Better Therapeutics Appoints Frank Karbe as Chief Executive Officer
June 07 2022 - 7:30AM
Business Wire
Better Therapeutics, Inc. (NASDAQ: BTTX), a prescription digital
therapeutics (PDT) company developing nutritional cognitive
behavioral therapy (nCBT) to address the root causes of
cardiometabolic diseases, today announced that Frank Karbe will
join the company as President and Chief Executive Officer and serve
as a member of the Board of Directors starting July 5th, 2022.
Current CEO and company co-founder, Kevin Appelbaum, will continue
to serve in that role until then.
“I’m thrilled to welcome Frank to the Better Therapeutics team,”
said outgoing CEO Kevin Appelbaum. “Over the past seven years, I
have had the privilege of assembling and leading an extraordinarily
talented and committed team in creating, developing and validating
a new class of treatments for cardiometabolic diseases. With
positive primary endpoint data in-hand from our pivotal trial in
type 2 diabetes, I am confident our first product is on track for a
successful submission to the FDA and potential commercial launch in
the upcoming year if authorized for marketing by the FDA. Frank’s
long track record of building and financing life science companies
will ensure that Better Therapeutics is able to capitalize on these
results and bring life-changing prescription digital therapeutics
to the providers and patients who need them most.”
Frank is a widely experienced senior executive, serving most
recently as President and Chief Financial Officer of Myovant
Sciences (Nasdaq: MYOV), where he led the company’s efforts to
raise approximately $2 billion in capital and oversaw its evolution
from a private start-up organization to a publicly listed
commercial-stage company with two approved and marketed products.
He also served for over a decade as Executive Vice President and
Chief Financial Officer at Exelixis, Inc. (Nasdaq: EXEL), where he
drove the biopharma company’s transformation from discovery to
commercialization. Earlier in his career, he worked as an
investment banker for Goldman Sachs & Co. focusing on corporate
finance and mergers and acquisitions in the life sciences
industry.
“Better Therapeutics is at an important stage in the company’s
evolution, with the potential commercial launch of its
first-in-class prescription digital therapeutic for the treatment
of type 2 diabetes next year,” said incoming CEO Frank Karbe. “With
the continued rise in cardiometabolic diseases, like diabetes,
heart disease, and liver disease, it’s more important than ever to
complement medication with digital therapeutics that address the
behavioral root causes of these diseases. It is an honor and a
great opportunity to lead such a talented group of people in this
emerging new sector of healthcare, as we advance and expand our
digital therapeutics platform with a goal to fundamentally change
the course of these diseases by empowering patients and providers
and substantially reducing the cost of care.”
“On behalf of the board of directors, we are grateful to Kevin
for taking Better Therapeutics from a mere idea to a company on the
cusp of potentially commercializing our first product and creating
a better way to treat metabolic diseases,” said David Perry,
co-founder and Executive Chairman. “And we are proud to welcome
Frank, whose involvement in the launch of three commercial
products, success in raising over $4 billion for two public biotech
companies and integral role in leading business development
activities speak to a track record of tangible successes in the
life sciences industry. Equally important, Frank’s shared passion
for the company’s mission to treat the underlying causes of
diseases makes him uniquely suited to lead Better
Therapeutics.”
Earlier this year, Better Therapeutics reported positive primary
endpoint data at day 90 evaluating the use of nCBT for the
treatment of patients with uncontrolled type 2 diabetes. The study
met its primary efficacy endpoint and demonstrated an excellent
safety profile. Patients who received BT-001 demonstrated
clinically meaningful and statistically significant improvement in
A1c compared to control (mean improvement 0.4%; p-value <
0.0001). Secondary endpoint data following 180 days of treatment
are expected early in Q3, 2022. With continued positive data, the
company expects to file a de novo classification request with the
FDA in the third quarter of 2022 seeking marketing authorization of
BT-001 for the treatment of patients with type 2 diabetes.
About Better Therapeutics
Better Therapeutics is a prescription digital therapeutics (PDT)
company developing a novel form of cognitive behavioral therapy to
address the root causes of cardiometabolic diseases. The company
has developed a proprietary platform for the development of
FDA-regulated, software-based solutions for type 2 diabetes, heart
disease and other conditions. The cognitive behavioral therapy
delivered by Better Therapeutics’ PDT is designed to enable changes
in neural pathways of the brain so lasting changes in behavior
become possible. Addressing the underlying causes of these diseases
has the potential to dramatically improve patient health while
lowering healthcare costs. Better Therapeutics clinically validated
mobile applications are intended to be prescribed by physicians and
reimbursed like traditional medicines.
For more information visit: bettertx.com
Forward-Looking Statements
Certain statements made in this press release are
"forward-looking statements" within the meaning of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements are typically
identified by words such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, but the absence of these words does not mean that
a statement is not forward-looking. The forward-looking statements
in this press release include, but are not limited to, statements
regarding the timing and results of the ongoing trial of BT-001 in
patients with type 2 diabetes, Better Therapeutics’ plans regarding
FDA submissions, the timing of and expectations regarding receipt
of marketing authorization and the commercial launch of BT-001,
expectations related to the potential benefits of BT-001 and nCBT
and their potential treatment applications, and the timing and
expectations related to the appointment of a new chief executive
officer, among others. These forward-looking statements are based
on the current expectations of the management of Better
Therapeutics and are inherently subject to uncertainties and
changes in circumstances and their potential effects and speak only
as of the date of such statement. There can be no assurance that
future developments will be those that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements including: risks related to Better
Therapeutics’ business, such as the willingness of the FDA to
authorize PDTs for commercial distribution and insurance companies
to reimburse their use, market acceptance of PDTs, the risk that
the results of previously conducted studies will not be repeated or
observed in ongoing or future studies involving our product
candidates and other risks and uncertainties included under the
heading “Risk Factors” in Better Therapeutics’ annual report on
form 10-K for the year ended December 31, 2021 filed with the
Securities and Exchange Commission (SEC) on March 28, 2022,
available at the SEC’s website at www.sec.gov, and those that are
included in any of Better Therapeutics’ future filings with the
SEC. Should one or more of these risks or uncertainties
materialize, or should any of Better Therapeutics’ assumptions
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220607005584/en/
Investor Relations: Mark Heinen IR@bettertx.com
Media: Peter Duckler at Real Chemistry
pduckler@realchemistry.com
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