Bionano Genomics Appoints Richard Shippy, Former Affymetrix, Illumina and Cradle Executive, as its Chief Business Officer

Rhea-AI Summary

Bionano Genomics (Nasdaq: BNGO) announced the appointment of Richard Shippy as Chief Business Officer. With over 20 years in life sciences, Shippy has a proven track record at Affymetrix, where he developed the CytoScan HD Array, and at Illumina. He will lead product strategy and market expansion for Bionano's optical genome mapping (OGM) technology, aiming to enhance the detection of structural variations (SVs). CEO Erik Holmlin expressed confidence in Shippy's ability to drive the company's growth and impact in cytogenetics.

Positive

• Appointment of Richard Shippy as Chief Business Officer, bringing extensive experience and expertise in life sciences.
• Shippy's background includes successful leadership roles at Affymetrix and Illumina, which may enhance Bionano's strategic initiatives.
• Focus on expanding the product strategy and market reach for Bionano's OGM technology, potentially improving patient outcomes.

Negative

• Concerns about the integration of Shippy's vision with existing company strategies.
• Potential gaps in experience and continuity during the transition period.

SAN DIEGO, June 14, 2021 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) announced today that Richard Shippy has joined the company as its Chief Business Officer. Richard was one of the transformational leaders at Affymetrix who brought microarrays into the clinic and paved the way for the first FDA-cleared application of microarrays in cytogenetics with the CytoScan HD Array developed by Affymetrix. For Bionano, he will be responsible for leading product strategy, broadening its business into new markets and strategic expansion of its product and technology portfolios.

“We are thrilled to welcome Rich to Bionano. He adds a highly complementary skillset to our team as we put in place key pieces intended to accelerate widespread global adoption of optical genome mapping (OGM) with our Saphryr® system,” commented Erik Holmlin, PhD, CEO of Bionano Genomics. “Rich knows the biological and clinical significance of structural variations (SVs) and has built his career around bringing the best possible technology for detecting SVs for all sorts of applications to market. We believe his experience at Affymetrix and Illumina has given him the background needed to help Bionano transform the cytogenetics market with OGM, and his experience as a co-founder of Cradle genomics has given him the entrepreneurial experience as well as the patient and physician perspective needed to recognize that what we do with OGM matters in patients’ lives.”

Richard has over two decades of experience in life sciences, focused on healthcare. He co-founded and led commercial operations at Cradle Genomics, which is the leader in developing non-invasive prenatal tests based on analysis of intact cells. Prior to Cradle, he was the Senior Director of Strategic Product Marketing in Reproductive and Genetic Health at Illumina, where he led the product strategy and management for preimplantation testing, prenatal testing, chromosomal microarray (CMA) and postnatal genetic disease testing. As a Senior Director of Product Marketing at Affymetrix, he partnered with the global cytogenomics community to launch CytoScan, the market leading CMA product and the only FDA cleared whole genome copy number analysis platform. He also oversaw the launch of OncoScan for solid tumor analysis.

“I am extremely enthusiastic about becoming a part of Bionano. I’m grateful to Erik and the Bionano board for this unique opportunity,” commented Rich Shippy, CBO of Bionano Genomics. “I’ve believed my entire career that genome structure and SVs are the drivers of biology and pathology in ways that are far more significant than single-nucleotide variants. What has limited our ability in research and medicine to harness and exploit SVs has been the technology to detect them. Arrays are limited in the scope of SVs they can detect. Sequencing, even long-read sequencing, is not able to address SVs either. I believe OGM has the potential to transform our understanding of SVs and the way in which they are analyzed in the clinic by providing a better solution that is substantially more efficient to use, which can in turn improve patients’ lives.”

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, and providing diagnostic testing for those with autism spectrum disorder (ASD) and other neurodevelopmental disabilities through its Lineagen business. Bionano’s Saphyr system is a research use only 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. Bionano provides 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. Lineagen has been providing genetic testing services to families and their healthcare providers for over nine years and has performed over 65,000 tests for those with neurodevelopmental concerns. For more information, visit www.bionanogenomics.com or www.lineagen.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: the anticipated contributions to and improvements in our business attributable to Mr. Shippy’s appointment as our Chief Business Officer; the potential for OGM with Saphyr to transform the [cytogenetics] market and the current understand of SVs; our beliefs regarding the potential benefits of Bionano’s Saphyr technology, including its ability to improve patients’ lives; and the execution of Bionano’s strategy. 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; changes in 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 ability of medical and research institutions to obtain funding to support adoption or continued use of our technologies; 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, 2020 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 and
Media Contact:
Amy Conrad
Juniper Point
+1 (858) 366-3243
amy@juniper-point.com 

FAQ

Who is Richard Shippy and what is his role at Bionano Genomics?

Richard Shippy is the newly appointed Chief Business Officer at Bionano Genomics, responsible for leading product strategy and market expansion.

What is Bionano Genomics' focus area?

Bionano Genomics specializes in genome analysis technologies, particularly optical genome mapping for detecting structural variations.

What prior experience does Richard Shippy have?

Shippy has over 20 years in life sciences, including key roles at Affymetrix and Illumina, where he contributed to the development of genomic technologies.

How might Shippy's appointment impact Bionano's business?

Shippy's appointment could accelerate the adoption of Bionano's technologies in clinical settings and enhance market competitiveness.

What is optical genome mapping and why is it important?

Optical genome mapping (OGM) is a technology that provides comprehensive insights into structural variations in genomes, crucial for advancing genetic research and clinical diagnostics.