OraSure drops pursuit of options, names Carrie Eglinton Method as chief government officer

OraSure Applied sciences Inc., a Bethlehem-based maker of diagnostic checks and specimen-collection gadgets, mentioned Monday its seek for “strategic options” has ended with none company strikes.

The corporate additionally named Carrie Eglinton Method as chief government officer efficient June 4. She succeeds Dr. Nancy Gagliano, who was appointed interim CEO in March and was not a candidate for the everlasting job.

Eglinton’s appointment comes because the OraSure board of administrators ended its overview of strategic options with out making any adjustments. A “seek for options” is a company time period for when an organization seeks something from a buyout to no change. An alternate is usually a three way partnership with one other firm or an funding by a bigger outfit.

When OraSure introduced its overview of options on Jan. 5, it additionally mentioned fiscal fourth-quarter gross sales can be on the low finish of its forecast vary due to lower-than-expected gross sales of InteliSwab, OraSure’s take a look at for the COVID-19 omicron variant. The corporate additionally introduced the upcoming departure of then-CEO Stephen Tang.

Shares of OraSure closed at $8.54 on the NASDAQ market on Jan. 5. They’ve since fallen to $5.57 in after-hours buying and selling Monday however are above their 52-week low. OraSure, traded below the ticker image OSUR, has traded as excessive as $13.57 and as little as $4.73 within the final 52 weeks.

“Market circumstances and the board’s perception within the firm’s capability to additional construct upon latest operational successes with Carrie’s management had been elements within the choice” to finish the seek for options, in accordance with the corporate assertion.

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“After finishing a by overview of strategic options with the help of unbiased monetary and authorized advisors, the board believes the very best path to create worth is with improved execution and a renewed concentrate on driving worthwhile progress as a market chief within the areas of straightforward, dependable, point-of-care and residential checks in addition to revolutionary and easy-to-use pattern assortment applied sciences,” board Chairman Michael Celano mentioned within the assertion.

Eglinton Method has greater than 25 years of expertise in healthcare management, in accordance with an OraSure assertion. She is a senior vice chairman at Quest Diagnostics. She has additionally labored at Normal Electrical Co. She is “a champion for inclusion and variety,” in accordance with OraSure’s assertion.

“Carrie is a results-oriented government who brings first-hand strategic insights on the testing trade and providers companies,” Celano mentioned.

“I’m thrilled to be becoming a member of OraSure at such a pivotal level within the firm’s progress story,” Eglinton Method mentioned. She mentioned there are a number of alternatives to increase latest operational enhancements and improve effectivity.