Experienced health care executive brings more than 25 years of financial leadership to the company
MADISON, Wis.—(BUSINESS WIRE)— Exact Sciences Corp. (NASDAQ: EXAS) today announced the appointment of John K. Bakewell as chief financial officer. Mr. Bakewell will begin his new role on January 1, 2016.
"John brings significant industry and public company experience and financial acumen to Exact Sciences," said Kevin T. Conroy, chairman, president and CEO of Exact Sciences. "His deep experience in health care makes him the ideal CFO for the company. He is highly respected in the industry and can make a significant impact on the creation of value for Exact Sciences' shareholders."
Mr. Bakewell, 54, brings more than two decades of experience in leadership roles in finance and operations with large corporations and emerging growth health care companies. Most recently, he was CFO at Lantheus Holdings Inc., where he led the financial management, investor relations, information technologies and risk management functions.
"I am honored to join the leadership team at Exact Sciences and to have the opportunity to play a key role in the mission of eradicating colon cancer," Bakewell said.
Bakewell serves as a director of two medical technology companies, including serving as a member of the audit committee of Entellus Medical and as chairman of the audit committee at Keystone Dental. He earned a bachelor's degree in accounting with a minor in economics from the University of Northern Iowa and is a certified public accountant (current status inactive).
Bakewell will report to Mr. Conroy and serve as a member of the executive leadership team.
Exact Sciences also announced that Bill Megan, who has served as senior vice president of finance since August 2013, will be leaving the company following a short transition period.
"Bill led our finance and accounting functions during a pivotal period, during which we obtained U.S. Food and Drug Administration approval and Medicare coverage for Cologuard, and launched the test," Mr. Conroy said. "We thank Bill for his outstanding leadership and service, and wish him all the best in his future endeavors."
About Exact Sciences Corp.
Exact Sciences Corp. is a molecular diagnostics company focused on the early detection and prevention of some of the deadliest forms of cancer. The company has exclusive intellectual property protecting its noninvasive, molecular screening technology for the detection of colorectal cancer. Cologuard is included in the colorectal cancer screening guidelines of the American Cancer Society and stool DNA is included in the guidelines of the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please follow us on Twitter @ExactSciences or find us on Facebook.
Certain statements made in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected numbers of completed and reported Cologuard tests, anticipated patient compliance rates, expected future operating results, anticipated results of our sales and marketing efforts, expectations concerning payor reimbursement and the anticipated results of our product development efforts. 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, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products; the acceptance of our products by patients and health care providers; the willingness of health insurance companies and other payors to reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening products and procedures; our ability to maintain regulatory approvals and comply with applicable regulations; our success establishing and maintaining collaborative and licensing arrangements; recommendations and/or guidelines issued by the U.S. Preventive Services Task Force, the American Cancer Society, or other organizations regarding cancer screening or our products and services; our ability to successfully develop new products; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Source: Exact Sciences Corp.