Gemina Labs Appoints Diagnostic Executive Brian Firth as Chief Executive Officer

Rhea-AI Summary

Gemina Laboratories Ltd. (CSE:GLAB, OTC:GLABF) has appointed Brian Firth as its new Chief Executive Officer, transitioning from an R&D focus to a revenue-driven model. Firth, with extensive experience in point-of-care diagnostics, previously held leadership roles at Swiss Precision Diagnostics and founded The Health Works Ltd. His appointment is viewed as a significant step towards growth, with plans to launch revenue-generating products. Concurrently, founding CEO John Davies becomes Chairman of the Board. Firth's stock options include performance milestones and a vesting schedule starting September 7, 2023.

Positive

• Appointment of Brian Firth is expected to drive growth and revenue for Gemina.
• Firth's extensive experience in diagnostics is anticipated to enhance company strategy and operations.
• Transition from R&D to a revenue-oriented business model reflects positive corporate evolution.

Negative

• Concerns about continuity and potential experience gaps following management change.

VANCOUBVER, BC / ACCESSWIRE / September 6, 2022 / Gemina Laboratories Ltd. (CSE:GLAB) (FRA:8I7) (US:OTC:GLABF) (the "Company" or "Gemina") is excited to announce the appointment of Brian Firth, an accomplished diagnostic industry executive, as the Company's new Chief Executive Officer. Gemina is also pleased to announce the appointment of founding CEO John Davies, as Chairman of the Board of Directors. The appointment of Mr. Firth follows a multi month process initiated by the Board and current executive team to identify candidates with specific industry experience and proven capabilities to lead Gemina's development, as it transitions from a wholly R&D focused company into a revenue and growth-oriented business.

Brian Firth brings to Gemina an enviable career, focused on health-tech, specifically Point-of-Care diagnostics. He is an accomplished executive with extensive international experience in the sector. Brian spent nearly 8 years at Swiss Precision Diagnostics, one of the worlds leading point of care diagnostics companies, with operations in more than 50 countries. Swiss Precision Diagnostics is the manufacturer of the globally recognised and market leading Clearblue family of pregnancy and fertility monitoring point of care tests. Brian acted as Managing Director of Swiss Precision Diagnostics' UK subsidiary before becoming Chief Operating Officer of Swiss Precisions Diagnostic GmbH (the parent company) in Geneva Switzerland. At Swiss Precision, Brian was responsible for a broad range of business processes including quality management, human resources, regulatory affairs, customer service and research leadership. Swiss Precision is jointly owned by Procter & Gamble and Abbott Laboratories.

Prior to his time at Swiss Precision, Brian was a management consultant for Coopers and Lybrand, working with a blue-chip client roster before he established his own advisory practice focused on health-tech and speciality chemistry businesses, working with companies such as AGFA, Johnson & Johnson, Akzo Nobel and Inverness Medical, where he played a key role in establishing the business that was sold to Johnson & Johnson for $1.3 billion. Subsequently, he founded The Health Works Ltd (a specialist operations consultancy) that was eventually sold to GE Healthcare. His career has also included time in the human wellness market, particularly human performance monitoring for applications in sports medicine and workplace diagnostics.

"On behalf of the Board, I am delighted to welcome Brian into his new role with Gemina; it's an extraordinary accomplishment to have him join our team," commented John Davies, founding CEO. "Brian brings a new level of international sector-relevant experience and strategic acumen to the company at this critical stage of our development. He has taken a systematic approach to getting to know Gemina and the significance of Gemina's technology platform, engaging with the Company methodically since 2021, most recently as a member of the Gemina Advisory Board. Appointing a CEO of Brian's caliber is a clear signal, not only of the tangible successes that we have registered to date, but of our ambitions for the future. It also speaks to the value that Brian and the rest of the Gemina team believe can be created with our novel chemistry platform for diagnostics."

Brian Firth added, "What Gemina has achieved in just 2 short years is extraordinary. You come across disruptive chemistry like this maybe once in a lifetime. And the extraordinary element extends to the people they have already attracted - they are absolutely world class. I'm joining a Company that has validated its proprietary chemistry platform, has a team of world class experts on staff, and is on-track to generate its first revenues - all achieved within the last 24 months. My goal now is to transform Gemina into a globally recognised point-of-care technology company. I wouldn't be here if I thought the goal was unachievable. Over the coming months, I look forward to engaging with the Company's stakeholders and communicating my vision of how Gemina is going to win in its chosen markets."

Concurrent with the appointment, under the Company's Stock Option Plan, the Company has granted Mr. Firth an incentive stock option package that will vest over a three-year period beginning September 7, 2023. A total of one million options will vest based on time related provisions, while one million options will vest upon certain annual performance milestones being met, as established by the Compensation Committee and Board of Directors. Each option is priced at $0.60. Any shares issued upon exercise of an option will be subject to a hold period of four months and one day from the date of grant.

On Behalf of the Board of Directors

John Davies
Chairman
Gemina Laboratories Ltd.

About Gemina Laboratories Ltd.

Gemina Labs is a biosensor and diagnostic company with a transformative, patented, proprietary chemistry that powers next-generation testing platforms for a wide range of pathogens that affect human health and wellness. Our technology drives testing platforms that are fast, affordable and accurate, and easily self-administered. Our development pipeline includes platforms for the rapid testing of COVID-19, influenza and other viruses. Additional information on the Company can be found at www.geminalabs.com.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this Release.

Forward Looking Statements

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the anticipated terms of any proposed transaction or engagement. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Furthermore, the Company is presently unable to fully quantify the impact that the Covid-19 pandemic will have on its operations and recognizes that certain eventualities may affect planned or assumed performance moving forward. As such, any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

For more information regrading the Company, please contact:

James Tansey
Telephone: 604-562-4546
Email: investor@geminalabs.com

SOURCE: Gemina Laboratories Ltd.

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FAQ

What is the significance of Brian Firth's appointment as CEO of Gemina Laboratories (GLABF)?

Brian Firth's appointment is significant as it marks Gemina's transition from an R&D-focused organization to a revenue-oriented business, leveraging his extensive experience in diagnostics.

What are Brian Firth's qualifications for leading Gemina Laboratories (GLABF)?

Firth has a strong background in the diagnostic industry, having held leadership roles at Swiss Precision Diagnostics, and has extensive international experience in health-tech and point-of-care diagnostics.

How does the management change affect Gemina Laboratories' future strategy?

The management change is poised to influence Gemina's strategic direction positively, with Firth expected to enhance operations and drive revenue generation through his expertise.

What incentive stock options were granted to Brian Firth at Gemina Laboratories (GLABF)?

Brian Firth was granted an incentive stock option package totaling two million options, with vesting tied to both time and performance milestones starting September 7, 2023.