Ignyta has hired Dr. Jacob Chacko as chief financial officer. He replaces Zachary Hornby, who has become the firm’s chief operating officer. Previously, Chacko worked at TPG Capital where he served as a vice president focused mostly on healthcare and digital media. Based in San Diego, Calif., Ignyta is a biotech firm that is developing precision medicine focused on treating cancer patients.
SAN DIEGO–(BUSINESS WIRE)–Ignyta, Inc. (Nasdaq: RXDX), an oncology precision medicine biotechnology company, announced today that Jacob Chacko, M.D. has been appointed as Chief Financial Officer, assuming responsibility for the role from Zachary Hornby, who has been appointed to the newly-created role of Chief Operating Officer.
“We are thrilled to expand leadership capacity at Ignyta with the addition of Jacob to our management team,” said Jonathan Lim, M.D., Chairman and CEO of Ignyta. “His broad range of experience with financing, managing, and advising companies in the life sciences field will contribute greatly to Ignyta’s growth as a leading precision medicine biotechnology company.”
“Ignyta will always be grateful for Zach’s invaluable contributions as CFO during a period in which we successfully went public and raised nearly $120 million,” continued Dr. Lim. “This move helps us build significant capacity for future growth by deploying Zach to drive our operations as our COO, where his talents are needed most. During our rapid growth phase, Zach has operated as our de facto COO on top of his CFO responsibilities, and we are fortunate to be able to benefit from his contributions in this official capacity.”
Dr. Chacko joins Ignyta from TPG Capital, a global private investment firm with approximately $60 billion of assets under management, where he served as a Vice President focused primarily on healthcare and digital media since August 2008. At TPG, Dr. Chacko helped lead teams that successfully completed acquisitions having an aggregate value of over $10 billion. He served on the boards of directors of RentPath and EnvisionRx, was an advisor to the Audit Committee of Par Pharmaceutical, and was a board observer to IMS Health and Quintiles Transnational. Prior to TPG, Dr. Chacko concurrently received his M.D. from UCLA and his M.B.A. from Harvard University, and was president of his class at both institutions. Prior to this, Dr. Chacko was an Associate serving healthcare clients at the management consulting firm McKinsey & Company. Dr. Chacko received an M.Sc. in economic and social history from Oxford University, where he was a Marshall Scholar, and a B.A. in biology, B.S. in gerontology, and minor in health policy and management from the University of Southern California.
On May 30, 2014, Dr. Chacko received an inducement stock option award under Ignyta’s Employment Inducement Incentive Award Plan, which was adopted March 28, 2014 and provides for the granting of equity awards to new employees of Ignyta. The inducement award consists of an option to purchase an aggregate of 250,000 shares of Ignyta common stock. The option has a ten-year term and an exercise price equal to the closing price per share of Ignyta’s common stock on the Nasdaq Capital Market on the date of grant. The option vests over a four-year period, with 25% of the option vesting on the first anniversary of the date of hire and the remainder vesting in equal monthly installments over the three years thereafter. The award was approved by the compensation committee of Ignyta’s board of directors and was granted as an inducement material to Dr. Chacko entering into employment with Ignyta in accordance with Nasdaq Marketplace Rule 5635(c)(4).
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a biotechnology company developing precision medicine with integrated Rx/Dx solutions for cancer patients. Its goal is to discover and develop revolutionary new drugs that target activated genes in cancer cells for the customized treatment of cancer patients. The company’s present focus is on the development of RXDX-101, its proprietary oral tyrosine kinase inhibitor that targets solid tumor indications, and advancing its novel Spark discovery programs that leverage its proprietary cancer genomic and epigenomic knowledge bases. For more information, please visit: www.ignyta.com.