Allena Pharmaceuticals Appoints Richard D. Katz, M.D. as Chief Financial Officer
February 02 2021 - 8:00AM
Allena Pharmaceuticals, Inc. (NASDAQ: ALNA), a late-stage,
biopharmaceutical company dedicated to developing and
commercializing first-in-class, oral enzyme therapeutics to treat
patients with rare and severe metabolic and kidney disorders, today
announced the appointment of Richard D. Katz, M.D., as Chief
Financial Officer (CFO), effective immediately. Dr. Katz succeeds
Edward Wholihan, whose planned departure was announced by the
Company in November 2020.
“Rich is a terrific addition to Allena. He is a strategic leader
with deep experience guiding corporate and business strategy for
public biotechnology companies, and a proven track record of
building well-funded, sustainable organizations,” said Louis
Brenner, M.D., President and Chief Executive Officer of Allena
Pharmaceuticals. “Rich’s integrated perspective as a physician and
seasoned financial professional will bring great value as we
continue to invest in our growing pipeline of oral enzyme
therapeutics, with the goal of advancing reloxaliase from pivotal
Phase 3 trials to commercialization, while also devoting increased
resources to ALLN-346 and our next wave of therapeutic
candidates.”
Dr. Katz brings more than 20 years of experience in healthcare
finance and corporate development to Allena. Most recently, he
served as CFO at Liquidia Technologies, Inc., a late-stage clinical
biopharmaceutical company. Prior to Liquidia, Dr. Katz served as
CFO at several biopharmaceutical companies, including Argos
Therapeutics, Viamet Pharmaceuticals and Icagen, Inc. At Icagen,
Dr. Katz played a key role in facilitating the company’s initial
public offering and subsequent financings, the formation of several
strategic collaborations and the company’s sale to Pfizer. Dr. Katz
began his career as a vice president in the healthcare investment
banking group at Goldman, Sachs & Company, where he executed a
broad range of transactions, including equity and debt financings,
mergers and acquisitions and corporate restructurings. He holds his
B.A. from Harvard University, his M.D. from Stanford University
School of Medicine and his M.B.A. from Harvard Business School.
“I am thrilled to join Allena, especially at this exciting time
for the company,” said Richard Katz, M.D. “Based on the scientific
and clinical data presented to-date, I believe that reloxaliase has
the potential to provide a first-in-class medicine for people with
enteric hyperoxaluria, a substantial population for whom current
treatment options are extremely limited, and that ALLN-346 may
address the unmet needs of patients living with both hyperuricemia
and chronic kidney disease. I am excited to work with the team to
advance these programs through clinical studies and toward
successful launches. Moreover, I believe the company’s proprietary
enzyme technology could fuel a broader pipeline of novel, orally
delivered medicines and I look forward to working with my new
colleagues to harness its full potential to address a range of rare
and severe metabolic and kidney disorders.”
In connection with Dr. Katz joining Allena, Allena’s Board of
Directors approved, effective as of February 1, 2021, the grant of
a non-qualified stock option awarded to purchase 400,000 shares of
its common stock to Dr. Katz under the Allena Pharmaceuticals 2021
Inducement Equity Plan. The stock option will be granted as an
inducement material to Dr. Katz becoming an employee of Allena in
accordance with Nasdaq Listing Rule 5635(c)(4). The option will
have an exercise price equal to $1.67, which was the closing price
of Allena’s common stock on The Nasdaq Global Select Market
on February 1, 2021. The option will vest over a 4-year
period, with 25% of the shares vesting after 12 months and the
remaining shares vesting monthly over the following 36-months,
subject to Dr. Katz’s continued employment with Allena on such
vesting dates. The option is subject to the terms and
conditions of the Inducement Plan and the terms and conditions of a
stock option agreement covering the grant.
About Allena PharmaceuticalsAllena
Pharmaceuticals, Inc. is a late-stage biopharmaceutical
company dedicated to developing and commercializing first-in-class,
oral enzyme therapeutics to treat patients with rare and severe
metabolic and kidney disorders. Allena’s lead product candidate,
reloxaliase, is currently being evaluated in a pivotal Phase 3
clinical program for the treatment of enteric hyperoxaluria, a
metabolic disorder characterized by markedly elevated urinary
oxalate levels and commonly associated with kidney stones, chronic
kidney disease and other serious kidney disorders. Allena is also
developing ALLN-346 for the treatment of hyperuricemia in the
setting of gout and advanced chronic kidney disease, with Phase 1b
multiple-ascending dose and Phase 2 proof-of-concept studies
planned for 2021.
Forward Looking Statements:
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements concerning the future
clinical, regulatory and commercial potential of reloxaliase,
statements regarding the Allena’s development of ALLN-346,
statements regarding Allena’s financial position and need for
capital. Any forward-looking statements in this press release are
based on management’s current expectations of future events and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to: market and other
conditions, the timing for completion of Allena’s clinical
trials of its product candidates, risks associated with
obtaining, maintaining and protecting intellectual property; risks
associated with Allena’s ability to enforce its patents against
infringers and defend its patent portfolio against challenges from
third parties; the risk of competition from other companies
developing products for similar uses; risk associated with Allena’s
financial condition and its need to obtain additional funding to
support its business activities, including the future clinical
development of reloxaliase and its ability to continue as a going
concern; risks associated with Allena’s dependence on third
parties; and risks related to the COVID-19 coronavirus. For a
discussion of other risks and uncertainties, and other important
factors, any of which could cause Allena’s actual results to differ
from those contained in the forward-looking statements, see
the section entitled “Risk Factors” in Item 1A of Part I of
Allena’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020, as well as discussions of
potential risks, uncertainties and other important factors in
Allena’s subsequent filings with the Securities and Exchange
Commission. All information in this press release is as of the date
of the release, and Allena undertakes no duty to update this
information unless required by law.
Investor ContactHannah DeresiewiczStern
Investor Relations,
Inc.212-362-1200hannah.deresiewicz@sternir.com
Media ContactAdam DaleyBerry & Company
Public Relations 212-253-8881adaley@berrypr.com
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