Graybug Vision Makes Key Hires to Further Build Momentum Behind its Pipeline
January 20 2022 - 7:30AM
Graybug Vision, Inc. (Nasdaq: GRAY), a clinical-stage
biopharmaceutical company focused on developing transformative
medicines for the treatment of diseases of the retina and optic
nerve, today announced the hiring of six new employees who will
enhance Graybug’s Research & Development (R&D), Regulatory
Affairs and Program Management capabilities, as the Company further
builds momentum behind its pipeline in 2022.
“We are at a critical stage in our efforts to further progress
and diversify our pipeline with new, high-value programs. I
strongly believe that strengthening our world-class ophthalmology
team is key to our future success. I am therefore pleased to
welcome several new team members, who add critical leadership in
Regulatory Affairs and Program Management, as well as further
deepen our teams’ capabilities in R&D,” said Fred Guerard,
Pharm D, CEO of Graybug.
Among Graybug’s key hires are Fang Li, Vice President,
Regulatory Affairs, and Ali Kakavand, Vice President, Head of
Program Management:
- Fang Li, PhD, RAC, brings
over 30 years of drug development and more than 20 years of
regulatory affairs experience. She worked across small molecules,
biologics, gene therapy, over-the-counter products, in-vitro
diagnostic products, and medical devices, with a focus on
ophthalmology. She has a proven track record in negotiating and
gaining regulatory approvals in the US and other regions. Most
recently, Fang was VP, Regulatory Affairs at Hurley Consulting
Associated, Ltd where she led the regulatory affairs department
providing strategic and operational services to clients in the
pharmaceutical and biotech industry. Fang holds a doctoral degree
in medicinal chemistry from China Pharmaceutical University,
Nanjing, a master’s degree in organic chemistry from Wuhan
University, and a bachelor's degree in organic chemistry from
Xiamen University, P. R. China.
- Ali Kakavand, PhD, has over
20 years of experience in program and project management for the
development of medical devices and pharmaceuticals across multiple
therapeutic areas. He has extensive knowledge in the management of
global clinical studies, device development, clinical
manufacturing, as well as regulatory submissions. Most recently,
Ali served as Director of Strategy, Program and Portfolio
Management at Alexion (acquired by AstraZeneca) managing a
first-of-its-kind marketed drug in hematology, as well as a
drug/device combination product in phase 1 clinical development.
Ali received his PhD in Biomedical Engineering from Arizona State
University, where he completed his dissertation conducting research
at The Neurosciences Institute in the field of Biomechanics and
Neuromuscular Control.
The compensation committee of Graybug’s board of directors
granted the six newly-hired employees inducement options to
purchase an aggregate of 234,200 shares of Graybug common stock on
January 14, 2022, as inducements material to each employee entering
employment with Graybug. The options were granted in accordance
with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $1.55 per share, which was
equal to the closing price of Graybug common stock on the grant
date. One-fourth of the options vest on the one-year anniversary of
the vesting commencement date and the remainder vest in equal
monthly installments over the next three years, in each case
subject to the new employee’s continued service with the company.
Each stock option has a 10-year term and is subject to the terms
and conditions of a stock option agreement covering the grant.
About Graybug
Graybug is a clinical-stage biopharmaceutical company focused on
developing transformative medicines for the treatment of diseases
of the retina and optic nerve. The company’s proprietary ocular
delivery technologies are designed to maintain effective drug
levels in ocular tissue for six months and potentially longer,
improving disease management, reducing healthcare burdens and
ultimately delivering better clinical outcomes. Graybug’s lead
product candidate, GB-102, a formulation of the pan-vascular
endothelial growth factor (VEGF) inhibitor, sunitinib malate
targeting a six-month or longer dosing regimen, inhibits multiple
neovascular pathways for the intravitreal treatment of retinal
diseases, including wet age-related macular degeneration. Graybug’s
other product candidates developed using its proprietary
technologies also include GB-401, an injectable sustained release
formulation of a beta-adrenergic blocker prodrug, for primary
open-angle glaucoma, with a dosing regimen of once every six months
or longer. Founded in 2011 on the basis of technology licensed from
the Johns Hopkins University School of Medicine, Graybug has
offices in Redwood City, California, and in Baltimore, Maryland.
For more information, please visit www.graybug.vision.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 including, but not limited
to, statements regarding the company’s clinical pipeline, its
ability to advance GB-102, GB-401, or any future product candidate
through preclinical or clinical development, its ability to achieve
its anticipated milestones within the timing outlined above or at
all, its ability to conduct planned operations within the evolving
constraints arising from the COVID-19 pandemic, and the timing,
cost, and results of its clinical trials. Forward-looking
statements are subject to risks and uncertainties that may cause
the company’s actual activities or results to differ significantly
from those expressed in any forward-looking statement, including
risks and uncertainties described under the heading “Risk Factors”
in the company’s annual report on Form 10-K filed for the year
ended December 31, 2020, in its subsequent quarterly reports on
Form 10-Q, and in the other reports the company files from time to
time with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this press
release, and the company undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date hereof.
Investor
ContactIR@graybug.vision(650) 487-2409 |
Media
Contactmedia@graybug.vision(404) 384-0067 |
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