DIRECTORATE CHANGES AND FY 23 RESULTS UPDATE-NOVACYT S.A.

DIRECTORATE CHANGES AND FY 23 RESULTS UPDATE-NOVACYT S.A.

Paris, France, and Eastleigh and Manchester, UK - 11 April 2024 - Novacyt S.A. (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international molecular diagnostics company with a broad portfolio of integrated technologies and services, announces changes to the Board of Directors. Lyn Rees, Executive Director, has been appointed Chief Executive Officer and James McCarthy will step down from the Board as Acting CEO, both effective from 1 May 2024. James will remain with the Company for a period of time to officiate a smooth transition.

Lyn is a seasoned healthcare executive with over 28 years' global leadership and commercial experience and a proven track record of successfully building/scaling companies. He became CEO of Yourgene Health plc in 2018 where he led the group through four acquisitions and the sale to Novacyt in 2023. Prior to this, he spent 19 years at British Biocell International (now BBI Group), nine of which as Group CEO, where he completed and successfully integrated seven acquisitions.

Additionally, Dr Joanne Mason, the Company's Chief Scientific Officer, will join the Novacyt Board as an Executive Director effective from 1 May 2024 subject to shareholder approval at the Company's Annual General Meeting and, Dr Andrew Health, Non-Executive Director will retire from the Board of Directors effective 1 May 2024.

Joanne is a leading molecular biologist, with over 22 years' experience having worked in senior positions both in industry and at prominent research institutes. As Chief Scientific Officer at Yourgene Health, she led the development of next generation molecular diagnostics. Prior to this, she held lead scientific roles at Cambridge Epigenetix, Genomics England and Oxford Biomedical Research Centre. She has also acted as an adviser on a number of boards and committees, including the DOH Rare Disease Policy board, MHRA Genomics for Diagnosis forum and UK NEQA.  Joanne holds a PhD from the University of Cambridge in Molecular and Cellular Biology.

Commenting, James Wakefield, Non-Executive Chairman, said: "On behalf of the Board I would like to thank James and Andrew for their hard work and significant contribution to the Group, and wish them both well in their future endeavours. We are delighted to welcome Jo to the Board and Lyn as CEO - they have been instrumental in the seamless integration of Novacyt and Yourgene and will be key drivers in the accelerated growth of the enlarged Group portfolio. Lyn has significant global leadership and commercial expertise, and I am confident that he is the right person to lead the Group as it continues to execute its growth strategy and generate value for shareholders." 

 

Commenting, Lyn Rees, Executive Director and incoming CEO, said: "I am excited to have the opportunity to lead Novacyt in its next stage of development. The molecular diagnostics market is experiencing rapid growth, driven by the continued demand for fast and accurate diagnostics and with our strong portfolio of molecular assays and instruments combined with our leading expertise I believe we are well placed to capture this. I would like to thank James for his support since I joined the Company and look forward to working with the entire team as we continue to deliver our strategy."

FY23 Results Update

Under Euronext Growth reporting requirements, the Company is required to publish its annual accounts within four months of its year-end.

The publication of the annual results for the year ended 31 December 2023, initially scheduled for release by 30 April 2024, has been postponed and will be published by the end of May 2024. This is due to the time required to integrate the accounts of Yourgene Health, acquired towards the end of the year, into Novacyt's consolidated results.

Unaudited revenue for FY23 remains in line with the prior guidance at £11.6m.

Further information on Dr Joanne Mason

Dr Joanne Nicola Mason (née Gooch) (aged 49) has held the following directorships or partnerships in the past five years:

Current directorships/partnerships

Previous directorships/partnerships (last five years)

 

Yourgene Genomic Services Ltd

 

Yourgene Health UK Ltd

Yourgene Health Limited (formerly Yourgene Health plc)

 

Dr Mason does not hold any shares in the Company.

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