WuXi NextCODE Restructures and Becomes Genuity Science

WuXi NextCODE Restructures and Becomes Genuity Science

PR Newswire

BOSTON, June 23, 2020

Genuity Science integrates its U.S., Ireland and Iceland operations and cuts ties with China operations

BOSTON, June 23, 2020 /PRNewswire/ -- WuXi NextCODE today announced plans to restructure its operations and governance in order to best position the company for future growth, ground-breaking offerings for customers, and new collaborations with industry partners. As part of these efforts, effective June 23, 2020, the company, now as Genuity Science, is coordinating its operations in the United States, Iceland and Ireland (where it previously operated as Genomics Medicine Ireland) in order to improve efficiency and collaboration, as well as its offerings and services to customers around the world.

Additionally, Genuity Science will complete separation from WuXi NextCODE's Shanghai operations, a process that began in mid-2019 in response to changes in China's Human Genetic Resource Regulation (HGRAC). Strategic options are being considered for the Shanghai operations going forward, with complete legal and financial separation expected later in 2020.

As Genuity Science, the company will continue to be a U.S.-headquartered contract genomics and data-sourcing, -analytics and -insights organization – providing global biopharmaceutical partners with comprehensive end-to-end therapeutic discovery and development services such as population-scale, disease-specific data sourcing, high-quality sequencing, robust statistical analysis and software tools for analyzing large datasets and artificial intelligence (AI). These services accelerate the discovery and development of effective drug therapies and improve the quality of life of patients and families around the world.

"This restructuring allows us to sharpen the short-term strategic focus of our business to better catalyze the biopharma industry's ability to effectively and efficiently integrate genomic data and insights into their drug development endeavors," said Rob Brainin, CEO of Genuity Science. "Our long-term vision and commitment to improving the lives of patients by accelerating the pace of precision health remains the same."

As part of the restructuring, Genuity has formed a new Board of Directors, comprising a blend of investor representatives and subject matter experts in areas such as drug discovery and data protection, from the United States, Ireland, and the United Kingdom, as well as CEO Rob Brainin. Additionally, to ensure continued alignment with evolving technology, and security and trade policies in the key markets in which our customers operate, the company has engaged two advisors to work with the Board of Directors to manage the information shareholders receive, and how they receive it. Chris Simkins, a recognized expert on technology, national security and regulatory matters, and The Chertoff Group, a respected U.S. national security advisory firm, will collectively serve as an intermediary between the company and its broader shareholder group to ensure that no information pertaining to sensitive technologies or patient data is made available to shareholders. All European research data will continue to be managed and controlled from Ireland.

"Our new name, Genuity Science, better reflects the company's structure, mission and strategic direction and signifies the ingenuity, insights and innovation of our approach. Nowhere has this been more real for us than in the fight against COVID-19, where in the space of four weeks, Genuity Science pivoted its Irish operations to both support testing in Ireland and also provide free genomic sequencing services to scientists in order to hasten understanding of the virus on infected patients across Ireland," continued Brainin.

In addition to announcing the name under which the company will operate going forward, Genuity Science today unveiled the company's new brand identity and logo which can be accessed at www.genuitysci.com. Information about Genuity Science's Board of Directors, Advisors, Leadership and Scientific Teams can also be found on the company website.

About Genuity Science
Genuity Science is a contract genomics and data-sourcing, analytics and insights organization headquartered in Boston, Massachusetts, USA with offices in Dublin, Ireland and Reykjavik, Iceland. Genuity partners with global biopharma companies to offer deep end-to-end discovery services aimed at catalyzing precision health and improving the quality of life for patients around the world. Services include population-scale, disease-specific data sourcing, high-quality sequencing, robust statistical analysis and software tools for analyzing large datasets and artificial intelligence (AI). The company operates advanced CAP/CLIA genomics laboratories in Woburn, Massachusetts, USA and in Dublin, Ireland and is deeply committed to data stewardship and data governance across its global offices. For more information, see www.genuitysci.com.

Contact
Jamie Obal
Glover Park Group
jobal@gpg.com

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