IO Biotech Strengthens Executive Management and US Presence with Appointment of Qasim Ahmad, MD, as Chief Medical Officer
July 18 2023 - 4:05PM
IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical
company developing novel, immune-modulating cancer vaccines based
on its T-win® technology platform, today announced the appointment
of Qasim Ahmad, MD, as Chief Medical Officer. Dr. Ahmad joins IO
Biotech from Novartis, where he most recently served as Senior Vice
President, US Head of Clinical Development & Medical Affairs,
for the Novartis Oncology business unit. A trained internist and
clinical oncologist, he brings over two decades of successful
strategic clinical development, medical affairs, and marketing
authorization expertise to IO Biotech at a critical time in the
company’s growth. Dr. Ahmad will be based in the United States,
report to IO Biotech’s CEO, Mai-Britt Zocca, PhD, and be a member
of the company’s executive team, effective immediately.
“It is with great pleasure that I welcome Qasim
to IO Biotech,” said Dr. Zocca. “As our company continues to grow
and prepare for the next stage in our evolution, it is critical
that we have strategically relevant expertise to direct our BLA
filing, clinical development, medical affairs, and commercial
readiness activities. Qasim’s experience in both oncology clinical
development and medical affairs for clinical stage and marketed
medicines will add significant value to IO Biotech.”
The company also announced today the promotion
of Eric Faulkner to Chief Technical Officer. Mr. Faulkner joined IO
Biotech in mid-2022 as Sr. Vice President of CMC and has spent the
past year preparing the company’s supply chain for commercial
readiness. As Chief Technical Officer, Mr. Faulkner will have
responsibility for both the CMC and Quality functions at IO
Biotech, continue to report to Dr. Zocca, and be a member of the
company’s executive team.
Dr. Zocca continued, “I would also like to take
this opportunity to congratulate Eric on his achievements while at
IO Biotech. As a result of his planning and execution, I am
confident that we have everything in place to ensure both BLA and
commercial readiness from a CMC and quality perspective. His
promotion to Chief Technical Officer is well deserved.”
Additionally, Eva Ehrnrooth will be moving to an
advisory role with IO Biotech. Dr. Ehrnrooth has been with IO
Biotech for 6 years, most recently as Chief Medical Officer. In
this new role, Dr. Ehrnrooth will support the transition to the
company’s new CMO as well as the preparation of the company’s
potential Biologics License Application in the US.
“Finally, I would like to thank Eva for her
significant contributions to IO Biotech during her tenure. Over the
past 6 years, IO Biotech has grown from a 10-person organization to
a publicly traded, international company with a pipeline of
clinical programs and more than 60 full-time colleagues. Eva’s
contributions to our development over this time are too many to
mention, but I know that IO Biotech would not be where we are today
without her hard work and thoughtful insights. I look forward to
her continued contributions in her new role.”
Inducement Equity Awards
In connection with Dr. Ahmad’s acceptance of
employment with the company, Dr. Ahmad was, as of the close of
business on July 17, 2023, granted a non-statutory option to
purchase 288,153 shares of the company’s common stock. One other
employee was also, on that date, granted a non-statutory option to
purchase 60,000 shares of the company’s common stock. The options
are scheduled to vest over four years, with 25 percent of the
shares vesting on the first anniversary of each employees’ new hire
date and the remainder vesting in equal monthly installments over
the following three years. The options have an exercise price per
share equal to the closing price of the company’s common stock on
the grant date, have ten-year terms, were granted outside of, but
be governed in a manner consistent with, the IO Biotech, Inc. 2021
Equity and Incentive Plan, and are subject to the terms and
conditions of stock option agreements covering the grants. The
stock options were granted as inducements material to the employees
entering into employment with the company in accordance with Nasdaq
Listing Rule 5635(c)(4).
About IO Biotech
IO Biotech is a clinical-stage biopharmaceutical
company developing novel, immune-modulating cancer vaccines based
on its T-win® vaccine platform. The T-win platform is a novel
approach to cancer vaccines designed to activate T cells to target
the most important immunosuppressive cells in the tumor
microenvironment. IO Biotech is advancing in clinical studies its
lead cancer vaccine candidate, IO102-IO103, targeting IDO and
PD-L1, and through preclinical development its other pipeline
candidates. IO Biotech is headquartered in Copenhagen, Denmark and
has US headquarters in New York, New York.
For further information, please visit
www.iobiotech.com.
Forward-Looking Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements, including regarding future
clinical trials and results, are based on IO Biotech’s current
assumptions and expectations of future events and trends, which
affect or may affect its business, strategy, operations or
financial performance, and actual results and other events may
differ materially from those expressed or implied in such
statements due to numerous risks and uncertainties. Forward-looking
statements are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. Because forward-looking
statements are inherently subject to risks and uncertainties, you
should not rely on these forward-looking statements as predictions
of future events. These forward-looking statements speak only as of
the date hereof and should not be unduly relied upon. Except to the
extent required by law, IO Biotech undertakes no obligation to
update these statements, whether as a result of any new
information, future developments or otherwise.
Contact:Maryann Cimino, Director of Investor
Relations IO Biotech, Inc.617-710-7305mci@iobiotech.com
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