─Adi Mor, PhD, Co-founder, Board
Director and Chief Scientific Officer, Reappointed to CEO
Role─
─Sigal Fattal, Vice President Finance,
Reappointed as CFO─
─On Track for PSC Phase 2 Topline Data Readout
in Latter Part of 2024─
─Implementing Further Reorganization and
Efficiency Measures Intended to Extend Cash Runway to End of 2024,
After Expected PSC Phase 2 Topline Data Readout─
─Nissim Darvish, MD, PhD, Appointed Chairman
of the Board─
TEL
AVIV, Israel, June 5, 2023
/PRNewswire/ -- Chemomab Therapeutics Ltd. (Nasdaq: CMMB), a
clinical-stage biotechnology company focused on the discovery and
development of innovative therapeutics for fibrotic and
inflammatory diseases with high unmet need, today announced changes
to its executive leadership team and provided a corporate
update.
Adi Mor, PhD, co-Founder and
former Chief Executive Officer (CEO) of Chemomab, and current
Director and Chief Scientific Officer, has been reappointed to the
role of CEO, replacing Dale Pfost,
PhD. Sigal Fattal, former Chief
Financial Officer (CFO) and current Vice President, Finance, has
been reappointed to the role of CFO, replacing Donald Marvin. Current Director Nissim Darvish, MD, PhD, has been appointed
Chairman of the Board, replacing Dr. Pfost. All the appointments
were effective June 1, 2023.
"I am excited to resume my corporate leadership
responsibilities and look forward to continued engagement with
our key stakeholders," said Dr. Mor. "After a comprehensive
internal strategic review, we are implementing additional
cost-reduction measures expected to extend our existing cash runway
from mid-year 2024 to the end of 2024, after the expected topline
data readout from the Phase 2 primary sclerosing cholangitis (PSC)
trial of CM-101, our novel, first-in-class anti-CCL24 antibody.
Patient enrollment in the PSC trial is going well and is on track
to achieve our projected data analysis timelines. Extensive
preclinical studies in animal models and human tissue suggest
that CM-101 may have therapeutic potential in systemic sclerosis
(SSc); however, we are suspending initiation of the Phase 2 SSc
trial in order to preserve capital. We plan to revisit the timing
of study initiation going forward."
"This transition of executive leadership to the company's
founding team will focus on maintaining business continuity and
ensuring clinical plan execution," continued Dr. Mor. "Our
organization has been strengthened by the addition of highly
qualified U.S. based clinical operations, medical and corporate
development professionals who have accelerated our clinical trial
recruitment and positioned CM-101 to achieve a timely clinical
readout, while continuing to build relationships with a broad range
of potential partners."
"The novelty and potential of our unique approach to
fibro-inflammatory diseases are highlighted by our four
presentations at major medical meetings in June," noted Dr. Mor.
"At the EASL Congress later this month we will be discussing
biomarker data from our Phase 2 liver fibrosis trial in
non-alcoholic steatohepatitis (NASH) patients, including some
exciting new data from recently completed secondary analyses. The
new results show encouraging improvements in additional
inflammatory and fibrogenesis-related biomarkers that are
consistent and supplemental to the initial results reported from
the trial. They also suggest that CM-101-treated patients with
more active fibrotic disease tend to show greater improvements than
patients with less active disease or placebo patients. The
consistent improvements in fibro-inflammatory biomarkers seen in
the Phase 2 NASH results are encouraging and reinforce that these
data may serve as a potential bridge to other anti-fibrotic
indications such as PSC, providing additional evidence that CM-101
could be a valuable therapy for this debilitating disease that
lacks effective treatment options."
"We are delighted to reappoint Adi
Mor to the CEO role," said Dr. Darvish. "Adi co-founded
Chemomab in 2011 and was its CEO until 2021. She led the company's
growth from discovery stage to Phase 2 clinical trials, as well as
its transition to a Nasdaq-traded firm. Adi's exceptional corporate
leadership skills are complemented by her extensive knowledge in
autoimmune, inflammatory and fibrotic diseases and broad experience
in developing monoclonal antibodies. We are grateful to both
Dale and Don for their invaluable contributions to strengthening
the company's infrastructure and helping to advance our clinical
programs, and we wish them both continued success in their future
endeavors."
Sigal Fattal joined Chemomab in
2020 as its CFO. She has over 20 years of experience in
establishing and managing effective financial business and
strategic activities in a range of industries, including serving as
a CFO of public companies. Ms. Fattal holds a BA in Accounting and
Economics, with honors, and an MBA, both from Tel Aviv University, and is a Certified Public
Accountant in Israel.
Nissim Darvish has served on the
Board of Directors of Chemomab since 2015. He is a General Partner
at Eliraz Ventures and serves as a director at several private and
public companies. Previously, he was a Venture Partner at OrbiMed
Israel and a member of the boards of directors of 9 Meters
Biopharma and Medigus. Earlier, Dr. Darvish was a General Partner
managing life sciences investments at Pitango Venture Capital. He
was also a founder and CEO of Impulse Dynamics. Dr. Darvish
obtained his MD and PhD in biophysics and physiology from the
Technion in Israel and
subsequently conducted post-doctoral research at the U.S. National
Institutes of Health.
About Chemomab Therapeutics Ltd.
Chemomab is a
clinical stage biotechnology company discovering and developing
innovative therapeutics for fibro-inflammatory diseases with high
unmet need. Based on the unique and pivotal role of the chemokine
CCL24 in promoting fibrosis and inflammation, Chemomab developed
CM-101, a monoclonal antibody designed to neutralize CCL24
activity. In preclinical and clinical studies to date, CM-101
appears safe, with the potential to treat multiple severe and
life-threatening fibro-inflammatory diseases. Chemomab has reported
encouraging results from a Phase 2 liver fibrosis study in NASH
patients and an investigator study in patients with severe lung
injury. A Phase 2 trial in primary sclerosing cholangitis patients
is ongoing. For more information on Chemomab, visit
chemomab.com.
Forward Looking Statements
This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act. These forward-looking
statements include, among other things, statements regarding the
clinical development pathway for CM-101; the future operations of
Chemomab and its ability to successfully initiate and complete
clinical trials and achieve regulatory milestones; the Company's
cash position and expectations regarding its ability to achieve the
topline data readout from the Phase 2 primary sclerosing
cholangitis (PSC) trial of CM-101 with its current cash; the
nature, strategy and focus of Chemomab; the development and
commercial potential and potential benefits of any product
candidates of Chemomab; and that the product candidates have the
potential to address high unmet needs of patients with serious
fibrosis-related diseases and conditions. Any statements contained
in this communication that are not statements of historical fact
may be deemed to be forward-looking statements. These
forward-looking statements are based upon Chemomab's current
expectations. Forward-looking statements involve risks and
uncertainties. Because such statements deal with future events and
are based on Chemomab's current expectations, they are subject to
various risks and uncertainties and actual results, performance or
achievements of Chemomab could differ materially from those
described in or implied by the statements in this presentation,
including those found under the caption "Risk Factors" and
elsewhere in Chemomab's filings and reports with the SEC. Chemomab
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Chemomab's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based, except as
required by law.
Contacts:
Media and Investors:
Chemomab Therapeutics:
Barbara Lindheim
Consulting Vice President, Investor &
Public Relations, Strategic Communications
Phone: +1 917-355-9234
barbara.lindheim@chemomab.com
Investor Relations:
Irina Koffler
LifeSci Advisors, LLC
Phone: +1 917-734-7387
ir@chemomab.com
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SOURCE Chemomab Therapeutics, Ltd.