SOUTH SAN FRANCISCO, Calif., Feb. 28, 2017 /PRNewswire/ -- Veracyte, Inc. (NASDAQ: VCYT), a genomic diagnostics company focused on reducing unnecessary surgeries and healthcare costs by resolving diagnostic uncertainty, today announced two key executive leadership promotions. Christopher M. Hall has been named president and chief operating officer and John W. Hanna has been promoted to chief commercial officer. Bonnie H. Anderson, whose title previously included president, continues as chief executive officer and chairman of the board, focused on advancing the company's vision and long-term, strategic growth. All executive changes are effective immediately.
"Veracyte is at an exciting inflection point as we now target a $2 billion market opportunity with three commercialized genomic tests," said Ms. Anderson. "I could not be more pleased than to have these two exceptional, proven executives providing critical leadership as we enter our next phase and focus on sustained, profitable growth while transforming disease diagnosis."
As president and COO, Mr. Hall will assume expanded responsibility for Veracyte's day-to-day business and operations. He has served as COO since 2014, having joined the company in 2010 as chief commercial officer. During his tenure, he has led the development and oversight of Veracyte's commercial enterprise and operations functions. In this capacity, he oversaw the successful launch of the company's three products, including its market-leading Afirma® Gene Expression Classifier, which is becoming the new standard of care in thyroid cancer diagnosis. Prior to Veracyte, Mr. Hall served in senior leadership positions at Celera Corporation and Berkeley HeartLab.
As chief commercial officer, Mr. Hanna will oversee sales, marketing and managed care for Veracyte, continuing to report to Mr. Hall. Mr. Hanna joined Veracyte in 2011, most recently serving as vice president of marketing. During his tenure, he has helped define clear patient-centric value propositions for Veracyte's genomic tests, leading to broad physician adoption and health plan reimbursement. His efforts are driving the company's anticipated 2016 revenue of over $60 million. Prior to Veracyte, Mr. Hanna held management positions in business strategy and development at IBM and Humana.
Veracyte (NASDAQ: VCYT) is a leading genomic diagnostics company that is fundamentally improving patient care by resolving diagnostic uncertainty with evidence that is trustworthy and actionable. The company's products uniquely combine genomic technology, clinical science and machine learning to provide answers that give physicians and patients a clear path forward without risky, costly surgery that is often unnecessary. Since its founding in 2008, Veracyte has commercialized three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis and collectively target a $2 billion market opportunity. Veracyte is based in South San Francisco, California. For more information, please visit www.veracyte.com and follow the company on Twitter (@veracyte).
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will" and similar references to future periods. Examples of forward-looking statements include, among others, our ability to successfully scale the company and our belief that we are well positioned for profitable growth. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Forward-looking statements involve risks and uncertainties, which 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 applicability of clinical results to actual outcomes; laws and regulations applicable to our business, including potential regulation by the Food and Drug Administration or other regulatory bodies; the size of the market opportunity for our products; our ability to successfully achieve adoption of and reimbursement for our products; the amount by which use of our products are able to reduce invasive procedures and misdiagnosis, and reduce healthcare costs; our products' ability to become the standard of care; the occurrence and outcomes of clinical studies; the timing and publication of clinical study results; and 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 September 30, 2016. These forward-looking statements speak only as of the date hereof and Veracyte specifically disclaims any obligation to update these forward-looking statements.
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