OraSure Director Nancy Gagliano Selected to Serve as Interim Chief Executive Officer; Brings Extensive Diagnostics and Healthcare Leadership Experience to Role
OraSure Technologies (NASDAQ: OSUR) has appointed Nancy Gagliano, MD, as interim CEO effective April 1, 2022, following the departure of Stephen Tang, Ph.D. Dr. Gagliano, who joined the Board in November 2021, brings extensive experience in diagnostics and healthcare, including leadership in the NIH’s RADx Tech program for COVID-19 testing. The Board is actively searching for a permanent CEO and continues to explore strategic alternatives to maximize stockholder value. The ongoing evaluation may or may not lead to conclusive transactions.
- Appointment of Nancy Gagliano as interim CEO brings experienced leadership.
- Gagliano's background includes significant experience in COVID-19 diagnostic testing.
- Departure of CEO Stephen Tang may signal instability.
- Uncertainty regarding the successful outcome of the ongoing strategic alternatives exploration.
Board Continues Search for Permanent CEO
Evaluation of Strategic Alternatives Ongoing
BETHLEHEM, Pa., March 22, 2022 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services, today announced that its Board of Directors (the “Board”) has appointed Nancy Gagliano, MD to serve as interim Chief Executive Officer, effective April 1, 2022. Dr. Gagliano is not a candidate for the permanent CEO position. As previously announced, Stephen Tang Ph.D., President and CEO, will be the leaving the Company as of March 31, 2022. The Board’s search for a permanent CEO is actively underway.
Dr. Gagliano, a member of the OraSure Board since November 2021, brings extensive leadership experience in the diagnostics and healthcare industries to this role, including recent service as an executive leader of the National Institute of Health’s RADx Tech, a program focused on speeding the development, validation, and commercialization of innovative point-of-care and over-the-counter tests that can directly detect the COVID-19 virus. Dr. Gagliano, previously a practicing physician, has also held senior leadership positions at CVS Health, including as Chief Medical Officer of Minute Clinic.
“With decades of leadership in the diagnostics and healthcare industries, including helping to oversee the government’s widescale efforts to accelerate the development and commercialization of diagnostic tests for COVID-19, Nancy is well-suited to serve as interim CEO at OraSure,” said OraSure Chairman of the Board Michael Celano. “As she has demonstrated since joining the OraSure Board, Nancy is an engaged and thoughtful leader. In her new role, she will work closely to support Lisa Nibauer, President of Diagnostics, and Kathleen Weber, President of Molecular Solutions, and other members of the leadership team as we continue to focus on scaling the business and driving profitable growth.”
He continued, “The Board and senior leadership team continue to evaluate available strategic alternatives to maximize stockholder value and prepare for an orderly transition to a new CEO. We appreciate Steve’s contributions and wish him well in his future activities.”
On January 5, 2022, the Company announced its intent to explore and evaluate a broad range of strategic alternatives – this comprehensive Board-led review is ongoing. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms.
About Nancy Gagliano
Dr. Gagliano has been a member of the OraSure Board since November 2021 and currently serves on the Nominating and Corporate Governance Committee. Since July 2020, she has served as Managing Director at Granite Healthcare Advisors. From May 2020 to November 2021, Dr. Gagliano served as an executive leader of the National Institute of Health’s Rapid Acceleration of Diagnostics (RADx Tech) program, helping to oversee more than
About OraSure Technologies
OraSure Technologies empowers the global community to improve health and wellness by providing access to accurate, essential information. OraSure, together with its wholly-owned subsidiaries, DNA Genotek, Diversigen, and Novosanis, provides its customers with end-to-end solutions that encompass tools, services and diagnostics. The OraSure family of companies is a leader in the development, manufacture, and distribution of rapid diagnostic tests, sample collection and stabilization devices, and molecular services solutions designed to discover and detect critical medical conditions. OraSure’s portfolio of products is sold globally to clinical laboratories, hospitals, physician’s offices, clinics, public health and community-based organizations, research institutions, government agencies, pharma, commercial entities and direct to consumers. For more information on OraSure Technologies, please visit www.orasure.com.
Important Information
This press release contains certain forward-looking statements, including with respect to the Company’s exploration of strategic alternatives, products, product development activities, regulatory submissions and authorizations and other matters. Forward-looking statements are not guarantees of future performance or results. Known and unknown factors that could cause actual performance or results to be materially different from those expressed or implied in these statements include, but are not limited to: risk that the Company's exploration of strategic alternatives may not result in any definitive transaction or enhance stockholder value and may create a distraction or uncertainty that may adversely affect operating results, business or investor perceptions; the diversion of management’s attention from the Company's ongoing business and regular business responsibilities due to the Company's exploration of strategic alternatives; ability to resolve the Company's ongoing manufacturing challenges and satisfy customer demand; ability to market and sell products, whether through our internal, direct sales force or third parties; impact of significant customer concentration in the genomics business; failure of distributors or other customers to meet purchase forecasts, historic purchase levels or minimum purchase requirements for our products; ability to manufacture products in accordance with applicable specifications, performance standards and quality requirements; ability to obtain, and timing and cost of obtaining, necessary regulatory approvals for new products or new indications or applications for existing products; ability to comply with applicable regulatory requirements; ability to effectively resolve warning letters, audit observations and other findings or comments from the U.S. Food and Drug Administration (“FDA”) or other regulators; the impact of the novel coronavirus (“COVID-19”) pandemic on the Company's business and ability to successfully develop new products, validate the expanded use of existing collector products, receive necessary regulatory approvals and authorizations and commercialize such products for COVID-19 testing; changes in relationships, including disputes or disagreements, with strategic partners or other parties and reliance on strategic partners for the performance of critical activities under collaborative arrangements; ability to meet increased demand for the Company’s products; impact of replacing distributors; inventory levels at distributors and other customers; ability of the Company to achieve its financial and strategic objectives and continue to increase its revenues, including the ability to expand international sales; impact of competitors, competing products and technology changes; reduction or deferral of public funding available to customers; competition from new or better technology or lower cost products; ability to develop, commercialize and market new products; market acceptance of oral fluid or urine testing, collection or other products; market acceptance and uptake of microbiome informatics, microbial genetics technology and related analytics services; changes in market acceptance of products based on product performance or other factors, including changes in testing guidelines, algorithms or other recommendations by the Centers for Disease Control and Prevention (“CDC”) or other agencies; ability to fund research and development and other products and operations; ability to obtain and maintain new or existing product distribution channels; reliance on sole supply sources for critical products and components; availability of related products produced by third parties or products required for use of our products; impact of contracting with the U.S. government; impact of negative economic conditions; ability to maintain sustained profitability; ability to utilize net operating loss carry forwards or other deferred tax assets; volatility of the Company’s stock price; uncertainty relating to patent protection and potential patent infringement claims; uncertainty and costs of litigation relating to patents and other intellectual property; availability of licenses to patents or other technology; ability to enter into international manufacturing agreements; obstacles to international marketing and manufacturing of products; ability to sell products internationally, including the impact of changes in international funding sources and testing algorithms; adverse movements in foreign currency exchange rates; loss or impairment of sources of capital; ability to attract and retain qualified personnel; exposure to product liability and other types of litigation; changes in international, federal or state laws and regulations; customer consolidations and inventory practices; equipment failures and ability to obtain needed raw materials and components; the impact of terrorist attacks and civil unrest; and general political, business and economic conditions. These and other factors that could affect our results are discussed more fully in our SEC filings, including our registration statements, Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q, and other filings with the SEC. Although forward-looking statements help to provide information about future prospects, readers should keep in mind that forward-looking statements may not be reliable. Readers are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are made as of the date of this press release and OraSure Technologies undertakes no duty to update these statements.
| Investor Contact: | Media Contact: |
| Scott Gleason | Michael Freitag or Adam Pollack |
| SVP Investor Relations & Corporate Communications | Joele Frank |
| 484-425-0588 | 212-355-4449 |
| sgleason@orasure.com | media@orasure.com |
FAQ
Who was appointed as interim CEO of OraSure Technologies?
What is the current status of the search for a permanent CEO at OSUR?
What strategic alternatives is OraSure Technologies evaluating?
Why did Stephen Tang leave OraSure Technologies?
