SAN FRANCISCO, Oct. 19, 2023 - Invitae (NYSE: NVTA), a leading medical genetics company, today announced the appointment of veteran healthcare leader David Sholehvar, M.D., as chief operating officer, effective November 13, 2023. Dr. Sholehvar is a healthcare business leader with a 25-year track record of successfully solving complex problems and leading business transformations, addressing regulatory challenges and developing new product and growth strategies.
"I'm excited to welcome Dr. Sholehvar to the Invitae leadership team. His extensive general management experience in both large and small healthcare companies, as well as global functional leadership in sales, marketing, strategy and innovation will be an enormous benefit to Invitae as we continue our focus on operational excellence and innovation," said Ken Knight, president and chief executive officer of Invitae.
Dr. Sholehvar most recently held the role of president, clinical services division, at NeoGenomics Inc., an oncology diagnostics company, where he was responsible for the commercial and strategic growth of the clinical services division. From 2017 to 2020, Dr. Sholehvar served as chief executive officer for Dynex Technologies, Inc., a manufacturer of laboratory instruments and associated consumables and accessories, where his focus was transforming Dynex's business model.
Prior to Dynex, Dr. Sholehvar spent four years with Quest Diagnostics, a Fortune 500 company and leading provider of diagnostic information services, serving as vice president of Quest's largest sales region from 2014 to 2017, and general manager of infectious disease and immunology from 2013 to 2014. Dr. Sholehvar has also served as vice president for the Americas and EMEA for Ortho Clinical Diagnostics, a former Johnson & Johnson company, and general manager for Cellular Technologies, Inc., a former Johnson & Johnson company, where he oversaw Johnson & Johnson subsidiaries including Veridex, LLC, a startup focused on the detection of circulating tumor cells. Dr. Sholehvar received a bachelor's degree from the University of Pittsburgh, an M.D. from Thomas Jefferson University and a master of business administration from the University of Pittsburgh Katz School of Business.
"I'm looking forward to joining the Invitae team and using my healthcare leadership experience to focus on operational excellence in support of Invitae's mission to make genetic information part of mainstream medicine," said Dr. Sholehvar.
Inducement Grant
Pursuant to his hiring as Invitae's chief operating officer, Invitae is granting 850,000 restricted stock units ("RSUs") to Dr. Sholehvar 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 Dr. Sholehvar'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 Dr. Sholehvar'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 expected benefits Dr. Sholehvar will bring to the company. 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
SOURCE Invitae Corporation
