Ignyta, Inc. (Nasdaq: RXDX), an oncology precision medicine
biotechnology company, announced today that Jacob Chacko, M.D. has been
appointed as Chief Financial Officer, assuming responsibility for the
role from Zachary Hornby, who has been appointed to the newly-created
role of Chief Operating Officer.
"We are thrilled to expand leadership capacity at Ignyta with the
addition of Jacob to our management team," said Jonathan Lim, M.D.,
Chairman and CEO of Ignyta. "His broad range of experience with
financing, managing, and advising companies in the life sciences field
will contribute greatly to Ignyta's growth as a leading precision
medicine biotechnology company."
"Ignyta will always be grateful for Zach's invaluable contributions as
CFO during a period in which we successfully went public and raised
nearly $120 million," continued Dr. Lim. "This move helps us build
significant capacity for future growth by deploying Zach to drive our
operations as our COO, where his talents are needed most. During our
rapid growth phase, Zach has operated as our de facto COO on top of his
CFO responsibilities, and we are fortunate to be able to benefit from
his contributions in this official capacity."
Dr. Chacko joins Ignyta from TPG Capital, a global private investment
firm with approximately $60 billion of assets under management, where he
served as a Vice President focused primarily on healthcare and digital
media since August 2008. At TPG, Dr. Chacko helped lead teams that
successfully completed acquisitions having an aggregate value of over
$10 billion. He served on the boards of directors of RentPath and
EnvisionRx, was an advisor to the Audit Committee of Par Pharmaceutical,
and was a board observer to IMS Health and Quintiles Transnational.
Prior to TPG, Dr. Chacko concurrently received his M.D. from UCLA and
his M.B.A. from Harvard University, and was president of his class at
both institutions. Prior to this, Dr. Chacko was an Associate serving
healthcare clients at the management consulting firm McKinsey & Company.
Dr. Chacko received an M.Sc. in economic and social history from Oxford
University, where he was a Marshall Scholar, and a B.A. in biology, B.S.
in gerontology, and minor in health policy and management from the
University of Southern California.
On May 30, 2014, Dr. Chacko received an inducement stock option award
under Ignyta's Employment Inducement Incentive Award Plan, which was
adopted March 28, 2014 and provides for the granting of equity awards to
new employees of Ignyta. The inducement award consists of an option to
purchase an aggregate of 250,000 shares of Ignyta common stock. The
option has a ten-year term and an exercise price equal to the closing
price per share of Ignyta's common stock on the Nasdaq Capital Market on
the date of grant. The option vests over a four-year period, with 25% of
the option vesting on the first anniversary of the date of hire and the
remainder vesting in equal monthly installments over the three years
thereafter. The award was approved by the compensation committee of
Ignyta's board of directors and was granted as an inducement material to
Dr. Chacko entering into employment with Ignyta in accordance with
Nasdaq Marketplace Rule 5635(c)(4).
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a biotechnology
company developing precision medicine with integrated Rx/Dx solutions
for cancer patients. Its goal is to discover and develop revolutionary
new drugs that target activated genes in cancer cells for the customized
treatment of cancer patients. The company's present focus is on the
development of RXDX-101, its proprietary oral tyrosine kinase inhibitor
that targets solid tumor indications, and advancing its novel Spark
discovery programs that leverage its proprietary cancer genomic and
epigenomic knowledge bases. For more information, please visit: www.ignyta.com.
Forward-Looking Statements
This press release contains forward-looking statements as that term is
defined in Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Statements in this press release
that are not purely historical are forward-looking statements. Such
forward-looking statements include, among other things, references to
the expected contributions of Ignyta's new Chief Financial Officer and
Chief Operating Officer. Actual results could differ from those
projected in any forward-looking statements due to numerous factors.
Such factors include, among others, the inherent uncertainties
associated with developing new products or technologies and operating as
a development stage company; the potential for final results of any
Phase I/II clinical trial of RXDX-101 to differ from the preliminary
results; regulatory developments in the United States and foreign
countries; Ignyta's ability to develop, complete clinical trials for,
obtain approvals for and commercialize any of its product candidates;
changes in Ignyta's plans to develop and commercialize its product
candidates; Ignyta's ability to raise any additional funding it will
need to continue to pursue its business and product development plans;
Ignyta's ability to obtain and maintain intellectual property protection
for its product candidates; the loss of key scientific or management
personnel; competition in the industry in which Ignyta operates; and
market conditions. These forward-looking statements are made as of the
date of this press release, and Ignyta assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Investors should consult all of the information set forth
herein and should also refer to the risk factor disclosure set forth in
the reports and other documents the company files with the SEC available
at www.sec.gov,
including without limitation Ignyta's Annual Report on Form 10-K for the
year ended December 31, 2013 and subsequent Quarterly Reports on Form
10-Q.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140530005300r1&sid=cmtx6&distro=nx
SOURCE: Ignyta, Inc.
 | Ignyta, Inc. Jonathan E. Lim, M.D. CEO 858-255-5958 jl@ignyta.com |
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