Fluidigm Reports Completed $250M Capital Infusion; To Change Name To Standard BioTools, Will Begin Trade Under Ticker 'LAB' As Of Apr. 6, 2022
New Trading Symbol (NASDAQ:LAB) Expected to be Effective April 6, 2022
Appoints New Management Team and Additional Board Members with Significant Experience to Reinvigorate Growth and Enhance Product Portfolio
Embarks on New Chapter of Focused Execution and Growth
SOUTH SAN FRANCISCO, Calif., April 04, 2022 (GLOBE NEWSWIRE) -- Fluidigm Corporation (NASDAQ:FLDM) today announced the closing of the previously announced strategic capital infusion from leading life sciences investors Casdin Capital, LLC (“Casdin”) and Viking Global Investors LP (“Viking”). Fluidigm has been renamed Standard BioTools Inc. (“Standard BioTools”) and its common stock is expected to begin trading on Nasdaq under the symbol “LAB” as of the open of market on April 6, 2022. Standard BioTools Inc. will focus on significantly advancing its mission to become an essential solutions partner to the life science industry focused on the highest growth areas of biological discovery and development.
As previously announced, Dr. Michael Egholm will become President and Chief Executive Officer and Alex Kim will serve as Chief Operating Officer leading transformation activities, effective immediately.
Additionally, Alex Arfaei will serve as Senior Vice President, Corporate Development and Investor Relations. Mr. Arfaei has 20 years of experience in life sciences including twelve years as a high-ranking equity research analyst, and more recently as a partner at a life science venture capital firm.
Jeremy Davis will serve as the company’s new Chief Commercial Officer following the previously-announced resignation of Colin McCracken, effective as of June 12, 2022. Mr. Davis brings more than two decades of business leadership, driving commercial and operational improvements for world class manufacturing businesses and their associated service centers across the globe.
The new team members will join current management team members Vikram Jog (CFO), Nick Khadder (SVP, General Counsel & Corporate Secretary), Brad Kreger (SVP, Global Operations), Angela Peters (Chief Human Resources Officer), and Emi Zychlinsky (SVP, Regulatory Affairs and Quality Assurance). Fluidigm CEO Chris Linthwaite has stepped down and will remain in an advisory role until November 30, 2022, to ensure a smooth transition.
The newly constituted Board of Directors will comprise eight individuals including, as previously announced, Dr. Egholm, Eli Casdin, Dr. Martin D. Madaus, and Dr. Frank Witney. Dr. Carlos Paya, Dr. Bill W. Colston, Gerhard F. Burbach, and Laura M. Clague will continue to serve as independent directors, with Dr. Paya remaining the Board’s Chairman. Chris Linthwaite, Nicolas Barthelemy and Dr. Ana K. Stankovic, members of the current Board, left the Board in connection with the closing of the strategic capital infusion.
Dr. Carlos V. Paya, Chairman of Standard BioTools, said, “We are pleased to complete this important investment and begin a new chapter for our company focused on execution, cost optimization, and high-growth initiatives. With Michael at the helm, I am confident in the ability of Standard BioTools’ management team to realize new opportunities within the Company’s two major platforms, mass cytometry and microfluidics, while consolidating complementary technologies across the life science ecosystem. I thank our departing Board members for their service and contributions to accomplishing this transaction, and I look forward to continuing to work alongside my fellow Board members to deliver on our commitment to improving the human condition and creating improved shareholder value.”
“Today begins a new, transformational journey for Standard BioTools to reach the highest growth opportunities within biological discovery and development,” said Dr. Egholm. “We have an outstanding team, sufficient resources, and meaningful ambitions that will all contribute to our ability to accelerate breakthroughs in human health. Together with the Board and management team, as well as the support of Casdin and Viking, I am excited to continue pioneering new technologies and capabilities within discovery and translational research. Our renewed focus on targeted end-applications, key partnerships, and improved business processes and execution gives me great confidence in the future of our Company with a keen focus on improving top- and bottom-line financial results.”