GERMANTOWN, Md., April 3, 2019 /PRNewswire/ -- Intrexon Corporation (NASDAQ: XON), announced today that it will align its operations into two units, Intrexon Health and Intrexon Bioengineering, to better deploy resources, realize inherent synergies and position the company for growth with a core focus on healthcare. Intrexon Health, will be led by Randal J. Kirk, Chairman and Chief Executive Officer of Intrexon while Intrexon Bioengineering will be led by LTG (Ret.) Thomas Bostick, PhD, PE, Chief Operating Officer of Intrexon who in addition will assume the title of President, Intrexon Bioengineering.
This change allows Intrexon to direct corporate assets to the most promising healthcare programs, including prioritizing budget and staff to advance Precigen's diverse portfolio of transformative gene and cellular therapies. The company also will focus on a combination of partnering, asset sales and operating cost reductions that management believes will allow it to end the year with approximately the same net cash position that it holds today.
Intrexon Health's assets will include its wholly-owned subsidiaries Precigen, ActoBio Therapeutics, Exemplar Genetics, and Intrexon Laboratories Hungary and its majority ownership interest in Xogenex, as well as equity and royalty interests in therapeutics and therapeutic platforms being developed by companies not controlled by Intrexon. All of Intrexon's other businesses will be integrated into Intrexon Bioengineering. The chief executive officers of each of the wholly-owned healthcare subsidiaries will report directly to Randal J. Kirk.
"With eight clinical stage and technologically differentiated therapeutic candidates currently in clinical development across Intrexon's healthcare subsidiaries and more on the way," said Mr. Kirk, "there can be little doubt that Intrexon is at heart a healthcare company and has been so since inception. That we were able at the same time to advance an extraordinary portfolio of industrial, food and environmental technologies and assets is a testament to our team's tenacity and vision. We believe that under Tom Bostick's capable leadership Intrexon Bioengineering will realize the promise of our non-health products and technologies for the benefit of our shareholders and for society," he continued.
"Establishing Intrexon Health is an important advancement for Precigen and acknowledges the contribution and rapid progress our company has made in establishing a portfolio of promising therapeutic candidates, including two clinical stage assets utilizing our game-changing UltraCAR-T™ therapeutic platform. Under Intrexon Health we are confident that we will be able to advance our proprietary technology and therapeutic platforms to bring transformative immuno-oncology, autoimmune and infectious disease therapies to patients as quickly and efficiently as possible," said Helen Sabzevari, PhD, President of Precigen.
"The unique value propositions, leading science, industrial diversity, partnership base and tremendously skilled teams now included within Intrexon Bioengineering give me confidence that we can rival Intrexon Health in performance over the long term, whether part of Intrexon or independently," stated Dr. Bostick. He continued, "Our talented team will strive toward advancing programs for the greater good and future generations with the goal of building long-term shareholder value."
About Intrexon Corporation
Intrexon Corporation (NASDAQ: XON) is Powering the Bioindustrial Revolution with Better DNA™ to create biologically-based products that improve the quality of life and the health of the planet. Intrexon's integrated technology suite provides its partners across diverse markets with industrial-scale design and development of complex biological systems delivering unprecedented control, quality, function, and performance of living cells. We call our synthetic biology approach Better DNA® and we invite you to discover more at www.dna.com or follow us on Twitter at @Intrexon, on Facebook, and LinkedIn.
Intrexon, UltraCAR-T, Powering the Bioindustrial Revolution with Better DNA, and Better DNA are trademarks of Intrexon and/or its affiliates. Other names may be trademarks of their respective owners.
Safe Harbor Statement
Some of the statements made in this press release are forward-looking statements. Forward-looking statements made in this press release include, but are not limited to, statements regarding plans, objectives and expectations for the business, operations, organizational structure and performance of Intrexon, Intrexon Health and Intrexon Bioengineering, clinical and pre-clinical development activities, and the potential benefits of our products and product candidates and technologies. These forward-looking statements are based upon our current expectations and projections about future events and generally relate to our plans, objectives and expectations for the development of our business. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties and actual future results may be materially different from the plans, objectives and expectations expressed in this press release. For a discussion of risks and uncertainties, and other important factors, any of which could cause Intrexon's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Intrexon's Annual Report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in Intrexon's subsequent filings with the SEC. All information in this press release is as of the date of the release, and Intrexon undertakes no duty to update this information unless required by law.
For more information regarding Intrexon Corporation, contact:
Vice President, Investor Relations
Tel: +1 (214) 721-0607
Marie Rossi, PhD
Vice President, Communications
Tel: +1 (301) 556-9850
SOURCE Intrexon Corporation