Business
Intrexon Intensifies Focus on Healthcare, Forms Two Units and Streamlines Management
GERMANTOWN, Md., April 3, 2019 /PRNewswire/ -- Intrexon Corporation (NASDAQ: XON), announced today that it will align its operations into two units, Intrexon
About this update from Precigen, Inc.
[{"type":"text","content":"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. \n\n \nThis 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. \nIntrexon 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. \n\"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.\n\"Establishing Intrexon Health is an importan...