Innovate Biopharmaceuticals appoints June Almenoff, M.D., Ph.D. as Chief Operating Officer and Chief Medical Officer
March 13 2018 - 7:32AM
Dr. Almenoff brings more than 20 years of
pharmaceutical executive experience from GlaxoSmithKline and from
Furiex Pharmaceuticals, where as President and Chief Medical
Officer, she oversaw the development of Viberzi®. Almenoff
will lead the development of Innovate’s pipeline including the
upcoming Phase 3 program for celiac disease.
Innovate Biopharmaceuticals, Inc. (Nasdaq:INNT), a clinical stage
biotechnology company focused on developing novel autoimmune and
inflammation therapeutics, announced today Dr. June Almenoff has
been appointed Chief Operating Officer and Chief Medical Officer.
Dr. Almenoff brings a strong track record of success in biopharma
leadership.
Dr. Almenoff was previously President and Chief Medical Officer
at Furiex Pharmaceuticals, where during her 4-year tenure the
company’s valuation increased ~10-fold, culminating in its
acquisition by Actavis plc (now Allergan) for more than $1.2B in
2014. Furiex’s lead product, eluxadoline (Viberzi®), a novel
gastrointestinal drug, is approved in both the US and EU.
Prior to joining Furiex, Dr. Almenoff held various positions
of increasing responsibility at GlaxoSmithKline
PLC. During her 12 years at GSK, she was a
Vice-President in the Clinical Safety organization, chaired a
PhRMA-FDA working group and worked in scientific
licensing. Dr. Almenoff also led the development of
pioneering systems for minimizing risk in drug development, which
has been widely adopted by industry and regulators.
Since 2015, Dr. Almenoff has been the Chair of RDD Pharma, a
private, GI clinical stage biopharma company. She serves on the
Boards of Directors of Tigenix NV (Nasdaq:TIG) since 2016,
Brainstorm Therapeutics (Nasdaq:BCLI) since 2017, and Ohr
Pharmaceutical (Nasdaq:OHRP) since 2013. Dr. Almenoff serves on the
investment advisory board of the Harrington Discovery
Institute. She has recently been a consultant and advisor to
numerous biopharma companies in the areas of translational
medicine, clinical development and commercial strategy in product
development.
“Dr. Almenoff’s tremendous business leadership experience makes
her an outstanding fit for Innovate,” said Sandeep Laumas, M.D.,
Executive Chair of Innovate. “June’s successes at Furiex and
extensive experience in drug development, coupled with her
scientific and business leadership, make us confident that she will
provide meaningful contributions to the Company, beginning with our
celiac disease program. As our pipeline continues to expand with
indications such as NASH and inflammatory bowel disease, we are
thrilled to have someone of June’s caliber lead their development
and commercial strategy.”
“I am delighted to join Innovate at this transformative time for
the company,” said Dr. June Almenoff. I believe that the Company
has the potential to build an outstanding autoimmune franchise in
GI therapeutics.”
Dr. Almenoff received her B.A. cum laude from Smith College,
graduated with AOA honors from the M.D.-Ph.D. program at the Icahn
(Mt. Sinai) School of Medicine and completed post-graduate medical
training at Stanford University Medical Center (Internal Medicine,
Infectious Diseases). Dr. Almenoff served on the faculty of Duke
University School of Medicine, is an adjunct Professor at Duke and
is a Fellow of the American College of Physicians.
About Innovate Biopharmaceuticals,
Inc.:Innovate is a clinical stage biotechnology company
focused on developing novel autoimmune and inflammation therapeutic
drugs. Innovate’s lead drug candidate, larazotide acetate
(INN-202), has a mechanism of action which decreases intestinal
permeability and regulates tight junctions by reducing antigen
trafficking across intestinal epithelial cells. In several
autoimmune diseases, including celiac disease, nonalcoholic
steatohepatitis (NASH), inflammatory bowel diseases (IBD, Crohn’s
disease and ulcerative colitis), irritable bowel syndrome (IBS),
type 1 diabetes mellitus (T1DM), chronic kidney disease (CKD) and
others, intestinal permeability is increased, also referred to as
“leaky gut,” and to our knowledge, larazotide is the only drug in
clinical testing which reduces permeability.
In celiac disease, larazotide is the only drug which has
successfully met the primary endpoint with statistical significance
in a 342-patient Phase 2b efficacy clinical trial. Innovate
successfully completed the End of Phase 2 Meeting with the FDA in
2017 and is preparing for larazotide to begin Phase 3 clinical
trials for celiac disease targeted for the second half of 2018. In
clinical trials testing more than 800 patients, larazotide
demonstrated a favorable safety profile comparable to placebo,
especially due to its lack of systemic absorption from the small
intestines. Larazotide has also received Fast Track designation
from the FDA for celiac disease.
For more information, please visit
www.innovatebiopharma.com.
Forward Looking Statements for Innovate
Biopharmaceuticals, Inc.This press release includes
forward-looking statements including, but not limited to,
statements related to the potential for Innovate’s drug development
pipeline candidates in treating the diseases and conditions for
which they are being developed, Innovate’s start of clinical trials
for celiac disease, NASH, Crohn’s disease, and ulcerative colitis,
and Innovate’s ability to develop future collaborations. The
forward-looking statements contained in this press release are
based on management’s current expectations and are subject to
substantial risks, uncertainty and changes in circumstances. Actual
results may differ materially from those expressed by these
expectations due to risks and uncertainties, including, among
others, those related to our ability to obtain additional capital
on favorable terms to us, or at all, the success, timing and cost
of ongoing or future clinical trials, the lengthy and unpredictable
nature of the drug approval process, and our ability to
commercialize our product candidates if approved. These risks and
uncertainties include, but may not be limited to, those described
in our Current Report on Form 8-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) on February 2, 2018, and in any
subsequent filings with the SEC. Forward-looking statements
speak only as of the date of this press release, and we undertake
no obligation to review or update any forward-looking statement
except as may be required by applicable law.
Innovate Biopharmaceuticals, Inc.Kendyle
WoodardTel: 919-275-1933Email:
investor.relations@innovatebiopharma.comwww.innovatebiopharma.com
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