– Expert in the field of gastrointestinal cancer and precision oncology to lead Invitae's medical oncology team with a particular focus on somatic testing development –
– Invitae reports inducement grant under NYSE Rule 303A.08 –
SAN FRANCISCO, March 16, 2023 /PRNewswire/ -- Invitae (NYSE: NVTA), a leading medical genetics company, today announced the appointment of W. Michael Korn, M.D., as its chief medical officer for oncology, effective March 13, 2023. Dr. Korn brings decades of experience in the field of gastrointestinal cancers, implementing precision oncology principles in clinical cancer care, and designing a novel database on targeted cancer therapeutics.
At Invitae, Dr. Korn will lead the medical oncology team with the goal of enabling an integrated portfolio in cancer, with an emphasis on somatic testing development. Invitae's comprehensive oncology portfolio aims to accurately and reliably identify patients at risk of developing cancer and enable care for patients diagnosed with cancer through advanced molecular diagnostics and data interpretation.
"We're delighted that Dr. Korn has joined our team. His extensive experience in both academic medicine and the commercial sector, combined with his dedication to advancing precision medicine throughout a patient's cancer journey, will contribute greatly to advance our mission of bringing somatic testing to the care of cancer patients. Given Invitae's focus on our personalized cancer monitoring (PCM) assay that uses circulating tumor DNA for determining prognosis, surveillance, early detection of relapse and assessment of a patient's response to therapy, this is an important time to have Dr. Korn's expertise on our team," said Robert Nussbaum, M.D., chief medical officer at Invitae. "In addition, Dr. Korn will be a key contributor to our clinical research efforts, the design of our tests, our physician education efforts and the building out of customer experience and clinical support for both oncology providers and patients alike."
Before joining Invitae, Dr. Korn served from 2017 to 2022 as chief medical officer at Caris Life Sciences. He was instrumental in developing AI-driven molecular signatures and advancing clinical and translational research in precision oncology. Dr. Korn remains on faculty at the University of California San Francisco (UCSF) as clinical professor (volunteer) in the Division of Hematology/Oncology.
At UCSF, he founded and led the Precision Oncology Initiative and the Molecular Tumor Board and was the lead investigator of clinical trials exploring new treatments for advanced cancers. Dr. Korn's laboratory focused on the development of rational combination therapies for cancer using systems-biology approaches, and his scientific work has been published in more than 100 peer-reviewed publications.
"I am thrilled to join Invitae and help move the precision oncology field forward in the best interest of our patients," said Dr. Korn, chief medical officer for oncology at Invitae. "Invitae is well positioned to build on its leading position in germline hereditary cancer testing to improve the care of cancer patients. Invitae's goals are to enable oncologists to provide more precise prognoses, monitor remissions more sensitively, detect relapses requiring alterations in therapy more rapidly and identify targets for precision cancer therapy, thereby improving clinical care across a patient's entire cancer journey. I am excited about the company's vision to advance the development of a comprehensive oncology portfolio."
A native of Germany, Dr. Korn earned his medical degree at the Philipps University Marburg and graduated from the University of Düsseldorf in Germany. He completed his internal medicine and medical oncology training at the West German Cancer Center – University Hospital Essen. He is board certified in internal medicine and medical oncology.
Invitae will grant 260,000 restricted stock units ("RSUs") to Dr. Korn under Invitae's 2015 Stock Incentive Plan (the "2015 Plan"), which will be amended and restated to add 260,000 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 are subject to approval by Invitae's Board of Directors and will be granted as an inducement material to Dr. Korn'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 May 15, 2023, subject to Dr. Korn'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 simplified by digital technology. With accurate and actionable answers to strengthen medical decision-making, Invitae gives individuals and their families powerful, personalized insights that could improve and extend their lives. 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 belief that Dr. Korn will contribute to its mission; the company's expectations and goals with respect to Dr. Korn's role and future contributions; and the company's goals and vision to advance the development of a comprehensive oncology portfolio. 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 impact of inflation and the current economic environment on the company's business; 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; the company's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the applicability of clinical results to actual outcomes; 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 Annual Report on Form 10-K for the year ended December 31, 2022. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
Invitae PR contact:
Amanda McQuery
pr@invitae.com
(628) 213-3283
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SOURCE Invitae Corporation
