Endocyte Nominates Dawn Svoronos for Election to Its Board of Directors and Announces Other Board Developments
March 15 2018 - 8:01AM
Endocyte, Inc. (Nasdaq:ECYT), a biopharmaceutical company
developing targeted therapeutics for personalized cancer treatment,
today announced the nomination of Dawn Svoronos for election to its
Board of Directors at the upcoming annual stockholders meeting.
“We are excited to have Dawn stand for election
to join our Board of Directors,” said Mike Sherman, president and
CEO of Endocyte. “She has an outstanding track record of leadership
at Merck and significant experience as a Board Director at several
life science companies. Her success in global commercial leadership
roles will be particularly valuable as we prepare for potential
commercialization of 177Lu-PSMA-617.”
Ms. Svoronos has more than 30 years of
experience in the pharmaceutical industry, including her tenure as
President of Merck & Company's Europe/Canada region.
Additionally, her previously held positions with Merck include
President of Merck in Canada, Vice President of Asia Pacific and
Vice President of Global Marketing for the Arthritis, Analgesics
and Osteoporosis franchise. Ms. Svoronos previously served on the
board of Medivation Inc., where she also acted as interim Chief
Commercial Officer as the company successfully marketed Xtandi® in
advanced prostate cancer. She is currently Chair of the Board of
Directors for Theratechnologies, Inc. and is a member of the Board
of Directors at Xenon Pharmaceuticals, Inc., PTC Therapeutics,
Inc., and AgNovos Healthcare Company.
Board Succession Process
Following the successful repositioning of the
company through the recent in-license of global rights to PSMA-617
and the anticipated initiation of a Phase 3 registration trial, the
Board’s Nominating and Corporate Governance Committee has been
conducting a succession planning review of the Board’s composition
and tenure, including discussions with Board members about their
individual plans. As part of that process, three of Endocyte’s
current directors, Keith E. Brauer, Ann F. Hanham and Peter D.
Meldrum, each of whom are members of Class II of the Board and
whose current term expires at the Company’s 2018 annual meeting of
stockholders, informed the Committee that in support of Board
succession plans, they would not stand for re-election at the 2018
annual meeting. Patrick Machado, a current Class II director,
and Dawn Svoronos will stand for election in this class, along with
Dr. Lesley Russell, currently a Class I director. Subject to
her election as a Class II director, Dr. Russell will resign as a
Class I director in order to balance the company’s three director
classes.
“I would like to thank Pete, Ann and Keith for
their outstanding service to our Board and playing important roles
on Board committees,” said John Aplin, Chairman of the Board.
“Their leadership has been instrumental in positioning the company
with exciting programs in the fields of radioligand and
adaptor-controlled CAR T-cell therapies. Their support in this
Board transition will facilitate our ongoing efforts to ensure
Endocyte’s Board brings fresh perspectives and capabilities that
align with our preparation for potential commercial
opportunities.”
Website Information
Endocyte routinely posts important information
for investors on its website, www.endocyte.com, in the “Investors
& News” section. Endocyte uses this website as a means of
disclosing material information in compliance with its disclosure
obligations under Regulation FD. Accordingly, investors should
monitor the “Investors & News” section of Endocyte’s website,
in addition to following its press releases, SEC filings, public
conference calls, presentations and webcasts. The information
contained on, or that may be accessed through, Endocyte’s website
is not incorporated by reference into, and is not a part of, this
document.
About Endocyte
Endocyte is a biopharmaceutical company and
leader in developing targeted therapies for the personalized
treatment of cancer. The company's drug conjugation technology
targets therapeutics and companion imaging agents specifically to
the site of diseased cells. Endocyte's lead program is a prostate
specific membrane antigen (PSMA)-targeted radioligand therapy,
177Lu-PSMA-617, entering phase 3 for metastatic castration
resistant prostate cancer (mCRPC). Endocyte is also advancing its
adaptor-controlled CAR T-cell therapy into the clinic in 2018,
where it will be studied in osteosarcoma. For additional
information, please visit Endocyte's website at
www.endocyte.com.
Forward Looking Statements
Certain of the statements made in this press
release are forward looking, such as those, among others, relating
to the company's future development plans including those relating
to the completion of pre-clinical development in preparation for
possible future clinical trials, the anticipated initiation of a
registration trial, and preparation for potential
commercialization. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements. Factors that may cause such a difference include risks
that the company or independent investigators may experience delays
in the initiation or completion of clinical trials (whether caused
by competition, adverse events, patient enrollment rates, shortage
of clinical trial materials, regulatory issues or other factors);
risks that data from prior clinical trials may not be indicative of
subsequent clinical trial results; risks related to the safety and
efficacy of the company’s product candidates; risks that early
stage pre-clinical data may not be indicative of subsequent data
when expanded to additional pre-clinical models or to subsequent
clinical data; risks that evolving competitive activity and
intellectual property landscape may impair the company's ability to
capture value for the technology; risks that expectations and
estimates turn out to be incorrect, including estimates of the
potential markets for the company’s product candidates, estimates
of the capacity of manufacturing and other facilities required to
support its product candidates, projected cash needs, and expected
future revenues, operations, expenditures and cash position. More
information about the risks and uncertainties faced by Endocyte,
Inc. is contained in the company’s periodic reports filed with the
Securities and Exchange Commission. Endocyte, Inc. disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investor Contact:Stephanie
Ascher, Stern Investor Relations, Inc., (212) 362-1200,
stephanie@sternir.com
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