Oncothyreon Appoints Scott D. Myers Chief Executive Officer
March 29 2016 - 8:00AM
Oncothyreon Inc. (NASDAQ:ONTY), a clinical-stage biopharmaceutical
company dedicated to the development of therapeutic products to
improve the lives and outcomes of patients with cancer, today
announced the appointment of Scott D. Myers as President, Chief
Executive Officer and a member of the Board of Directors, effective
April 4, 2016.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/d654d04a-4b10-428c-a251-90eef6c98b17
Myers, 49, brings more than 20 years of industry
expertise, including significant management, commercialization and
business development experience in multinational pharmaceutical
companies. Myers most recently served as Chief Executive Officer
and President for Aerocrine AB, a life sciences company based in
Stockholm, Sweden and Morrisville, NC. Aerocrine was acquired by
Circassia Pharmaceuticals, a UK-based immunotherapy company, in
July of 2015. Myers also served as an independent Director
for Orexo, AB, a pharmaceutical company and is currently an
industry advisor to EQT, a large Scandinavian investment
fund.
Prior to joining Aerocrine in 2011, Myers served
as Vice President, Head of European Mid-Markets for UCB, a
Belgian-based, global biopharmaceutical company. In this role,
Myers oversaw commercial operations and medical affairs for 32
countries in the EU. Prior to UCB, Myers served in senior
roles responsible for business development, strategic marketing and
pharmaceutical portfolio management at several leading companies
including Johnson & Johnson. Myers received an MBA from
the University of Chicago and a BA in Biology from Northwestern
University.
“Scott brings a wealth of operational, business
development and commercial experience that we believe will be
invaluable to Oncothyreon,” said Christopher S. Henney, Ph.D.,
D.Sc., Chairman of the Oncothyreon Board of Directors. “His
significant leadership across multiple areas in the
biopharmaceutical arena will serve the company well, both in terms
of product development and leveraging business development
opportunities to strengthen the company.”
“I believe Oncothyreon’s product pipeline, led
by ONT-380 for HER2-positive breast cancer, offers promise to
impact the future of cancer treatment,” said Myers. “I look forward
to leading the management team and working with the Board to guide
the advancement of Oncothyreon’s innovative therapeutic products as
well as pursuing opportunities to further strengthen the company
and build stockholder value.”
In connection with Myers’ appointment,
Oncothyreon’s Compensation Committee granted him an inducement
stock option to purchase 2,848,855 shares of common stock pursuant
to the NASDAQ Listing Rule 5635(c)(4). The stock option grant will
be effective on April 4, 2016, the date Myers’ employment
commences. The exercise price of the inducement stock option will
be the closing price of Oncothyreon’s common stock on the effective
date of the grant, and 25 percent of the award will vest on the
first anniversary of the grant date, with the remaining portion of
the option vesting monthly thereafter, subject to Myers’ continued
service.
About Oncothyreon
Oncothyreon is a clinical-stage
biopharmaceutical company specializing in the development of
innovative therapeutic products for the treatment of cancer. Our
goal is to discover, develop and commercialize novel compounds that
have the potential to improve the lives and outcomes of cancer
patients. Our most advanced product candidate is ONT-380, an orally
active and selective small molecule HER2 inhibitor. For more
information, visit www.oncothyreon.com.
Forward-Looking Statements
In order to provide Oncothyreon’s investors with
an understanding of its current results and future prospects, this
release contains statements that are forward-looking. Any
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Words such as “believes,” “anticipates,” “plans,” “expects,”
“will,” “intends,” “potential,” “possible” and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements include Oncothyreon’s expectations
regarding clinical and preclinical development activities and
potential benefits of its current and future product
candidates.
Forward-looking statements involve risks and
uncertainties related to Oncothyreon’s business and the general
economic environment, many of which are beyond its control. These
risks, uncertainties and other factors could cause Oncothyreon’s
actual results to differ materially from those projected in
forward-looking statements, including the risks associated with the
costs and expenses of developing its product candidates, the
adequacy of financing and cash, cash equivalents and investments,
changes in general accounting policies, general economic factors,
achievement of the results it anticipates from its preclinical
development and clinical trials of its product candidates and its
ability to adequately obtain and protect its intellectual property
rights. Although Oncothyreon believes that the forward-looking
statements contained herein are reasonable, it can give no
assurance that its expectations are correct. All forward-looking
statements are expressly qualified in their entirety by this
cautionary statement. For a detailed description of Oncothyreon’s
risks and uncertainties, you are encouraged to review the documents
filed with the securities regulators in the United States on EDGAR
and in Canada on SEDAR. Except as required by law, Oncothyreon does
not undertake any obligation to publicly update its forward-looking
statements based on events or circumstances after the date
hereof.
Additional Information
Additional information relating to Oncothyreon
can be found on EDGAR at www.sec.gov and on SEDAR at
www.sedar.com.
Investor Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com
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