Ambrx Biopharma Appoints Kate Hermans as Interim CEO, Replacing Feng Tian
August 16 2022 - 3:05PM
Business Wire
- Katrin Rupalla, Ph.D., appointed Chair of
Ambrx’s Board of Directors -
- Ambrx to conduct strategic pipeline review
with focus on commercial opportunity and cash runway extension
-
- Dr. Tian will continue to be available to
Ambrx in an advisory capacity -
Ambrx Biopharma Inc., or Ambrx, (NYSE: AMAM), a clinical stage
biopharmaceutical company using an expanded genetic code technology
platform to create Engineered Precision Biologics (EPBs), today
announced the appointment of Kate Hermans as interim Chief
Executive Officer, replacing Feng Tian, Ph.D., effective
immediately. Dr. Tian has agreed to remain available to the company
in an advisory capacity. Ambrx’s Board of Directors has commenced a
search for a permanent CEO. Concurrently, Katrin Rupalla, Ph.D.,
has been appointed Chair of Ambrx’s Board, replacing Dr. Tian.
Along with these personnel changes, Ambrx plans to conduct a
strategic review of its development pipeline to maximize our
commercial opportunities and further extend the cash runway. Ambrx
remains confident in the clinical data of its drug candidates, in
its platform technology, and in the ongoing promise of precision
biologics. In the near-term, the company will also prioritize
strengthening its third-party partnerships, including with its
China partner NovoCodex.
Ms. Hermans’ appointment to the role of interim CEO follows her
appointment to Ambrx’s Board earlier in 2022. Ms. Hermans brings
more than two decades of commercial and operational experience in
the healthcare industry to Ambrx. Previously, she has served in
executive leadership roles at companies including Radius Health,
Inc., Bristol Myers Squibb and Pfizer.
“Kate is a veteran healthcare executive who specializes in
business transformation, global commercialization, and portfolio
planning for healthcare companies, making her an excellent choice
to guide Ambrx through this transition in leadership and strategic
review of the company’s pipeline,” said Katrin Rupalla, Ph.D.,
Chair of Ambrx’s Board of Directors. “Ambrx’s Board is immensely
appreciative of Dr. Tian’s contributions to the company over the
last 17 years, including his leadership of the company’s research
and development programs in his previous position as Chief
Scientific Officer. We are thankful he has agreed to remain
available in an advisory capacity and wish him every success in his
future endeavors.”
Ms. Hermans commented: “I am delighted to have the opportunity
to lead Ambrx at this time. I have high regard for Ambrx’s extended
leadership team, as well as confidence in the company’s platform
technology and clinical data. As interim CEO, I will ensure a
smooth transition of leadership to the benefit of all of Ambrx’s
stakeholders.”
Concurrent to Ms. Hermans appointment, Katrin Rupalla, Ph.D.,
was appointed Chair of the Board of Directors, replacing Dr. Tian.
Dr. Rupalla has served on the Board since April 2021 and has more
than 25 years of experience in the pharmaceutical industry at a
global scale.
About Ambrx Biopharma Inc. (Ambrx)
Ambrx is a clinical stage biopharmaceutical company using an
expanded genetic code technology platform to discover and develop
Engineered Precision Biologics. These include next generation
antibody drug conjugates (ADCs), bispecifics, targeted
immuno-oncology therapies, novel cytokines to modulate the immune
system, and long-acting therapeutic peptides for metabolic and
cardiovascular disease. Ambrx is advancing a robust portfolio of
clinical and preclinical programs designed to optimize efficacy,
safety and ease of use, in multiple therapeutic areas, including
its lead product candidate ARX788. In addition, Ambrx has clinical
collaborations with multiple partners, for drug candidates
generated using Ambrx technology. For more information, please
visit www.ambrx.com.
Forward-Looking Statements
This press release includes certain “forward-looking statements”
intended to qualify for the “safe harbor” from liability
established by the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements may be identified by
the words “anticipate,” believe,” “estimate,” “expect,” “intend,”
“plan,” “project,” “may,” “will,” “could,” “should,” “seek,”
“potential” and similar expressions, and include, without
limitation, express or implied statements regarding Ambrx’s beliefs
and expectations regarding the advancement and potential benefits
of its product candidates, clinical development and strategic plans
and Ms. Hermans’ anticipated contributions. Forward-looking
statements are based on Ambrx’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Factors that could cause actual results to
differ include, but are not limited to, those risks and
uncertainties associated with: the continuing impact of the
COVID-19 pandemic and other public health-related risks and events
on Ambrx’s business, operations, strategy, goals and anticipated
milestones; Ambrx’s ability to execute on its strategy including
with respect to the timing of its R&D efforts, initiation of
clinical trials and other anticipated milestones; risks associated
with development of novel therapeutics, including potential delays
in clinical trials and regulatory submissions and the fact that
future clinical trial results may not be consistent with
preliminary results or results from prior preclinical studies or
clinical trials; Ambrx’s ability to fund operations as anticipated;
and the additional risks and uncertainties set forth more fully
under the caption “Risk Factors” in Ambrx’s Annual Report on Form
20-F filed with the United States Securities and Exchange
Commission (SEC) on April 26, 2022, and elsewhere in Ambrx’s
filings and reports with the SEC. Forward-looking statements
contained in this press release are made as of this date, and Ambrx
undertakes no duty to publicly update or revise any forward looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable law.
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INVESTORS Laurence Watts Managing Director Gilmartin Group, LLC.
619-916-7620 ir@ambrx.com
MEDIA media@ambrx.com
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