Geron Announces Appointment of Chief Business Officer
December 02 2021 - 7:30AM
Business Wire
Geron Corporation (Nasdaq: GERN), a late-stage biopharmaceutical
company focused on the development and commercialization of
treatments for hematologic malignancies, today announced the
appointment of Edward Koval as Executive Vice President and Chief
Business Officer.
“Ed Koval’s business development expertise, extensive industry
network and successful track record in corporate deal-making
further strengthens our executive team,” said John A. Scarlett,
M.D., Chairman and Chief Executive Officer. “With top-line results
from our IMerge Phase 3 trial in lower risk MDS expected 13 months
from now, and an interim analysis of our ongoing IMpactMF Phase 3
trial in refractory myelofibrosis expected in 2024, Ed will be a
key member of our executive management as we explore multiple
strategies to build and accrete value in both our imetelstat and
telomerase inhibitor franchises.”
“Geron’s application of telomerase inhibition to treat
hematologic malignancies and the disease modification potential of
imetelstat stands apart from other approaches in use or in
development today,” said Edward Koval, Executive Vice President and
Chief Business Officer. “I am excited to be joining this
exceptional executive team and look forward to contributing to
Geron becoming a leader in the treatment of hematologic
malignancies, and to maximizing the value of imetelstat for
patients, physicians and shareholders.”
In his role at Geron, Mr. Koval will be a member of the
Company’s Executive Management Committee and report to Dr.
Scarlett. Mr. Koval will be responsible for business development,
including evaluation and execution of out-licensing, in-licensing
and strategic transaction opportunities. In connection with Mr.
Koval’s appointment as Chief Business Officer, Melissa Kelly Behrs
has been appointed Executive Vice President, Business Operations,
and Chief Alliance Officer, and will continue to serve on the
Executive Management Committee and report to Dr. Scarlett.
Mr. Koval brings more than 25 years of biotech and
pharmaceutical experience in business development and both
in-licensing and out-licensing of products and platform
technologies. Prior to joining Geron, Mr. Koval was the Chief
Business Officer of ZebiAI Therapeutics, a company spun out of
X-Chem Pharmaceuticals in order to discover and develop advanced
drug discovery programs based on novel machine learning
technologies, and which was recently acquired by Relay
Therapeutics. Prior to the spin-out of ZebiAI, he was Senior Vice
President, Corporate Development, at X-Chem Pharmaceuticals, a drug
discovery company, where he closed multiple transactions with
multinational pharmaceutical companies for programs in oncology,
hematology/oncology, inflammation, infectious disease and rare
diseases. Prior to X-Chem, Mr. Koval served as an independent
corporate and business development consultant, advising multiple
private and public biotech companies on partnering and fundraising.
Mr. Koval’s prior pharmaceutical experience also includes serving
roles in business and corporate development, strategic planning,
alliance management and financial evaluation and analysis at
Novartis Pharmaceuticals Corporation, Merck & Co., Inc. and
Chiron Corporation, where he finalized negotiations and executed
and managed multiple strategic corporate partnerships and
alliances.
Mr. Koval holds an M.Sc. in Engineering from Rensselaer
Polytechnic Institute and an M.B.A. from the Sloan School of
Management at the Massachusetts Institute of Technology.
Inducement Grants Under Nasdaq Listing Rule
5635(c)(4)
In connection with the commencement of Mr. Koval’s employment
with the Company on December 1, 2021, the Company granted him a
non-statutory stock option to purchase 700,000 shares of Geron
common stock which vests over four years, with 12.5% of the shares
underlying the option vesting on the six-month anniversary of
commencement of employment and the remaining shares vesting over
the following 42 months in equal installments of whole shares,
subject to Mr. Koval’s continued employment with Geron. In
addition, Mr. Koval was granted a non-statutory stock option to
purchase 250,000 shares of Geron common stock on December 1, 2021
with vesting conditioned on the achievement of a certain regulatory
milestone for imetelstat, subject to Mr. Koval’s continued
employment with Geron on the vesting date. All of Mr. Koval’s stock
options have a 10-year term and an exercise price of $1.38 per
share, which is equal to the closing price of Geron common stock on
the date of grant. The stock options were granted as a material
inducement to Mr. Koval’s employment in accordance with Nasdaq
Listing Rule 5635(c)(4) and are subject to the terms and conditions
of stock option agreements covering the grants and Geron’s 2018
Inducement Award Plan, which was adopted December 14, 2018 and
provides for the granting of stock options to new employees.
About Imetelstat
Imetelstat is a novel, first-in-class telomerase inhibitor
exclusively owned by Geron and being developed in hematologic
malignancies. Data from Phase 2 clinical trials provide strong
evidence that imetelstat targets telomerase to inhibit the
uncontrolled proliferation of malignant stem and progenitor cells
in myeloid hematologic malignancies resulting in malignant cell
apoptosis and potential disease-modifying activity. Imetelstat has
been granted Fast Track designation by the United States Food and
Drug Administration for both the treatment of patients with
non-del(5q) lower risk MDS who are refractory or resistant to an
erythropoiesis stimulating agent and for patients with
Intermediate-2 or High-risk MF whose disease has relapsed after or
is refractory to janus associated kinase (JAK) inhibitor
treatment.
About Geron
Geron is a late-stage clinical biopharmaceutical company focused
on the development and potential commercialization of a
first-in-class telomerase inhibitor, imetelstat, in hematologic
malignancies. The Company currently is conducting two Phase 3
clinical trials: IMerge in lower risk myelodysplastic syndromes
(MDS) and IMpactMF in refractory myelofibrosis (MF). For more
information about Geron, visit www.geron.com.
Use of Forward-Looking Statements
Except for the historical information contained herein, this
press release contains forward-looking statements made pursuant to
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such statements,
include, without limitation, those regarding: (i) that top-line
results from the IMerge Phase 3 trial in lower risk MDS are
expected 13 months from now, and an interim analysis of the
IMpactMF Phase 3 trial in refractory myelofibrosis is expected in
2024: (ii) that there is strong evidence imetelstat targets
telomerase to inhibit the uncontrolled proliferation of malignant
stem and progenitor cells in myeloid hematologic malignancies
resulting in malignant cell apoptosis and potential
disease-modifying activity; and (iii) other statements that are not
historical facts, constitute forward looking statements. These
statements involve risks and uncertainties that can cause actual
results to differ materially from those in such forward-looking
statements. These risks and uncertainties, include, without
limitation, those related to: (a) whether imetelstat actually
demonstrates disease-modifying activity in patients in any Phase 3
clinical trials; (b) the timelines in (i) may not be met due to the
Company’s inability to manage the procedures necessary for
obtaining the top-line results in IMerge Phase 3, the continuing
COVID pandemic or the lack of sufficient patient enrollment in
IMpactMF; and (c) whether the FDA imposes a clinical hold on the
clinical trials that causes a delay or cessation. Detailed
information on the above risks and uncertainties and additional
risks, uncertainties and factors that could cause actual results to
differ materially from those in the forward-looking statements are
contained in Geron’s periodic reports filed with the Securities and
Exchange Commission under the heading “Risk Factors,” including
Geron’s quarterly report on Form 10-Q for the quarter ended
September 30, 2021. Undue reliance should not be placed on
forward-looking statements, which speak only as of the date they
are made, and the facts and assumptions underlying the
forward-looking statements may change. Except as required by law,
Geron disclaims any obligation to update these forward-looking
statements to reflect future information, events or
circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20211202005303/en/
Olivia Bloom Chief Financial Officer investor@geron.com
media@geron.com
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