Quotient Board Announces Contract Extension of CEO Franz Walt
JERSEY, Channel Islands, July 02, 2019 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ: QTNT), a commercial-stage diagnostics company (the Company), headquartered in Eysins, Switzerland, today announced the Board of Directors’ decision to amend Chief Executive Officer (CEO) Franz Walt’s employment agreement to be auto-renewable. The original contract was set to expire in 2020.
“Under Mr. Walt’s leadership, Quotient has consistently met its milestones and is now positioned for a successful future. The contract amendment allows us to secure the continuity in leadership which is essential for sustainable success,” said Heino von Prondzynski, the Company’s Chairman of the Board.
Mr. Walt was appointed CEO of Quotient in March 2018, and during his tenure he has developed and executed the company’s long-term strategy beginning with a successful field trial of the Initial immunohematology (IH) microarray, followed by ISO certification of the new manufacturing facility, CE mark self-certification of the MosaiQ instrument, and most recently by obtaining the CE mark for the Company’s first microarray.
Mr. Prondzynski continued, “We are delighted to have Franz at the helm as we move forward and continue to reshape the way diagnostics practiced.”
About Quotient Limited Building on 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. MosaiQ, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. MosaiQ is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, deliver significant workflow improvements, and operational cost savings to laboratories around the world. Quotient's operations are based in Eysins, Switzerland, Edinburgh, Scotland and Newtown, Pennsylvania.
Forward-Looking StatementsThis news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding our expectations of continued growth, the development, regulatory approval, commercialization and impact of MosaiQ and other new products (including the application of MosaiQ to infectious disease diagnostics), and the timing of the issuance of the Company's additional notes. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include delays or denials of regulatory approvals or clearances for products or applications; market acceptance of our products; the impact of competition; the impact of facility expansions and expanded product development, clinical, sales and marketing activities on operating expenses; delays or other unforeseen problems with respect to manufacturing, product development or field trial studies; adverse results in connection with any ongoing or future legal proceeding; continued or worsening adverse conditions in the general domestic and global economic markets; the Company's ability to satisfy certain closing conditions associated with the issuance of the additional notes; as well as the other risks set forth in the Company's filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Quotient disclaims any obligation to update these forward-looking statements.The Quotient logo and MosaiQ™ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions.CONTACT:
Christopher Lindop, Chief Financial Officer - [email protected]; +41 799 61 69 38
