PRESS RELEASE - INSIDE INFORMATION/ REGULATED INFORMATION
18 July 2023, 7:00 AM CEST
Biocartis appoints George Cardoza as new CFO and Head of Service Delivery
- George Cardoza appointed as Biocartis’ new Chief Financial Officer and Head of Service Delivery.
- Announced operational reorganization and cost reduction program progressing according to plan.
Mechelen, Belgium, 18 July 2023 - Biocartis Group NV (the ‘Company’ or ‘Biocartis’), an innovative molecular diagnostics company (Euronext Brussels: BCART), is pleased to announce the appointment of George Cardoza as its new Chief Financial Officer and Head of Service Delivery effective as of 7 August 2023.
In this key executive role, Mr. Cardoza will be responsible for overseeing the Company's financial strategies, driving operational efficiencies, and ensuring sustainable growth in line with the organization's objectives. In addition, Mr. Cardoza will oversee the execution of Biocartis’ strategic partnerships, including those with pharmaceutical and diagnostic companies.
Mr. Cardoza has more than 25 years of experience in the diagnostics and laboratory industry, and brings a unique combination of extensive experience in both finance and operational leadership roles. Prior to joining Biocartis, Mr. Cardoza served as CEO of AccuraGen Holdings LLC, a California-based company focused on development of NGS-based liquid biopsy testing and prior to that he served in various executive roles (President and Chief Operating Officer Laboratory Services, President Pharma Services Division, and CFO) at NeoGenomics Laboratories (NASDAQ: NEO) a clinical laboratory and pharma services company that specialized in cancer diagnostic testing. Throughout his career, Mr. Cardoza has demonstrated a strong aptitude for financial management, strategic planning, and fostering collaboration across departments. He possesses a deep understanding of the industry landscape and a proven ability to navigate complex financial challenges while driving profitability. Mr. Cardoza holds a B.S. in Finance and Accounting from Syracuse University and an MBA from Michigan State University.
George Cardoza stated, "I am honored to join the Biocartis team during a phase in which we have the opportunity to create significant value. I look forward to collaborating with the talented team at Biocartis and leveraging my experience to drive financial and operational excellence and create long-term value for our stakeholders."
Commenting on the appointment, Biocartis' CEO, Roger Moody, added: "George brings a unique blend of leadership and financial acumen with prior experience in leading large laboratory and pharma service organizations. This combined role of Chief Financial Officer and Head of Service Delivery allows Biocartis to optimally strive towards profitability and deliver on our strategic partnership growth plans. We are thrilled to have George on board and confident that his expertise, strategic vision, and leadership will contribute significantly to our continued growth and financial success."
The intended operational reorganization and cost reduction program, announced on 15 June 2023, is on track. The employee consultation phase that is defined by the Belgian rules on collective dismissals, is currently being completed and the Company plans to provide a more detailed update at the time of publication of its financial results for H1 2023 on 31 August 2023.
Additionally, with the CEO transition completed, Herman Verrelst moved into the position of non-executive Chairman of the Board of Directors, and Christian Reinaudo moved into the position of independent director again, both as of 1 July 2023.
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About Biocartis
With its revolutionary and proprietary Idylla™ platform, Biocartis (Euronext Brussels: BCART) aspires to enable personalized medicine for patients around the world through universal access to molecular testing, by making molecular testing actionable, convenient, fast and suitable for any lab. The Idylla™ platform is a fully automated sample-to-result, real-time PCR (Polymerase Chain Reaction) based system designed to offer in-house access to accurate molecular information in a minimum amount of time for faster, informed treatment decisions. Idylla™'s continuously expanding menu of molecular diagnostic tests address key unmet clinical needs, with a focus in oncology. This is the fastest growing segment of the molecular diagnostics market worldwide. Today, Biocartis offers tests supporting melanoma, colorectal, lung and liver cancer, as well as for COVID-19 and sepsis. More information: www.biocartis.com. Follow us on Twitter: @Biocartis_.
Biocartis and Idylla™ are registered trademarks in Europe, the United States and other countries. The Biocartis and Idylla™ trademark and logo are used trademarks owned by Biocartis. Please refer to the product labeling for applicable intended uses for each individual Biocartis product.
This press release is not for distribution, directly or indirectly, in any jurisdiction where to do so would be unlawful. Any persons reading this press release should inform themselves of and observe any such restrictions. Biocartis takes no responsibility for any violation of any such restrictions by any person. This press release does not constitute an offer or invitation for the sale or purchase of securities in any jurisdiction. No securities of Biocartis may be offered or sold in the United States of America absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended.
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Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company's or, as appropriate, the Company directors' or managements' current expectations and projections concerning future events such as the Company's results of operations, financial condition, liquidity, performance, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
