March 22, 2023
Invitae and Deerfield Management Partner to Create Novel Therapeutics for Rare Diseases
Invitae (NYSE: NVTA), a leading medical genetics company, and Deerfield Management Company , a healthcare investment firm, today announced a partnership to advance genetics-based drug discovery and development in rare disease. The partnership will leverage genetics and clinical data from millions of patients and Deerfield's broad drug discovery and development expertise. "Invitae's core objectives include expanding access to genetic information to improve healthcare for patients. Through this partnership, we intend to serve millions of families affected by rare diseases with high unmet needs," said Farid Vij, general manager of patient network and data at Invitae. "Our genetic and clinical data platform is highly enriched with patients possessing rare disorders, enabling a deeper understanding of the natural history and genetic basis of these diseases, and improving the success rate of new clinical programs." "Despite significant research efforts, there are thousands of rare diseases
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March 21, 2023
Invitae Announces Partnership with Epic to Streamline Genetic Testing
Invitae (NYSE: NVTA), a leading medical genetics company, today announced its partnership with Epic, an industry-leading healthcare software company. Through Aura, Epic's specialty diagnostics suite, Invitae will streamline interactions with provider organizations in the Epic community, making test result information available in providers' usual workflows so that it's easier to use genetic insights to inform treatment decisions. "Genetic testing can inform some of the most important care decisions in patients' lives, and Invitae is making it more accessible to both patients and providers across the Epic community," said Dave Fuhrmann, senior vice president of research and development at Epic. "Aura will help them do so by further enabling precision medicine at many of the nation's leading healthcare organizations." "Our use of Aura allows patients and providers to seamlessly access genetic testing that can help identify at-risk individuals, enhance early detection and better
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March 16, 2023
Invitae Appoints Dr. W. Michael Korn as Chief Medical Officer for Oncology
– Expert in the field of gastrointestinal cancer and precision oncology to lead Invitae's medical oncology team with a particular focus on somatic testing development – – Invitae reports inducement grant under NYSE Rule 303A.08 – Invitae (NYSE: NVTA), a leading medical genetics company, today announced the appointment of W. Michael Korn, M.D., as its chief medical officer for oncology, effective March 13, 2023. Dr. Korn brings decades of experience in the field of gastrointestinal cancers, implementing precision oncology principles in clinical cancer care, and designing a novel database on targeted cancer therapeutics. At Invitae, Dr. Korn will lead the medical oncology team with the goal of enabling an integrated portfolio in cancer, with an emphasis on somatic testing development. Invitae's comprehensive oncology portfolio aims to accurately and reliably identify patients at risk of developing cancer and enable care for patients diagnosed with cancer through advanced molecular
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March 15, 2023
Invitae to Present Data at The American College of Medical Genetics Meeting 2023 That Supports Removing Barriers to Genetic Testing
Invitae (NYSE: NVTA), a leading medical genetics company, today announced seven studies, including one oral presentation and six posters, to be presented at the 2023 American College of Medical Genetics Meeting held in Salt Lake City from March 14-18, 2023. The research reinforces the importance of universal genetic testing for patients with cancer, with much of the data highlighting the need for increased representation in clinical genetic testing data across racial, ethnic and ancestry groups that have long been underrepresented in genetic studies and databases. Such inclusion can uncover unique insights and expand the clinical validity of genetic testing to more populations, helping inform health journeys and potentially improving health outcomes. Invitae will also be highlighting powerful innovative technological advances that include multiplex assays of variant effects, machine learning and big data approaches to address current challenges in variant classification and
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March 6, 2023
Invitae's PCM Assay for Minimal Residual Disease Receives its First Commercial Coverage
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that its Personalized Cancer Monitoring (PCM™) assay, which helps detect minimal residual disease (MRD) in patients, has obtained its first commercial coverage in all solid tumors by Blue Shield of California. The policy, effective as of March 1, 2023, considers the test medically necessary for patients with stage I-IV cancer after surgical intervention for adjuvant or targeted therapy and/or monitoring for relapse or progression. Invitae's PCM uses a novel set of personalized assays based on a patient's tumor to detect circulating tumor DNA (ctDNA) in blood, assisting with risk stratification, assessing response to treatment and detecting cancer recurrence. "We are very pleased with this coverage decision because it recognizes the utility of PCM in detecting MRD, thereby improving the clinical care of cancer patients," said Robert Nussbaum, M.D., chief medical officer at Invitae. "We are continuing to generate
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March 1, 2023
Invitae to Present at the TD Cowen 43rd Annual Health Care Conference
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Ken Knight, president and chief executive officer, will participate in a fireside chat at the TD Cowen 43 rd Annual Health Care Conference on Monday, March 6, at 1:30 p.m. Eastern. A live audio webcast of the fireside chat may be accessed by visiting the investors section of the company's website at ir.invitae.com . A replay of the webcast will be available shortly after the conclusion of the fireside chat. 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
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February 28, 2023
Invitae Announces Convertible Notes and Share Exchange and New Convertible Notes Issuance
– In a transaction led by Deerfield Management, the Company effectively addresses ~96% of its 2024 convertible debt obligations – – Participating holders to exchange 90% of their existing 2024 notes for new notes due in 2028 and equitize 10% of their holdings; Certain investors will also provide an additional $30 million of capital – – The Company will discuss this announcement during its fourth quarter and full year 2022 earnings call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time – Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it has signed exchange and financing agreements with a fund managed by Deerfield Management Company and other investors (collectively, the "Investors"). The privately negotiated agreements with the Investors' holdings of the Company's outstanding 2.00% Convertible Senior Notes due 2024 (the "Old Notes") calls for the exchange of approximately $306 million aggregate principal amount of the Old Notes into approximately $275
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February 28, 2023
Invitae Reports Fourth Quarter and Full Year 2022 Financial Results; Provides Company Updates
– Entered into a ~$336 million transaction for the 2024 convertible notes, effectively addressing ~96% of the amount outstanding (see separate press release to follow) – – Repaid its 2024 senior secured term loan in full, improving its balance sheet – – Company maintains cash runway through the end of 2024 – – Annual revenue grew by 12.1%; Continued to improve on key financial metrics – – Major initiatives under strategic realignment largely completed – – Guiding to low double digit pro forma revenue growth and continued expansion of non-GAAP gross margin in 2023, decreasing cash burn by over 45% from 2022 – – Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time – Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the fourth quarter and year ended December 31, 2022. "2022 was a transformative year for Invitae as we shifted our focus to drive more profitable growth, and we are pleased
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February 14, 2023
Invitae to Announce Fourth Quarter and Full Year 2022 Financial Results on Tuesday, February 28, 2023
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it will report its fourth quarter and full year 2022 financial results on Tuesday, February 28, 2023, and will host a conference call and webcast that day at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and recent highlights. To access the conference call, please register at the link below:
https://www.netroadshow.com/events/login?show=d75171b5&confId=46549 Upon registering, each participant will be provided with call details and access codes. The live webcast of the call and slide deck may be accessed here or by visiting the investors section of the company's website at ir.invitae.com . A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company's website. About Invitae
Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver
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January 30, 2023
Invitae Appoints William H. Osborne to its Board of Directors
Invitae (NYSE: NVTA), a leading medical genetics company, has announced that aerospace, transportation and industrial supplies veteran William H. Osborne has been appointed to its board of directors and will also serve on its audit committee, effective January 26, 2023. "We are pleased to welcome William (Bill) Osborne to our board of directors and look forward to working with him and taking full advantage of his considerable track record of both operational and governance leadership. Bill has guided multiple companies to achieve transformational growth, scale and innovation, globally," said Ken Knight, president and chief executive officer of Invitae. "Bill's experience in the CEO role and his tenure at both Boeing Company and Navistar demonstrate a breadth and depth of leadership within global enterprises. While at Boeing, Bill served in several senior management positions, led its manufacturing council and provided oversight of corporate environmental health and safety. These roles
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January 9, 2023
Invitae Reports Preliminary 2022 Financial Results
— Approximately 12% growth year-over-year in revenues —
— Greater than $555 million in cash, cash equivalents, marketable securities, and restricted cash —
— Cash burn continued its declining trend over the past five quarters —
— Presenting at the 41st Annual J.P. Morgan Healthcare Conference on January 11 at 9:00 a.m. PST — Invitae (NYSE: NVTA), a leading medical genetics company, today announced preliminary unaudited fourth quarter and full-year 2022 revenue, cash burn and commercial metrics. Preliminary, unaudited financial results and other metrics for 2022 Generated revenue of approximately $516 million in 2022, or about a 12% increase from $460 million in 2021. Fourth quarter 2022 revenue was approximately $122 million, versus $126 million a year ago, which reflects a decline due to the exited businesses and geographies. Cash, cash equivalents, restricted cash and marketable securities were greater than $555 million as of December 31, 2022. Our cash burn in the
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January 4, 2023
Invitae to Present at the 41st Annual J.P. Morgan Healthcare Conference
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Ken Knight, president & chief executive officer, will present at the 41 st Annual J.P. Morgan Healthcare Conference on Wednesday, January 11, 2023, at 12:00 p.m. Eastern / 9:00 a.m. Pacific. The live audio webcast of the presentation may be accessed by visiting the investors section of the company website at ir.invitae.com . A replay of the webcast will be available shortly after the conclusion of the presentation. About Invitae Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information simplified by digital technology. With accurate and actionable answers to strengthen medical decision-making, Invitae gives individuals and their families powerful, personalized insights that could improve and extend their lives. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of
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