DELFI Diagnostics Appoints Thomas Russo as Chief Financial Officer

News provided by

Aug 26, 2024, 09:02 ET

Developer of Liquid Biopsy, Blood-Based Tests Hires Seasoned Biopharma Executive to Support the Next Phase of Growth

BALTIMORE and PALO ALTO, Calif., Aug. 26, 2024 /PRNewswire/ -- Today, DELFI Diagnostics, Inc., developer of accessible blood-based liquid biopsy tests that deliver a new way to enhance early cancer detection, is announcing the expansion of its leadership team with the appointment of Thomas Russo as its Chief Financial Officer (CFO). Mr. Russo most recently served as CFO of Icosavax, Inc., where he helped guide the clinical-stage biopharmaceutical company through a pivotal growth period from its initial public offering through its acquisition by AstraZeneca for a total equity value of up to $1.1 billion.

"Tom has a proven track record of supporting innovators in healthcare, and his combined expertise across biopharma, finance, commercialization, and the investment community makes him an incredible addition to our growing team of industry visionaries," said Susan Tousi, CEO of DELFI Diagnostics. "DELFI is poised to revolutionize cancer screening to better support providers and patients. Tom's appointment expands our capabilities to ensure fiscal excellence, drive adoption at scale, and fulfill the company's potential."

Mr. Russo brings extensive expertise in finance, operations, and equity research for public biopharma companies, including CFO roles at Icosavax, Inc. and Assembly Biosciences, Inc., and senior finance and commercial operations roles at Gilead Sciences, Inc. Previously, he served as Equity Research Senior Analyst covering biotechnology for Robert W. Baird & Co. Inc., where he earned WSJ Best on the Street recognition. Earlier in his career, Mr. Russo worked in roles of increasing responsibility within Merck & Co., Inc.'s manufacturing division. He received a B.S. in biological sciences from the University of Notre Dame and an MBA from the University of Chicago Booth School of Business, and he is also a CFA charterholder. At DELFI, Mr. Russo will help expand the company into the blood-based liquid biopsy market with the FirstLook Lung test.

"This is an exciting time to be part of DELFI, and I believe in their mission of improving access to early cancer detection for high-risk patients and those in underserved populations," said Mr. Russo. "DELFI has an impressive team backed by an impressive group of investors. Having worked with companies at this stage, I am encouraged by the early and very strong interest in DELFI's approach, signs that the company's clinical and technological leadership could transform the landscape of cancer screening, and the potential for the company to create value for all its stakeholders."

DELFI recently announced partnerships with Indigenous PACT, OSF Healthcare, and City of Hope. Lung cancer is the number one cause of cancer deaths globally and in the United States, where it accounts for 25 percent of all cancer deaths. Studies show annual lung cancer screening can reduce death rates by 20% or more. FirstLook Lung provides health systems and their clinical operations with a simple, blood-based test solution that can be offered to screen-eligible patients during a routine visit. For more information about DELFI and its approach, visit https://delfidiagnostics.com/.

About DELFI Diagnostics
DELFI Diagnostics is developing next-generation, blood-based tests that are accurate, accessible, and deliver a new way to help detect cancer. DELFI tests are built to solve the highest-burden population health issues, including in historically underserved demographics, and have the potential to save lives on a global scale. FirstLook Lung, for individuals eligible for lung cancer screening, is our first laboratory-developed screening test and requires a simple blood draw that can be incorporated with routine blood work. The test is based on fragmentomics, the discovery that cancer cells are more chaotic than normal cells and, when they die, leave behind tell-tale patterns and characteristics of cell-free DNA (cfDNA) fragments in the blood. The DELFI platform applies advanced machine-learning technology to whole-genome sequencing data to assess individuals' cfDNA fragments against populations with and without cancer. FirstLook Lung uses these millions of data points to reliably identify individuals who may have cancer detected through low-dose CT, including early-stage disease, with a negative predictive value of 99.8 percent. This test has not been cleared or approved by the FDA. To learn more about the FirstLook Lung test, visit www.delfidiagnostics.com or www.firstlooktest.com.

SOURCE DELFI Diagnostics