Invitae Announces Appointment of Finance Veteran Ana Schrank as CFO
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"We're excited to welcome Ana to our Invitae team. Her track record of driving growth, transforming businesses and building high performing teams are a great fit for our needs now and into the future," said Ken Knight, president and chief executive officer of Invitae. "Ana brings financial and leadership experience with healthcare companies across different stages of growth, and will be a tremendous asset to Invitae as we continue our focus on profitable growth, operational excellence, innovation and investment in our future."
With more than 25 years in finance, Ana brings a wealth of experience to Invitae including budget and long-range planning, operational transformation, equity fundraising, debt restructuring, internal audit and risk controls as well as board and investor relations. Most recently, Ms. Schrank served as CFO for Truepill, Inc., a digital health platform powering pharmacy experiences that patients interact with every day, where she led finance, accounting and human resources. From 2020 to 2022, she served as CFO at Collective Health, a third-party administrator integrating plan administration, navigation and advocacy, leading all finance functions as well as strategy, customer analytics and actuarial. Earlier in her career, she spent more than 20 years at McKesson Corporation where she held leadership roles that touched many aspects of a public company's finance function including as senior vice president and chief audit executive, CFO of a technology business unit, and head of investor relations. Ms. Schrank holds an MBA in finance from Fordham University and a BA in English literature from the College of William & Mary.
"I'm looking forward to joining Invitae and using my passion for patients and broad financial background to focus on identifying durable paths for profitable growth in support of Invitae's mission to bring comprehensive genetic information into mainstream medicine," said Ms. Schrank.
Inducement Grant
Pursuant to her hiring as the Company's CFO, Invitae is granting 850,000 restricted stock units ("RSUs") to Ms. Schrank under Invitae's 2015 Stock Incentive Plan (the "2015 Plan"), which will be amended and restated to add 850,000 shares of Invitae common stock to a pool of shares under the 2015 Plan which is to be used exclusively for the grant of inducement awards in compliance with New York Stock Exchange Rule 303A.08 ("Rule 303A.08"). The RSUs, which are subject to approval by Invitae's Board of Directors, are being granted as an inducement material to Ms. Schrank's agreement to be employed with Invitae in reliance on the employment inducement exemption under Rule 303A.08. One-third of the RSUs will vest on each of the first three anniversaries of November 15, 2023, subject to Ms. Schrank's continued service as an employee of Invitae through the applicable vesting dates. The grant of the RSUs is subject to the terms and conditions of the 2015 Plan and the applicable form of stock award agreement.
About Invitae
Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information using digital technology. We aim to provide accurate and actionable answers to strengthen medical decision-making for individuals and their families. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of their mission to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.
To learn more, visit invitae.com and follow for updates on Twitter, Instagram, Facebook and LinkedIn @Invitae.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's focus on profitable growth and creating the capacity to pursue innovation and investment in the company's future. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company's ability to grow its business in a cost-efficient manner; the company's history of losses; the company's ability to maintain important customer relationships; the company's ability to compete; risks associated with litigation; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; security breaches, loss of data and other disruptions; laws and regulations applicable to the company's business; and the other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
Invitae Contacts:
Investor Relations
Hoki Luk
ir@invitae.com
Public Relations
Amy Hadsock
pr@invitae.com
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SOURCE Invitae Corporation
