Molecular and Genomic Diagnostics RSA Talent Equity®

Foreword

While MDx is arguably the most innovative part of the in vitro diagnostics (IVD) industry, innovations in this field are often seen as less significant than progress made in therapeutics. Relatively few companies have fully embraced developments that improve diagnosis of infectious diseases and , despite these changes enabling more precise and rapid treatment to the great benefit of patients. Many well-established players prefer a more cautious approach, sticking to current instrument platforms, with hopes of adopting new technologies only when their use becomes more routine and development costs decrease.

In this report we focus on a number of the leading innovators who are driving change in MDx. Many of these pioneers are running small VC funded companies. These groups recognise the vast potential of 21st century technology, showing the entrepreneurial spirit required to translate their ideas into tangible products Alex Bennett, CEO which make the difference for patients. I hope that you find this set of insights useful, and Welcome to RSA’s Talent Equity® welcome further conversations based on the content or full datasets of this report. report, exploring the importance of executive and leadership skills in the life sciences industry. In this, our latest report, we examine the Molecular and Genomic Diagnostics (MDx) sector.

2 RSA Talent Equity®

The Authors

Paul Bulteel Darya Krasilnikov Partner, Global Head of Talent Practice Leader Equity®, RSA Group Medical Devices & Diagnostics, Darya has healthcare RSA Group equity research experience and an operational background in Paul has over 16 biotechnology and high- years experience in tech sectors. As an equity the Life Science sector. The first 11 years of his research analyst at Bloomberg LP, she covered large career was with a life sciences executive search and mid-cap European and North American equities. consultancy where he worked in positions of Prior to that she was involved in the commercialisation increasing responsibility. During his time there he of a biotechnological platform and in the business conducted assignments for SMEs and MNCs across development of a software start-up. the functional spectrum from Director Level to C-Suite. Before joining the RSA group he worked in a global Darya has an MBA from Tuck School of Business at generalist search firm as part of their European Life Dartmouth College and BA in Political Science from Tel Science practice. Aviv University.

Today Paul works with clients spread across multiple geographies and across the Life Science sector; including pharmaceuticals, med tech, diagnostics, consumer health, biotech and research equipment. Paul has placed candidates in most of the major global markets.

Paul graduated from the University of St. Andrews with an MA in Management Studies.

3 RSA Talent Equity®

Industry Overview

Molecular and Genomic Diagnostics Major advancements in signal amplification, multiplex (MDx) is probably the most dynamic assays and DNA sequencing are driving innovation. part of the IVD sector. Personalised Continuing unmet need in areas such as CNS, -based healthcare starts , prognostic tests, genetic screening and pharmacogenetic assays has sparked the development with diagnostics. The benefits for the of new products. diagnostic-therapeutic ecosystem Our report shows how smaller companies, empowered are clear: better outcomes with more by VC funding, are often the driving force in developing efficacy, more precision, more speed breakthrough assays. Other studies have also shown that diagnostics SMEs are the ones that bring new and with less waste of resources. Yet products to the market, with more clinical trials the question of who will pay for the registered with the FDA than the big players. innovation in this promising space is The molecular and genomic diagnostics space does still wide open. not attract a lot of buzz unlike, for example, digital health, covered in our most recent Talent Equity® report. Neither does it attract the same level of funding. In 2015 digital health captured 8% of total VC health investment, twice the MDx share for the same period.

Tools/diagnostics as % of total venture investment in the USA

$120 14% $105 $100 12%

10% $80 8% $59 $60 $51 6% $44 $40 $32 $28 $30 $30 $28 $30 4% $22 $20 $23$23 $20 $23 $20 2%

$0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Total VC Funding (Billion) MDx/Tools

Source: Silicon Valley Bank (SVB), Trends in Healthcare Investments and Exits 2016

4 RSA Talent Equity®

Economic potential is not the only reason for MDx’s uncertainties. The route to profitability is also a big lack of popularity amongst investors, it is as capital challenge: the MDx space often operates in a high intensive as other life science sectors, with similar high volume/low price environment. Moreover, as our risks and steep R&D costs. VC funding in the Tools and selected group of companies shows, commercialisation Diagnostics sector had been growing steadily since is typically achieved within a relatively short period of 2000, peaking at $3.6 billion in 2008. This growth time, and before an exit/IPO opportunity. trajectory changed in 2009, and has yet to return to its pre-crisis track. In the past four years, VCs have Exit opportunities for diagnostics players are limited. allocated between $2.1 and $2.55 billion for the sector. Big corporations, typically, do not buy early stage MDx innovation, but rather focus on the growth/profitability This space carries a lot of sector-specific risk that can targets. According to Silicon Valley Bank (SVB), there outweigh potential rewards. As the Theranos case has were five M&A deals in 2015 and ten M&A deals in recently illustrated, there are a lot of challenges that a 2014. The public markets do not seem to be a better company might face – anything option either – there were five IPOs in 2015 versus from scientific validation concerns to regulatory seven in 2014.

Tools/diagnostics round A VC funding in the USA

50 46 $400 45 45 $354 45 $331 $350 40 $300 35 $257 30 $250 25 $165 $200 20 17 $150 15 $100 Number of round A deals 10 5 44 5 2 $50 0 $0 2012 2013 2014 2015 # of VC Deals # corporate VC deals round A ($M) Source: Silicon Valley Bank (SVB), Trends in Healthcare Investments and Exits 2016

Because of these risks, VCs are often reluctant to at $45 billion globally and is expected to grow at 7% invest in early stage MDx businesses. This critical round over the same period (2012-2017). of capital ignites innovation at its most vulnerable stage – company formation. In 2015, early stage VC funding Global in vitro diagnostics market was cut by more than half and the large diagnostics companies did not fill the gap, keeping a steady four MDx deals per year. This may have a ripple effect on the 11% sector in the years to come.

On the positive side, being a relatively small portion of the overall diagnostics sector, the $5 billion MDx market IVD is expected to grow globally at a double-digit speed - 89% about 12% during the period 2012-2017 - according to Frost & Sullivan. Infectious disease, oncology and genetic testing, plus geographic expansion, currently dominate growth. The total diagnostics market is valued Source: Frost & Sullivan 5 RSA Talent Equity®

Key Talent Equity® Themes

Key Talent Equity®themes The non-scientists of the peer group gain their The following table compares CEOs and CTOs across operational experience in the molecular diagnostics nine separate measures, providing a ‘real-world’ profile sector by learning the trade at a larger company such for successful leaders in these roles. as Clarient, PerkinElmer, Illumina, etc. The scientists gain their operational experience simply by learning As a % of the MDx peer group (unless stated otherwise). it on-the-go, through founding and running multiple companies. Compared to other healthcare sectors, few executives from this group come from a large pharma Role CEO Science/ Technology or biotech background.

Tenure (median years) 5 5 None of the 12 companies have female CEOs. The gender gap in the life sciences executive suite is No. of publications (average) 39 19 an important topic for us. Over the years, the RSA No. of patents (average) 19 11 Group has made an effort to address this issue. For example, the UK board report: RSA Talent Equity® - Operational experience 58% 0% Successful Biotech Boards, February 16, 2016, clearly Research experience 25% 75% demonstrated that having female directors is strongly correlated with the company’s success. The lack of Product development 17% 25% female CEOs among companies such as those in this experience report is a subject that we will return to in the future. Founders 75% 33% Academic background 25% 50% Science/Technology PhDs 67% 92% The CSO/CTO is the enabler in the molecular diagnostics company. Almost all of the featured technology leaders have advanced scientific training CEOs acquired through a PhD, postdoc and, in some cases, CEOs of molecular diagnostics and genomics an academic research career. They have published companies are a specific type – many are scientist- numerous peer-reviewed publications in prestigious turned-entrepreneur – 67% of this peer group are PhDs journals, such as Nature, Cell, etc. and 75% are founders. These visionaries turn their bench science into business, and do so repeatedly. Coming out of academia, these professionals have been Some CEOs pioneer new sectors, such as next- developing diagnostic products at larger companies, such generation diagnostics and personalised medicine. as Illumina, or at smaller start-ups. In some cases, CTOs team up with the CEOs either at a research institution Their scientific background and academic or at a company. This duo, of a visionary and an enabler, achievements enable them to spot opportunity and continues to build successful businesses together, and their entrepreneurial drive inspires them to turn moves from one business exit to another. science into business, repeatedly, in some cases. In our study group they are also extremely innovative Technology leaders learn to use their science – a CEO holds, on average, 19 patents and patent knowledge to guide their R&D teams through different applications. While 4 out of 12 hold none, 5 CEOs phases of product development: from product have more than 20 patents and patent applications, specifications all the way to regulatory approval. surpassing even their technology heads. The big majority of the patent and patent applications are held There is one female technology head out of 12 by scientist-CEOs. executives, which is <10%.

6 RSA Talent Equity®

Objective methodology Our molecular and genomic diagnostics Talent Equity® information. For the purpose of this report we also analysis identifies the industry’s leading scientific conducted interviews with key industry officials. and innovation-driving talent worldwide. Through our study of the MDx market, we have identified 12 CEOs To identify the key success traits of the operational and 12 science and technology heads who drive their and scientific talent in the molecular diagnostics companies success in the medical diagnostics field. industry, we studied 476 companies across the globe. A substantial majority (79%) of these companies are located in the USA. We picked the top 12 highest- performing molecular diagnostics and genomics companies founded in the past 10 years. We focused only on SMEs and we excluded large, well-established companies such as Qiagen, bioMérieux, Illumina etc. We ranked the companies based on their performance score, picking those that scored the highest amongst their peer group. We assigned a performance score if a company attracted significant backing from (north of $20 million of total disclosed equity We gathered information for this report using funding), commercialised a product/technology, IPOed, both primary and secondary research, including and/or was acquired by a large company (Appendix comprehensive research of secondary sources such 1). To each one of these KPIs we assigned one as company literature, databases, investment reports performance point. To identify our top talent picks, and business journals. Telephone interviews and email we applied objective metrics, our talent expertise and correspondence were the primary method of gathering industry knowledge in the selection process.

7 RSA Talent Equity®

RSA Talent Equity® Our company picks (ranked by performance score)

Foundation Medicine is a molecular information Biocartis is a molecular diagnostics company that company that combines genetic sequencing and data develops an automated, real time PCR-based system, gathering to identify the best treatment for individual Idylla™. Idylla™ provides molecular information from cancer patients. The company uses genomic profiling any biological sample, allowing fast and effective assays to identify the molecular alterations in a cancer treatment selection and monitoring of treatment and then to match the patient with targeted therapies, progress. The company addresses oncology and immunotherapies and clinical trials of development infectious diseases. Biocartis develops and licenses a products. Foundation Medicine released its first series of technologies for detection, quantification, and product – FoundationOne – less than two years after amplification of DNA- or RNA-based biomarkers with its inception. In 2015 the company sealed a $1.2B assay-specific cartridges. Biocartis collaborates with deal with Roche, selling the majority stake. Philips, bioMerieux and J&J. Performance Score: 4; Total Equity Funding: $97M; Performance Score: 3; Total Equity Funding: $319M; Market Cap: $787M; No. of FTEs: 275; Founded in: 2010 Market Cap: $276M; No. of FTEs: 278; Founded in: 2007

Curetis develops and commercializes products for Lifecode Health (formerly SVBio) uses a combination diagnosing severe infectious diseases. The company’s of machine learning techniques, algorithms and diagnostic solutions enable rapid multi-parameter custom annotation and curation tools to detect pathogen and antibiotic resistance marker detection and interpret genomic alterations in patient tumour in a few hours; other techniques require several days samples. The company developed a Pan Cancer or even weeks. Curetis is developing disposable Somatic Panel platform as a part of its growing cartridges to be used in its platform, Unyvero. portfolio of NGS-based cancer assays. Lifecode’s These cartridges can diagnose serious diseases in Laboratory Developed Tests (LDTs) are developed hospitalised patients, such as pneumonia, implant exclusively on an NGS platform. In February 2016, and tissue infections. Curetis has collaboration MedGenome acquired the company to expand its agreements with Heraeus Medical and Cempra and genomic services in the USA. Curetis is distributing its products in Europe, the Middle East and Asia. Performance Score: 3; Total Equity Funding: $113M; Performance Score: 3; Total Equity Funding: $20.5M; No. of FTEs: 75; Founded in: 2007 No. of FTEs: 11-50; Founded in: 2011

8 RSA Talent Equity®

Guardant Health developed a tumor-sequencing test - Astute Medical identifies and validates protein Guardant360 - which uses blood, rather than a , biomarkers for novel diagnostic tests using a systems to analyse the genetic characteristics of a cancer. The biology approach. The company focuses on high-risk test has a 68-gene panel, and it was acute conditions in critically ill patients, such as those launched in the USA in May 2015. The test detects with acute kidney injury (AKI). Its commercialised tumor genomic alterations in real time, and is intended NephroCheck Test System, to be used in conjunction as a complement to traditional biopsy. The company with the Astute140 Meter, tests urine samples for has a strategic collaboration with Flatiron Health. two biomarkers of AKI. The company out licensed NephroCheck to bioMerieux to develop and market the test on the company’s immunoassay system. In 2015, the company launched its urine test in China under an alliance with Fosun Pharma.

Performance Score: 2; Total Equity Funding: $190M; Performance Score: 2; Total Equity Funding: $121M; No. of FTEs: 51-200; Founded in: 2012 No. of FTEs: 11-50; Founded in: 2007

Quanterix Corporation develops a novel ultrasensitive Hesaam Esfandyarpour, the inventor of electronic DNA diagnostic platform for single molecule analysis. Its sequencing, founded Genapsys in 2010. The company Single Molecule Array (Simoa) technology measures is developing an electronic chip based on their GENIUS individual proteins at concentrations 1000 times (Gene Electronic Nano-Integrated Ultra-Sensitive) lower than the other immunoassays available today. technology that enables fast, low-cost genome This enables the detection and quantification of sequencing. This easy-to-use genomic diagnostic biomarkers that were previously difficult or impossible system enables widespread acquisition of genomic to measure. The company currently markets over 40 data for research and testing of genetic diseases, assay kits for biomarkers in cardiac care, oncology and cancer and microbes. The company has partnered with neurosciences. Next year, the company is considering Sigma-Aldrich, which has developed reagents for its an IPO to support its growth and increasing demand. Genius platform, to co-market the Genius system.

Performance Score: 2; Total Equity Funding: $88M; Performance Score: 2; Total Equity Funding: $88M; No. of FTEs: 75-200; Founded in: 2007 No. of FTEs: 75-200; Founded in: 2007

9 RSA Talent Equity®

AltheaDx provides molecular diagnostics and PCR- Gensignia specializes in microRNA signatures as based services. Its pharmacogenetics product-testing diagnostic tools. The company develops blood-based portfolio - IDgenetix - focuses on cardiovascular oncology tests. The diagnostic method, MicroRNA disease, neuropsychiatric disorders and pain. The Signature Classifier (MSC), is a noninvasive blood company offers molecular biomarker discovery, assay test to detect lung cancer at an early stage, in place development, assay validation, and prospective/ of the standard low dose CT scans. The company’s retrospective clinical trial testing services. The technology helps identify the right patients and company also provides gene expression and reduces false-positive screening results. genotyping analysis for preclinical and clinical applications. AltheaDx partnered with SinfoniaRx to integrate IDgenetix’ proprietary genetic testing into Sinfonia’s medication therapy management directed at mental illness.

Performance Score: 2; Total Equity Funding: $41M; Performance Score: 2; Total Equity Funding: $23M; No. of FTEs: 81; Founded in: 2009 No. of FTEs: 11-50; Founded in: 2011

Qvella is developing diagnostic technology to detect Genalyte’s technology platform leverages silicon pathogens in blood and other bodily fluids in 30 biosensors to digitise blood samples. Its Maverick minutes, without the need for time consuming Detection System analyses blood samples with a culturing. The company’s Field Activated Sample disposable microchip. The testing process takes Treatment (FAST) technology utilises a novel electrical about 15 minutes, and it will let doctors test patients lysing and sample treatment technique, e-lysis. in their offices. The company is initially targeting The technology enables direct, fully automated and rheumatologists - it will offer tests for autoimmune rapid detection of infectious agents from biological diseases such as lupus and rheumatoid arthritis. samples. This enables timely and efficient treatment, Genalyte has also developed a 10-minute Ebola test. and minimises the overuse of antibiotics, to avoid the Both are currently in clinical trials. development of resistance.

Performance Score: 2; Total Equity Funding: $20M; Performance Score: 1; Total Equity Funding: $56M; No. of FTEs: 11-50; Founded in: 2009 No. of FTEs: 40-50; Founded in: 2007

10 RSA Talent Equity®

Talent Equity® MDx

CEOs, Co-Founders and Science & Technology heads

Foundation Medicine Michael Pellini President & CEO Phil Stephens CSO Biocartis Rudi Pauwels Executive Chairman & CEO Erwin Sablon R&D & Alliance Management Curetis Oliver Schacht CEO Andreas Boos CTO Lifecode Dietrich Stephan President & CEO Sivan Bercovici CTO Guardant Health Helmy Eltoukhy CEO AmirAli Talasaz President & COO Astute Medical Christopher Hibberd CEO Paul McPherson CSO Quanterix Kevin Hrusovsky Executive Chairman & CEO David Duffy VP of Research & CTO GenapSys Hesaam Esfandyarpour CEO Subra Sankar VP of Product Development AltheaDx Jorge Garces President & CEO François Ferré Chairman Gensignia Lee McCracken CEO Elisa Romeo VP of R&D Qvella Tino Alavie President & CEO Samad Talebpour Chief Scientist Genalyte Cary Gunn CEO Martin Gleeson CSO

11 RSA Talent Equity®

Michael Pellini Phil Stephens President & CEO CSO

Background: Operations Background: Research

Key traits: Diagnostics Key traits: Cancer genomics experience, operational expertise, research experience, clinical expertise experience

Education: MD Thomas Education: PhD in Genomics, Jefferson University; MBA Oxford University Drexel University; BA, Boston College

Michael joined served as COO and VP Phil joined Foundation Research experience: Foundation Medicine in at Lakewood Pathology Medicine in 2011 as Previous to Foundation 2011 as President and Associates. He also CSO. Medicine, he held CEO. He also serves served as President multiple research as a board member and CEO of Genomics positions on the Cancer of the Personalised Collaborative, acquired by Genome Project at Medicine Coalition and SeraCare Life Sciences in Sanger Institute under as a member of the 2004. Professor Michael President’s Leadership Stratton’s group. Council of Jefferson Operational experience: Medical College. Michael served as His research team entrepreneur-in-residence sequenced the first MDx experience: at BioAdvance, a life two melanoma and Previously he had held science-focused venture lung cancer genomes. the position of President capital firm, where he Subsequently, he was and COO at Clarient, a GE was responsible for co-lead author in the Healthcare company. There identifying early-stage discovery of BRAF in he led commercialisation investment opportunities. melanoma and ERBB2 in and reimbursement Michael has authored lung cancer. strategies of multiple three publications. He cancer diagnostic tests. holds four patents and Phil has authored Clarient was acquired by patent applications. more than 10 scientific GE in 2010. publications, including articles in Nature, Cell Prior to Clarient, he and other prestigious served as VP of Life journals. He holds three Sciences at Safeguard patents and patent Scientific, where he applications. led market expansion efforts and supported Safeguard’s partner companies. Before his tenure with Safeguard, he

12 RSA Talent Equity®

Rudi Pauwels Erwin Sablon Executive Chairman & CEO R&D & Alliance Management

Background: Research Background: Research

Key traits: Founder, Key traits: Research diagnostics experience, experience, operational research experience experience, diagnostics experience Education: PhD in Pharmaceutical Sciences – Education: PhD in Molecular Virology, University of Leuven Biology, University of Ghent

Rudi founded Biocartis Research experience: Erwin has been serving Operational experience: in 2007. He serves as Rudi started his career as Head of R&D since Prior to Biocartis he executive chairman at the Rega Institute 2012. He joined served as director of and CEO. in Leuven, where, as Biocartis in 2010 as a project management at principal scientist, he director of diagnostics & Ablynx, where he led a Operational experience: was focused on the alliance management. research team covering Prior to Biocartis, he development of HIV the development of a co-founded a joint treatment and diagnostic nanobody portfolio. venture with Galapagos tools. Genomics to develop a MDx experience: genomics-based drug He is the author of more Before that, he served target discovery platform. than 150 publications, as head of infectious He also co-founded and holds 9 patents. diseases at Fujirebio Virco, where he served (Innogenetics), where he as chairman and CSO. led R&D teams in the The company developed development of molecular diagnostics tools to diagnostics with a focus optimise HIV treatments. on infectious diseases. Previously, he co-founded Tibotec, a biotech Erwin has authored over company focused on 15 scientific publications. HIV and other infectious He holds 24 patents and diseases. Tibotec was patent applications. acquired by J&J in 2002.

13 RSA Talent Equity®

Oliver Schacht Andreas Boos CEO CTO

Background: Finance and Background: Product strategy development

Key traits: Founder, Key traits: Product diagnostics experience, development, medical device operational experience experience

Education: PhD in Education: Electrical Management, University of Engineering Cambridge

Oliver has been serving Operational experience: Andreas joined Curetis Product development as Curetis’ CEO and Previous to Curetis, he as co-founder and experience: managing director since co-founded a molecular CTO in 2007. He Prior to Curetis he served 2011. He also serves on diagnostics company - holds responsibility as Program Manager at the boards of Protagen, Epigenomics AG - where for manufacturing and Philips Lifeline, a patient- Bio Deutschland and he served as CFO and product improvements. monitoring provider. Oncgnostics. CEO (Epigenomics Inc). Previously, he served as a project manager at He started his career as Agilent Technologies and a consultant at Mercer Hewlett Packard. Management Consulting. Andreas holds 17 patents and patent applications. Oliver is an angel investor in Convida and Metheor Therapeutics Corp. He founded JACOLAN Properties and co- founded TherEpi, Phorms Management AG, Med World and Epicenter AG.

14 RSA Talent Equity®

Dietrich Stephan Sivan Bercovici President & CEO (2011-2013) CTO (2011-2016)

Background: Research Background: Research

Key traits: Founder, research Key traits: Co-founder, experience, diagnostics research experience experience Education: Post-doctorate Education: PhD in Human fellowship in Computer Genetics, University of Science, ; Pittsburgh; B.Sc. in Biology, PhD in Computer Science Carnegie Mellon (Machine Learning & Bioinformatics); MA in Computer Science, Technion – Israel Institute of Technology Dietrich founded Research experience: Research experience: Lifecode and served Prior to co-founding Sivan co-founded Prior to Lifecode he was as its president and Lifecode (SVBio), he led Lifecode in 2011. He a post-doctoral fellow CEO from 2011 to the Gene Partnership served as the company’s in computer science 2013. He currently Project at Children’s CTO until 2016. He at Stanford University, serves as the chairman Hospital Boston/Harvard led the development of where he researched a of the department of Medical School. Prior the analytical platform probabilistic approach human genetics at the to that, he founded and drove strategic to problems in human University of Pittsburgh. Navigenics, a consumer partnerships and genetics. Throughout genetics-testing firm. The collaborations. his academic career, he company was acquired by has been developing Life Technologies. novel mathematical models and algorithms He started his career that address broad as research fellow at challenges in human National Human Genome genetics, and the study Research Institute. of human disease - with immediate implications Dietrich has published for preventive and 169 peer-reviewed therapeutic solutions. articles. He holds 26 patents and patent Sivan has authored 21 applications. scientific publications.

15 RSA Talent Equity®

Helmy Eltoukhy AmirAli Talasaz CEO President & COO

Background: Product Background: Product development development

Key traits: Founder, product Key traits: Product development, research development, medical device experience Education: PhD, MS, and BSc in , Education: PhD in Electrical Stanford Engineering, Stanford

Helmy is a co-founder Research experience: AmirAli is a co-founder Research experience: and the CEO of Guardant He started his career at and the COO of He started his career at Health. the Stanford Genome Guardant health. He the Stanford Genome Technology Center, previously served as Technology Center, where Operational experience: where he discovered the company’s CTO and he led the Technology Prior to Guardant he was the first semiconductor president. Development group. a co-founder and CEO sequencing platform of Avantome, a low-cost and the first base- Operational experience: AmirAli has authored sequencing technology calling algorithm for next Prior to Guardant Health, 10 peer-reviewed provider. The company generation sequencing. he founded Auriphex publications. He holds was acquired by Illumina Biosciences, which was 8 patents and patent for $60 million in 2008. Helmy has authored acquired by Illumina in applications. He then served as Senior 8 peer-reviewed 2009. The company Director at Illumina, publications. He holds developed solutions for where he was responsible over 50 patents and purification and genetic for the development patent applications. analysis of circulating of novel chemistries, tumor cells for cancer hardware and informatics management. for a genetics analysis system.

16 RSA Talent Equity®

Christopher Hibberd Paul McPherson CEO CSO

Background: Operational Background: Research

Key traits: Founder, Key traits: Founder, research operations experience

Education: MBA, The Education: Post-graduate University of Western Ontario; fellowship at UCSD; PhD in BSc in Chemical Engineering, Biophysics, UCSD University of Toronto

Christopher is the co- Operational experience: Paul is the co-founder Operational experience: founder and the CEO of Prior to co-founding and CSO of Astute Prior to co-founding Astute Medical. Astute Medical he served Medical. Astute Health, he served as SVP of corporate as SVP of R&D at Biosite, development at Biosite, a diagnostics company. a diagnostics company. There he led R&D efforts There he led business and launched eight FDA- development efforts, approved diagnostic tools including technology in cardiology and stroke acquisitions, partnerships areas. and alliances. The company was acquired Research experience: by Inverness Medical He started his career as innovations for $1.7 a post-graduate research billion. physicist at UCSD, where he focused on biophysics Before that he was a of photosynthesis. manager at BCG, covering multiple sectors. Paul has authored 28 peer-reviewed publications. He holds 25 patents.

17 RSA Talent Equity®

Kevin Hrusovsky David Duffy Executive Chairman & CEO VP of Research & CTO

Background: Operational Background: Research

Key traits: Operations, Key traits: Research diagnostics experience experience, biotech experience Education: MBA, Ohio University; BSc in Mechanical Education: PhD in Physical Engineering, Ohio State Chemistry, University of University Cambridge; MA/BA in Natural Sciences, University of Cambridge

Kevin joined Quanterix Operational experience: David joined Quanterix in Research experience: in 2014. He has been Prior to Quanterix, 2007 as a CTO and VP He started his career as serving as the chairman he served as a of research a post-graduate research of the board since president of life fellow at the University of 2014 and as the CEO sciences & technology Product development Cambridge and Harvard since 2015. He also at PerkinElmer, a experience: University. serves on the board of research and diagnostic Prior to Quanterix, he 908 Devices, Solect instrumentation producer. served as the Director of David authored 20 peer- Energy Development and Previously, he was a Pharmacomer Technology reviewed publications. He SynapDx. CEO of Caliper Life at Surface Logix, a holds 12 US patents. Sciences, a research drug development tools company, acquired company. There, he led by PerkinElmer for $650 the development and million. Prior to that, he optimisation of small served as CEO of Zymark molecules, currently in Corporation, a biotech clinical stage. Previously, company. Earlier, he he served as a senior served as the president scientist at Gamera of FMC Pharmaceuticals, Biosciences, a research a chemical company. equipment company, where he co-invented a Kevin started his career centrifugal microfluidic at DuPont, where he held device. The company was numerous management acquired by Tecan. positions.

18 RSA Talent Equity®

Hesaam Esfandyarpour Subra Sankar CEO VP of Product Development

Background: Research Background: Product development Key traits: Founder, research experience Key traits: Research experience, product Education: PhD and MSc development experience in Electrical Engineering, Stanford University Education: PhD and MSc in Aerospace Engineering, Georgia Institute of Technology; MBA, UC Berkeley

Hesaam is the Founder Research experience: Subra joined Genapsys Product development and CEO of GenapSys. Prior to founding in 2015 and currently experience: GenapSys, he was serves as the Prior to joining GenapSys, a research fellow at company’s VP of product he served as the the Stanford Genome development. VP of engineering Technology Center, where and development at he developed a method LumaSense, where for DNA sequencing he led the technical based on label-free strategy, and engineering electronic sequencing, execution temperature and worked on nano- and gas sensors. Before biotechnology projects for that, he was a VP of high throughput genomics engineering at Picarro, and proteomics. He an isotope analysis later spun out the DNA instruments company, sequencing technology where he was responsible and incorporated for the development Genapsys. of spectroscopic instruments. Earlier, Hesaam has authored 25 he served at Illumina peer-reviewed articles. as a senior director of He holds 28 patents and engineering, where he led patent applications. instrument development of the next generation of DNA sequencers.

Subra has authored 2 peer-reviewed publications. He holds 2 US patents.

19 RSA Talent Equity®

Jorge Garces François Ferré President & CEO Chairman of the Board

Background: Operations Background: Research

Key traits: Operational Key traits: Founder, research experience, diagnostics experience experience, research Education: Post-doctoral experience fellowship, UCSD; PhD in Education: Post-doctoral Molecular Oncology, Pasteur fellowship in Molecular Institute Biology, University of Massachusetts; PhD in Cell & Molecular Biology, City University of New York; MBA (Executive), Kellogg Graduate Research experience: François is a co-founder Research experience: School of Management; BA Prior to joining AltheaDx, of AltheaDx, where he Prior to co-founding in Biology, City University of he served as SVP at currently serves as the AltheaDx, he co-founded New York GenMark Diagnostics, company’s chairman of Althea Technologies and a molecular diagnostics the board. He served as served as co-CEO. The Jorge joined AltheaDx in testing system developer. the company’s CEO from company was acquired 2013 as the company’s Earlier, he served as a 2010 to June 2013. by Ajinomoto. Previously, president and COO. He CEO and president of He is also a co-CEO he held management has been serving as the Enigma Diagnostics, a of ALMA LifeSciences, positions at Cytometrics CEO since March 2016. point-of-care platform an investment and and The Immune company. Prior to that, consulting firm. Response Corporation. he served as VP and Additionally, he site operations manager serves on the board François has authored at Hologic, where he of: Algebraix Data, 25 peer-reviewed was responsible for Biomatrica, Biological publications. He holds the development of Dynamics (Chairman), 4 patents and patent diagnostics for Cystic Portable Genomics and applications. Fibrosis and HPV. He also MD Revolution. held senior executive positions at Third Wave Technologies, and scientific research roles at Genzyme Genetics and Athena Diagnostics.

Jorge holds 10 patents.

20 RSA Talent Equity®

Lee McCracken Elisa Romeo CEO VP of Research and Development

Background: Operational Background: Research

Key traits: Biotech Key traits: Research experience, large pharma experience, diagnostics experience, diagnostics experience, operational experience experience

Education: MBA, Anderson Education: Post-doctorate School of Management, fellowship in Immunology, UCLA; B.Sc. Commerce, The Scripps Research Santa Clara University Institute; PhD in Human Physiology, University of Zurich Lee joined Gensignia Biotech experience: Research experience: in 2014. He currently Prior to that, he served Elisa joined Gensignia in Earlier, Elisa was a serves as a chairman as president and CBO at 2013, currently serving Research Scientist at of Global Medical and GenStar Therapeutics, as the company’s Genoptix, a Novartis Research Technologies, a biotech company, VP of research and oncology diagnostics a regenerative medicine where he led business development. company. There, she company and biotcech transition from preclinical developed molecular and startup. to clinical stage. He also MDx experience: cell-based diagnostic, served at CombiChem Prior to joining prognostic and predictive MDx experience: as SVP of corporate Gensignia, she was assays. Prior to joining Gensignia, development; the an IVD development he served as president company was acquired by manager at Pathway Elisa has authored and CEO of Pathwork DuPont Pharma. Genomics. There, 36 peer-reviewed Diagnostics. Previously, she was responsible publications. he was a corporate head Pharma experience: for developing of business development Earlier, he served as genotyping assays, at Prometheus a director of business the implementation Laboratories, a specialty development at Allergan, of the Quality System pharmaceutical and where he led the Regulations and the esoteric diagnostics development of strategic preparation and filing company. The company alliances. of FDA submissions. was acquired by Nestlé Lee started his career in Previously, she served Health Science. He venture capital, as VP of as associate director of also served as SVP of 3i Capital and Investment operations at HistoRx, pharmaceutical business at Union Ventures. a diagnostics company, development at Diversa where she led the Corporation. development of new biomarkers for various clinical trials.

21 RSA Talent Equity®

Tino Alavie Samad Talebpour President & CEO Chief Scientist

Background: Operations Background: Research

Key traits: Founder, research Key traits: Research experience, operational experience, diagnostics experience experience

Education: Post-doctorate Education: Post-doctorate fellowship in Fiber Optics fellowship, NRC; PhD in Sensing, University of Optics/Optical Sciences, Toronto; PhD in Electrical University of Laval Engineering, Florida Institute of Technology

Tino has co-founded Operational experience: Samad has joined Qvella Research experience: Qvella in 2009. As Prior to Qvella, he in 2011 as a founding He started his career the company’s CEO he founded NOVX, a member and chief at Laval University, drives research and diagnostics and medical scientist. as a laser physicist, development. He is tools company. There he researching the also a guest lecturer served as the CEO and Product development interaction of high power at the University of executive chairman. experience: laser generated electric Toronto, department of Prior to Qvella, he was fields with biological Applied Science and Before that he was the a founding member at matter. Engineering. co-founder and president NOVX Systems where, of ElectroPhotonics; as a senior scientist, Samad has authored the company was later he worked on defining 35 peer-reviewed acquired by E-TEK product requirements as publications. He holds Dynamics. well as the development 12 patents and patent and refinement of the applications. Tino has authored product. He also led 50 peer-reviewed product clinical testing to publications. He holds regulatory approval. 21 patents and patent applications.

22 RSA Talent Equity®

Cary Gunn Martin Gleeson CEO CSO

Background: Product Background: Research development Key traits: Research Key traits: Founder, research experience, biotech experience experience

Education: PhD in Electrical Education: Post-doctorate Engineering, Caltech; B.Sc. fellowship, NRC; PhD in Applied Physics, United Optics/Optical Sciences, States Air Force Academy University of Laval

Cary founded Genalyte Product development Martin joined Genalyte Biotech experience: in 2007 and currently experience: in 2007, as a VP Prior to Genalyte, he serves as the company’s Prior to Genalyte he of Applications and was a Founding Director CEO. co-founded Luxtera, a Development. He was at ZyGEM, a biotech semiconductor company, appointed as the CSO in company. where as a CTO he 2012. was responsible for Research experience: technology development. He lead product and technology development He started his career as Director of R&D as an officer in the US at Invitrogen (Life Air Force, where he was Technologies Corp). The responsible for launching company was acquired by GPS satellites. Thermo Fisher Scientific. Prior to that, he was a Cary authored 25 peer- research scientist at reviewed publications. He Ligand Pharmaceuticals, holds 81 issued patents. where he researched assay systems for drug discovery.

Martin has authored 25 peer-reviewed publications. He holds 30 patents and patent applications.

23 RSA Talent Equity®

Appendix I

Top 12 molecular and genomic diagnostics companies (in alphabetical order)

Company VC Funding > $20 M Marketed Products IPO M&A

AltheaDx ✔ ✔ — —

Astute Medical ✔ ✔ — —

Biocartis ✔ ✔ ✔ —

Curetis ✔ ✔ ✔ —

Foundation ✔ ✔ ✔ ✔ Medicine

Genalyte ✔ ✔ — —

GenapSys ✔ ✔ — —

Gensignia ✔ ✔ — —

Guardant Health ✔ ✔ — —

Lifecode ✔ ✔ — ✔

Quanterix ✔ ✔ — —

Qvella ✔ ✔ — —

24 RSA Talent Equity®

www.thersagroup.com

© RSA. All rights reserved. RSA, RSA Talent Equity®and their respective logos are among the trademarks or registered trademarks owned or licensed to RSA Limited. All other marks are the property of their respective owners. Designed by www.jcreative.co.uk