SAN DIEGO, April 25, 2022 (GLOBE NEWSWIRE) — Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company in oral biotherapy for gastrointestinal health and beyond, announced today Today the appointment of Paul Shabram, MBA, as Senior Vice President, Technical Operations. Mr. Shabram brings more than 30 years of biotechnology experience leading successful commercial product and development programs while implementing new manufacturing processes.
“We are delighted to have Paul Shabram on board as we accelerate and expand our development programs,” said Adi Mohanty, CEO. “We have generated strong preclinical data and are in the process of filing and initiating clinical trials this year, and we are building the organization’s capabilities and skills as we ramp up manufacturing activities to support these trials,” Mr. Mohanty continued. “Paul’s track record of innovation and leadership makes him the right person to help us grow. He will be responsible for our manufacturing, quality control, engineering and supply chain teams as they execute the development of our needle-free delivery technologies to improve the lives of patients.
Prior to joining Progenity, Mr. Shabram established Ventana BioSciences Consulting to support developers of cancer vaccines and therapies. Previously, he was Vice President of Technical Development at Emergent Biosolutions. He joined Emergent through the acquisition of PaxVax. Mr. Shabram was an early employee of PaxVax and served as Vice President of Technical Development, establishing the laboratories, GMP production and quality systems. Prior to PaxVax, he held leadership roles in development and CMC at Schering-Plough/Canji, Cytel and Chiron. Mr. Shabram holds an MBA from the University of Phoenix and a BA in Biochemistry and Molecular Biology from the University of California, Santa Cruz.
About Progenity Progenity, Inc. is a biotechnology company that innovates in the areas of gastrointestinal health and oral biotherapy and develops a suite of investigational ingestible devices designed to provide precise drug delivery and treatment solutions. diagnostic sampling. Progenity will become Biora Therapeutics, Inc. in May 2022.
For more information, visit www.progenity.com or follow the company on LinkedIn or Twitter.
For updates on Biora Therapeutics, please follow @BioraThera on Twitter.
Notice of Incentive Grant Issuance Progenity also announced the award of an incentive award to Paul Shabram pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Upon taking office, Mr. Shabram will be granted two incentive awards consisting of: (i) an option to purchase shares of common stock of Progenity, and (ii) restricted stock units representing the right to receive shares of common stock of Progenity Stock. The grants will be made on May 15, 2022 and both awards will vest over approximately four years from the date of grant. The number of shares underlying the stock option will be calculated on the grant date such that the grant date value of the award (calculated in accordance with GAAP and the using the Black-Scholes option pricing model) or $150,000. The exercise price of the stock option will be equal to the closing price of the common shares of the Company on May 13, 2022, the last trading day before the grant date. The number of shares underlying the RSUs will be equal to $150,000 divided by the 30-day moving average of the Company’s closing stock price on Nasdaq through the date of grant. The awards were given as an incentive for Mr. Shabram’s employment pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
Forward-Looking Statements This press release contains “forward-looking statements”, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include statements regarding Progenity’s products under development and the potential uses of those products in the United States and around the world. In some cases, you can identify forward-looking statements by words such as “may”, “could”, “will”, “aim”, “intend”, “should”, “could”, “may” , “‘expect’, ‘believe’, ‘design’, ‘estimate’, ‘predict’, ‘potential’, ‘develop’, ‘plan’ or the negative form of these terms, and similar expressions or statements regarding intent, belief, or current expectations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that could cause Progenity’s actual results to differ materially from the forward-looking statements expressed or implied in this press release, including Progenity’s ability to develop and successfully commercialize its products under development, the uncertainties inherent in the development process, such as the regulatory approval process, the timing of regulatory filings, the ability to identify potential partners and other matters, including the ongoing COVID-19 pandemic, which could affect the sufficiency of existing cash, cash equivalents and term investments to fund operations and the availability or commercial potential of Progenity’s products, and the risks described in the ” Risk Factors” and “Management’s Discussion and Analysis of the Situation on Financial and Operating Results” in Progenity’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 28, 2022, and other subsequent documents we file with the SEC, including, but not limited to, Progenity’s quarterly reports on Form 10-Q. Progenity claims the safe harbor protections contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Progenity expressly disclaims any obligation to update or change any statements, whether as a result of new information, future events or otherwise, except as required by law.
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