Innovate Biopharmaceuticals Announces Appointment of Saira Ramasastry to Board of Directors and Resignation of Anna Kazanchy...
June 13 2018 - 7:10PM
Innovate Biopharmaceuticals, Inc. (“Innovate”) (Nasdaq:INNT), a
clinical stage biotechnology company focused on developing novel
therapeutics for immuno-inflammatory disease, today announced the
appointment of Saira Ramasastry, to its Board of Directors
(Board). Innovate also announced the resignation of Anna
Kazanchyan, M.D. in order to spend more time on her business
ventures.
Dr. Christopher Prior, Innovate’s CEO, remarked, “We are
extremely pleased to have Saira join Innovate’s Board. We believe
that Saira’s significant experience on public company boards, along
with her financial and strategic experience complements that of our
other Board members.”
“It is a great pleasure to join the Innovate Board of Directors
and to have the opportunity to work with the company’s talented
team that is developing novel treatments for unmet
immuno-inflammatory diseases,” said Ms. Saira Ramasastry.
Ms. Ramasastry has served as Managing Partner of Life Sciences
Advisory, LLC, a consulting firm, since 2009. From 1999 to 2009,
she was an investment banker with Merrill Lynch & Company,
Inc., where she helped establish the biotechnology practice and was
responsible for origination of mergers and acquisitions (M&A),
strategic and capital markets transactions. Prior to joining
Merrill Lynch, she served as a financial analyst in the M&A
group at Wasserstein Perella & Co., an investment banking firm.
Ms. Ramasastry served on the board of directors of Repros
Therapeutics, which was recently acquired by Allergan, and
currently serves on the Industry Advisory Board of the Michael J.
Fox Foundation for Parkinson's Research, the boards of directors of
Pain Therapeutics and Sangamao Therapeutics, and as the lead
business advisor for the European Prevention of Alzheimer's
Dementia (EPAD) consortium. She received a B.A. in Economics with
Honors and Distinction and an M.S. in Management Science and
Engineering from Stanford University as well as an M. Phil. in
Management Studies from the University of Cambridge, where she is a
guest lecturer for the Bioscience Enterprise Programme and serves
on the Cambridge Judge Business School Advisory Council.
“I would like to extend our sincere gratitude to Dr. Anna
Kazanchyan for her service as a Board member and I understand her
need to spend more time on her business ventures,” added Dr.
Laumas, Executive Chairman.
Dr. Kazanchyan stated, “It has been a pleasure working with
Innovate, and I look forward to a continued relationship as a
strategic advisor as the Company advances its therapeutic pipeline
for future growth.”
About Innovate Biopharmaceuticals, Inc. (Nasdaq:
INNT): Innovate is a clinical stage biotechnology company
focused on developing novel therapeutics for immuno-inflammatory
diseases. Innovate’s lead drug candidate, larazotide acetate, has a
mechanism of action that renormalizes the dysfunctional intestinal
barrier by decreasing intestinal permeability and reducing antigen
trafficking, such as gliadin fragments in celiac disease, and
bacterial toxins and immunogenic antigens in NASH. In several
diseases, including celiac disease, NASH, Crohn’s disease,
ulcerative colitis, irritable bowel syndrome (IBS), type 1 diabetes
mellitus (T1DM), chronic kidney disease (CKD), the intestinal
barrier is dysfunctional with increased permeability.
In celiac disease, larazotide is the only drug which has
successfully met the primary endpoint with statistical significance
in a Phase 2b efficacy clinical trial (342 patients). Innovate
successfully completed the End of Phase 2 Meeting with the FDA in
2017 and is preparing to begin Phase 3 registration clinical trials
for celiac disease later in 2018. In clinical trials testing
of more than 800 patients, larazotide demonstrated a favorable
safety profile comparable to placebo for long-term chronic
administration. Larazotide has received Fast Track designation from
the FDA for celiac disease.
Forward Looking Statements This press release
includes forward-looking statements including, but not limited to,
statements related to our operations and business strategy. 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 our drug development program and our 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 Annual Report on Form 10-K filed
with the U.S. Securities and Exchange Commission (the “SEC”) on
March 14, 2018, our Quarterly Report on Form 10-Q filed with the
SEC on May 15, 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.
INVESTOR RELATIONSKendyle WoodardTel: +1 (919)
275-1933investor.relations@innovatebiopharma.comwww.innovatebiopharma.com
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