AltheaDx, Inc. appoints industry veteran Derek Maetzold to its Board of Directors

Rhea-AI Summary

AltheaDx has appointed Derek Maetzold to its Board of Directors, enhancing its leadership with expertise in diagnostics and management. Maetzold, CEO of Castle Biosciences (CSTL), has significant experience in growing molecular diagnostics businesses. His addition aims to drive AltheaDx’s growth strategy, especially in the demand for pharmacogenomics testing for mental health, intensified by the pandemic. AltheaDx's flagship product, NeuroIDgenetix, is a Medicare-reimbursed test that enhances clinical decision-making for anxiety and depression treatments.

Positive

• Derek Maetzold brings extensive diagnostics and management experience to the Board.
• His leadership at Castle Biosciences suggests potential for effective growth strategies.
• Increased demand for pharmacogenomics testing could benefit AltheaDx's business model.
• NeuroIDgenetix is reimbursed by Medicare, supporting its market adoption.

Negative

• None.

SAN DIEGO, May 26, 2021  /PRNewswire/ -- AltheaDx, a commercial stage, precision medicine company with the world's leading pharmacogenomics test for anxiety and depression announced today that it has appointed Derek Maetzold to its Board of Directors. Mr. Maetzold is AltheaDx's fourth Director and brings not only strong knowledge of the diagnostics industry, but also operations and management experience. Mr. Maetzold is the Founder and CEO of publicly listed Castle Biosciences (NASDAQ: CSTL). Previously he held leadership roles at Encysive Pharmaceuticals, Amylin Pharmaceuticals, Sandoz and Schering-Plough. Castle Biosciences has gained Medicare reimbursement coverage and has had a successful launch and commercialization of their diagnostic tests in uveal and cutaneous melanoma.

Mr. Maetzold joins David Nikodem, Dan Bradbury and François Ferré to the Board of Directors. Mr. Bradbury joined the AltheaDx Board in the fall of 2020 and currently is the Managing Member of BioBrit, LLC, a Life Sciences Consulting and Investment Firm based in La Jolla, CA, and also a founding investor and Director at Castle Biosciences. He is the Executive Chairman of Equillium Inc. and the former President, CEO and Director of Amylin Pharmaceuticals, and serves/has served on numerous public company Boards.

"I am very excited to welcome Derek to the Board of AltheaDx. As a highly successful entrepreneur and leader at Castle Biosciences, Derek has first-hand experience with the intricacies and challenges of growing a business in the molecular diagnostic space. In addition, Derek brings a wealth of commercialization and marketing experience, having served several executive management roles throughout his career," said Dr. François Ferré, Chairman and co-Founder of AltheaDx. "Derek is a key addition to our Board of Directors which is comprised of accomplished industry executives, current and former CEOs, and investors who support our plans for accelerated growth."

Mr. Maetzold commented, "There is a monumental demand for more accurate and comprehensive pharmacogenomics testing especially to patients challenged with depression and anxiety that has been exacerbated by the global pandemic. I am thrilled to join the Board of Directors at AltheaDx to advance its business strategy and deliver precision health to patients."

About AltheaDx:

AltheaDx, Inc. is a San Diego-based commercial stage molecular diagnostics company specializing in the field of pharmacogenomics (PGx) focused on Mental Health. With an experienced team in place, the company maintains a CAP-Accredited, CLIA-Certified laboratory (State of California), which is also approved by the New York State Department of Health.  NeuroIDgenetix is a flagship PGx product test for depression and anxiety and is supported by a successful and published/peer-reviewed Randomized Controlled Trial. This trial demonstrated clinical utility over standard of care when physicians used our test prior to prescribing a medication. NeuroIDgenetix for depression and anxiety is designed to enable healthcare providers to make timely and evidence-based decisions. NeuroIDgenetix for depression is reimbursed by Medicare since the fall of 2020.

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SOURCE AltheaDx, Inc.

FAQ

What role has Derek Maetzold taken at AltheaDx?

Derek Maetzold has been appointed to the Board of Directors at AltheaDx.

How does Derek Maetzold's experience benefit AltheaDx?

His experience in the diagnostics industry and leadership at Castle Biosciences could enhance AltheaDx's growth strategy.

What is NeuroIDgenetix and its significance for AltheaDx?

NeuroIDgenetix is AltheaDx's flagship pharmacogenomics test for anxiety and depression, which is reimbursed by Medicare.

Why is there a demand for pharmacogenomics testing at AltheaDx?

The demand is intensified due to the increasing prevalence of anxiety and depression, especially in light of the global pandemic.

What are the future growth plans for AltheaDx?

The company aims to accelerate growth through strategic leadership and increased market penetration of its testing services.