LOCUS DEVELOPMENT, INC. MERGES WITH INVITAE DIVISION OF GENOMIC HEALTH
San Francisco, CA, August 8, 2012 - Genomic Health (NASDAQ: GHDX) merged its InVitae division into Locus Development, Inc., a Thomas, McNerney & Partners II, L.P. portfolio company. San Francisco, CA-based Locus was founded in 2010 to consolidate the genetic testing market and enable practicing clinicians to interpret patient-specific genomic sequence data. The company has developed a panel of tests to detect a broad spectrum of the known genetic mutations and has built a fully functional laboratory to process patient samples.
Randy Scott, the founder and prior CEO and Chairman of Genomic Health, will become CEO and Chairman of the combined entity, which will retain the InVitae name. Randy has successfully built multibillion dollar companies twice before in his career. He has been a board member of Locus since 2010, and his passion for the company’s mission and technology drove him to want to lead this combined entity. Locus’ founding team and employees will remain with the merged company.
InVitae will continue its focus on next generation sequencing for the clinical diagnostics market. In fact, newly independent InVitae already has a significant head start in this rapidly growing segment of the market. This transaction expands Locus’ product offering to over 300 genetic conditions in its current testing panel, representing the majority of generic tests performed today. Additionally, it brings on board the commercial expertise and experience of Randy Scott and his team at a critical time for the company, having received its CLIA clearance in May 2012, making Locus commercial-ready.