Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or
the “Company”), a clinical-stage drug development company
pioneering transformative medicines that target the endocannabinoid
system, today announced the appointment of Pete Salzmann, M.D.,
MBA, to its Board of Directors.
Dr. Salzmann brings 20 years of industry
experience and currently serves as Chief Executive Officer of
Immunovant (NASDAQ: IMVT), a biopharmaceutical company focused on
developing therapies for patients with autoimmune diseases. Prior
to joining Immunovant, Dr. Salzmann held various leadership roles
at Eli Lilly and Company, where he most recently served as Global
Clinical Development Leader for baricitinib (Olumiant®). He was
responsible for designing and executing comprehensive indication
development strategy and overseeing clinical trials of baricitinib.
During his tenure at Lilly, Dr. Salzmann was instrumental in
bringing a number of drugs to market, including Taltz® in the U.S.,
and led the launch and commercialization of products in major
markets across a wide range of therapeutic categories, including
immunology. Dr. Salzmann also served as a General Manager and
started or expanded multiple Lilly businesses in major markets
around the world, including China, Austria and Switzerland. Prior
to joining Lilly, Dr. Salzmann was an attending physician at the
University of California, San Francisco.
“Pete’s experience in successfully launching
autoimmune products combined with his leadership at large and small
companies complements areas of expertise of our other board
members,” said Alan Holmer, Chairman of Corbus’ Board of Directors.
“We look forward to benefiting from Pete’s long-standing career in
the pharmaceutical industry during this pivotal time, as we are
looking forward to topline results from both the Phase 3 RESOLVE-1
study of lenabasum for treatment of systemic sclerosis and Phase 2b
study of lenabasum for treatment of cystic fibrosis in summer of
2020, and additionally prepare to initiate CRB-4001 Phase 1
trials.”
“I’m very pleased to welcome Pete to our Board
of Directors. As someone with deep experience in immunology
franchises at Eli Lilly and now at Immunovant, Pete will provide
invaluable insights as we prepare for the potential FDA approval
and commercial launch of lenabasum,” said Yuval Cohen, Ph.D., Chief
Executive Officer of Corbus. “Corbus owns international commercial
rights to lenabasum, with the exception of Kaken Pharmaceuticals
Japanese Partnership, and Pete’s global business expansion
experience, particularly in Europe and Asia, will also be
beneficial as we execute on our commercialization and partnership
strategy.”
“I am delighted to be joining Corbus’ Board of
Directors at this exciting time,” remarked Dr. Salzmann. “This year
will be an exciting and impactful one for the Company. I believe
targeting the endocannabinoid system holds the potential to improve
the treatment of inflammatory, fibrotic and metabolic diseases. I
look forward to working with the senior leadership team as the
Company continues to lay the foundation for global
commercialization.”
The Company also announced today that Mr. Paris
Panayiotopoulos stepped down from the Company's Board of Directors
given his full-time responsibilities at Blackstone Life Sciences.
Mr. Panayiotopoulos has served on the Corbus Board of Directors
since 2017.
“On behalf of the entire Board of Directors, we
thank Paris for his counsel and help to Corbus,” Mr. Holmer
continued. “His invaluable contribution has left a profound legacy
with the Company as we continue to lead in the development of
pioneering transformative medicines that target the endocannabinoid
system.”
About Lenabasum
Lenabasum is a rationally designed, oral, small
molecule that selectively binds as an agonist to the cannabinoid
receptor type 2 (CB2) and has been designed to resolve
inflammation, limit fibrosis and support tissue repair. CB2 is
preferentially expressed on activated immune cells and on
fibroblasts, muscle cells, and endothelial cells. In both animal
and human studies conducted to date, lenabasum has induced the
production of pro-resolving lipid mediators that activate
endogenous pathways which resolve inflammation and speed bacterial
clearance without immunosuppression. Data from animal models and
human clinical studies suggest that lenabasum can reduce expression
of genes and proteins involved in inflammation and fibrosis.
Lenabasum has demonstrated promising activity in animal models of
skin and lung inflammation and fibrosis in systemic sclerosis
(SSc). Lenabasum is also active in animal models of lung infection
and inflammation in cystic fibrosis and joint inflammation and
scarring in rheumatoid arthritis.
Lenabasum has demonstrated acceptable safety and
tolerability profiles in clinical studies to date. Lenabasum
treatment was associated with improvement in multiple
physician-assessed and patient-reported efficacy outcomes in Phase
2 studies in patients with diffuse cutaneous SSc and patients with
dermatomyositis with active skin involvement but not currently
active muscle involvement. Lenabasum treatment also was associated
with a lower rate of and longer time to pulmonary exacerbations in
a Phase 2 cystic fibrosis study. Additional clinical studies are
being conducted to confirm these results and support applications
for regulatory approval.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a Phase
3 clinical-stage pharmaceutical company focused on the development
and commercialization of novel therapeutics to treat inflammatory
and fibrotic diseases by leveraging its pipeline of rationally
designed, endocannabinoid system-targeting drug candidates. The
Company's lead product candidate, lenabasum, is a novel, oral,
selective cannabinoid receptor type 2 (CB2) agonist rationally
designed to resolve chronic inflammation and fibrotic processes.
Lenabasum is currently being evaluated in systemic sclerosis,
cystic fibrosis, dermatomyositis and systemic lupus
erythematosus.
Corbus is also developing a pipeline of drug
candidates targeting the endocannabinoid system. The pipeline
includes CRB-4001, a 2nd generation, selective cannabinoid receptor
type 1 (CB1) inverse agonist designed to be peripherally
restricted. Potential indications for CRB-4001 include nonalcoholic
steatohepatitis (NASH), among others. Corbus expects data from a
CRB-4001 Phase 1 safety study in 2020.
For more information, please visit
www.CorbusPharma.com and connect with the Company on Twitter,
LinkedIn, and Facebook.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and Private Securities Litigation Reform Act, as
amended, including those relating to the Company's product
development, clinical and regulatory timelines, market opportunity,
competitive position, possible or assumed future results of
operations, business strategies, potential growth opportunities and
other statement that are predictive in nature. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which we operate and management's current beliefs and
assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential, "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Corbus Pharmaceuticals Contacts:
Ted Jenkins, Senior Director, Investor Relations and Corporate
CommunicationsPhone: +1 (617) 415-7745Email:
ir@corbuspharma.com
Lindsey Smith, Director, Investor Relations and Corporate
CommunicationsPhone: +1 (617) 415-7749Email:
mediainfo@corbuspharma.com
Christina Tartaglia Stern Investor RelationsPhone: +1 (212)
362-1200Email: christina.tartaglia@sternir.com
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