BOSTON, March 16, 2021 /PRNewswire/ -- Stealth
BioTherapeutics (Nasdaq: MITO), a clinical-stage biotechnology
company focused on the discovery, development and commercialization
of novel therapies for diseases involving mitochondrial
dysfunction, today announced promotion of Marty Redmon, Ph.D., Executive Vice President,
Discovery, Development, and Tech Ops, to the role of Chief Research
& Development Officer, effective immediately.
"Marty is an accomplished leader who has made many vital
contributions to our development efforts," said Reenie McCarthy, Stealth's CEO. "In addition to
leading our pharmaceutical sciences and technical operations
initiatives, including in connection with our upcoming NDA
submission, associated launch planning, and ongoing work to develop
an intravitreal injection for elamipretide for dry AMD, Marty has
also made great strides progressing our pipeline of mitochondria
targeted therapeutics. Under his leadership, we've generated
promising preclinical data for SBT-272 and the SBT-550 series in
various neurological disease models. I am pleased to announce
Marty's well-deserved promotion and am confident that he will
continue to drive new levels of scientific excellence as we advance
Stealth's development pipeline."
Following his promotion to Chief Research & Development
Officer, Dr. Redmon will continue to be responsible for the
oversight of all disciplines involved in the Company's
pharmaceutical sciences and technical operations to support
preclinical, clinical, and commercial supply needs, as well as its
discovery platform comprising over 100 novel mitochondrial targeted
pipeline compounds.
Marty has more than 25 years of experience in pharmaceutical
R&D, operations, and project and functional line management.
Prior to joining Stealth in 2015, he served as Senior Vice
President of Research, Development and Technical Operations at
Precision Dermatology, and has previously held pharmaceutical
development positions at Eli Lilly, Focal, Sepracor, Praecis, and
ArQule. He brings experience managing R&D and manufacturing
organizations responsible for development of a broad range of
therapeutics in a variety of dosage forms. Marty holds a B.S. in
Chemical Engineering and a Ph.D. in Pharmaceutical Sciences from
the University of Kentucky.
About Stealth
We are a clinical-stage biotechnology company focused on the
discovery, development, and commercialization of novel therapies
for diseases involving mitochondrial dysfunction. Mitochondria,
found in nearly every cell in the body, are the body's main source
of energy production and are critical for normal organ function.
Dysfunctional mitochondria characterize a number of rare genetic
diseases and are involved in many common age-related diseases,
typically involving organ systems with high energy demands such as
the heart, the eye, and the brain. We believe our lead product
candidate, elamipretide, has the potential to treat both rare
metabolic cardiomyopathies, such as Barth, Duchenne muscular
dystrophy and Friedreich's ataxia, rare mitochondrial diseases
entailing nuclear DNA mutations, such as POLG-related disorders, as
well as ophthalmic diseases entailing mitochondrial dysfunction,
such as dry AMD and Leber's hereditary optic neuropathy. We are
evaluating our second-generation clinical-stage candidate, SBT-272,
and our new series of small molecules, SBT-550, for rare
neurological disease indications following promising preclinical
data. We have optimized our discovery platform to identify novel
mitochondria-targeted compounds which may be nominated as
therapeutic product candidates or utilized as scaffolds to deliver
other compounds to mitochondria.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Such forward-looking statements include those regarding
Stealth BioTherapeutics' plans, strategies and expectations for its
preclinical and clinical advancement of its drug development
programs, including its ongoing clinical trials of elamipretide and
planned clinical trial of SBT-272; the potential benefits of
Stealth BioTherapeutics' product candidates; its key milestones for
2021, including submission of a New Drug Application and planning
for potential commercialization; its plans regarding future data
presentations; its interactions with regulatory authorities; and
its financial guidance regarding the period in which it will have
capital available to fund its operations. Statements that are not
historical facts, including statements about Stealth
BioTherapeutics' beliefs, plans and expectations, are
forward-looking statements. The words "anticipate," "expect,"
"hope," "plan," "potential," "possible," "will," "believe,"
"estimate," "intend," "may," "predict," "project," "would" and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Stealth BioTherapeutics may not
actually achieve the plans, intentions or expectations disclosed in
these forward-looking statements, and you should not place undue
reliance on these forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements as a
result of known and unknown risks, uncertainties and other
important factors, including: Stealth BioTherapeutics' ability to
obtain additional funding; the ability to successfully demonstrate
the efficacy and safety of Stealth BioTherapeutics' product
candidates and future product candidates; the preclinical and
clinical results for Stealth BioTherapeutics' product candidates,
which may not support further development and marketing approval;
the potential advantages of Stealth BioTherapeutics' product
candidates; the content and timing of decisions made by the U.S.
FDA, the EMA or other regulatory authorities, investigational
review boards at clinical trial sites and publication review
bodies, which may affect the initiation, timing and progress of
preclinical studies and clinical trials of Stealth BioTherapeutics
product candidates; Stealth BioTherapeutics' ability to obtain and
maintain requisite regulatory approvals and to enroll patients in
its planned clinical trials; unplanned cash requirements and
expenditures; competitive factors; Stealth BioTherapeutics' ability
to obtain, maintain and enforce patent and other intellectual
property protection for any product candidates it is developing;
and general economic and market conditions. These and other risks
are described in greater detail under the caption "Risk Factors"
included in the Stealth BioTherapeutics' most recent Annual Report
on Form 20-F filed with the Securities and Exchange Commission
("SEC"), as well as in any future filings with the SEC.
Forward-looking statements represent management's current
expectations and are inherently uncertain. Except as required by
law, Stealth BioTherapeutics does not undertake any obligation to
update forward-looking statements made by us to reflect subsequent
events or circumstances.
Investor Relations
Stern Investor Relations
Janhavi Mohite, 212-362-1200
IR@StealthBT.com
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SOURCE Stealth BioTherapeutics Inc.