Adaptive Biotechnologies Corp (NASDAQ: ADPT) has appointed a new chief financial officer (CFO). Tycho Peterson, who will fill the role, has decades of experience in financial leadership, diagnostic industries, and life sciences.
Peterson could use his experience to the company’s benefit
According to the company’s founder ad CEO, Chad Robbins, Peterson has been in the industry for more than 20 years. During this time, new technologies like artificial intelligence (AI) and genome sequencing have emerged and caused changes to precision medicine and diagnostics.
Robins adds that the industry keeps changing to a data-driven process of therapeutics and diagnostics. Peterson could become an asset to the company because he knows about the latest technologies and how the company could leverage them.
Before working for Adaptive Biotechnologies, Peterson worked as the managing director at JPMorgan Chase & Co (NYSE: JPM) unit’s healthcare group. Peterson states that he has followed the process of Adaptive Biotechnologies.
From monitoring the company, Peterson has seen its potential to transform the medical community using its knowledge of the adaptive immune system. Peterson adds that he is glad to work with the company to help it deliver its immune-driven products to patients and clinicians.
The company is reorganizing
Adaptive Biotechnologies is currently reorganizing its structure into two business areas. These are Immune Medicine and MRD (Minimal Residual Disease). MRD includes the clonoSEQ test for healthcare workers. The clonoSEQ assay is for pharmaceutical partners who will support the approval and development of medications.
ClonoSEQ is an MRD assay for B-cell acute lymphoblastic leukemia, multiple myeloma, and chronic lymphocytic leukemia. This assay is the only one approved by the Food and Drug Administration (FDA). Moreover, having an MRD division will enable the company to capitalize on the relationship between clonoSEQ inclusion and clinical adoption.
The Immune Medicine Division, on the other hand, includes drug discovery, diagnostic, and research services and products through T-cell mapping. For this division, the company is partnering with Microsoft Corporation (NASDAQ: MSFT). So far, the company has partnered with Nykode and Genentech for drug discovery. Furthermore, the products in its portfolio are T-Detect and ImmunoSEQ.
Sharon Benzeno will lead the Immune Medicine sector, while Nitin Sood will lead MRD. In addition, the company will cut about 12% of its workforce and stop projects that don’t align with its new goals.
