: the impact of the COVID-19 pandemic on our business and the global economy; general market conditions; changes in the competitive landscape and the introduction of competitive products; changes in our strategic and commercial plans; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts; the loss of key members of management and our commercial team; and the risks and uncertainties associated with our business and financial condition in general, including the risks and uncertainties described in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2019 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionanogenomics.com

Investor Relations Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
+1 (617) 430-7577
arr@lifesciadvisors.com

Media Contact:
Darren Opland, PhD
+1 (617) 733-7668
darren@lifescicomms.com

FAQ

Who is the new Chief Medical Officer of Bionano Genomics?

Dr. Alka Chaubey has been appointed as Bionano Genomics' first Chief Medical Officer.

What is Dr. Alka Chaubey's background?

Dr. Chaubey has almost 20 years of experience in molecular diagnostics, including significant roles in developing clinical tests.

What will be Dr. Chaubey's role at Bionano?

She will lead efforts to drive the global adoption of the Saphyr system in various clinical applications.

When did Dr. Chaubey join Bionano?

Dr. Alka Chaubey joined Bionano as Chief Medical Officer effective August 31, 2020.

How might Dr. Chaubey's appointment affect Bionano Genomics?

Her extensive experience in clinical testing may enhance Bionano's market presence and operational capabilities.