ADC Therapeutics Announces Evolution of Board of Directors
June 15 2023 - 7:15AM
ADC Therapeutics SA (NYSE: ADCT) today announced the election of
Robert W. Azelby to its Board of Directors. Mr. Azelby brings more
than 30 years of biopharmaceutical leadership and commercial
experience to ADC Therapeutics’ Board.
“We’re delighted to welcome Bob to our Board. He
brings with him a wealth of experience and a strong track record in
building successful biotech companies. This expertise will be
invaluable at this time as we execute on the updated corporate
strategy outlined during our most recent earnings call,” said Ron
Squarer, Chairman of ADC Therapeutics’ Board of Directors.
Most recently, Mr. Azelby served as President
and Chief Executive Officer of Eliem Therapeutics. Prior to Eliem,
he served as the Chief Executive Officer of Alder
BioPharmaceuticals, Inc. from June 2018 until its acquisition by H.
Lundbeck in 2019. Mr. Azelby previously served as Executive Vice
President, Chief Commercial Officer of Juno Therapeutics, Inc. from
2015 through its acquisition by Celgene in 2018. Earlier in his 15
years at Amgen, Mr. Azelby served in commercial roles including
Vice President and General Manager of Amgen Oncology, Vice
President of Oncology Sales, Vice President of the Commercial
Effectiveness Unit and General Manager of Amgen Netherlands. He has
also served on the Board of Directors of Immunomedics and Cascadian
Therapeutics.
“I believe ADC Therapeutics is well positioned
to unlock the full value of ZYNLONTA® while advancing a pipeline of
high-potential, clinical-stage ADCs,” said Mr. Azelby. “As the ADC
space continues to gain positive momentum, I look forward to
helping ADC Therapeutics leverage its strengths to achieve its
objectives and drive growth.”
Mr. Azelby currently serves on the Board of
Directors of Clovis Oncology, Inc. and Chinook Therapeutics. He
holds a B.A. in Economics and Religious Studies from the University
of Virginia and an M.B.A. from Harvard Business School.In addition
to the appointment of Mr. Azelby, ADC Therapeutics announced the
planned departure of four Board members. Stephen Evans-Freke,
Michael Forer, Chris Martin and Jacques Theurillat are stepping
down, with Mr. Forer transitioning to a Board Observer. With these
changes, ADC Therapeutics’ Board will now have nine directors, the
majority of whom are independent under NYSE listing
standards. “On behalf of my fellow Board members and
ADC Therapeutics’ employees, I’d like to thank Stephen, Michael,
Chris and Jacques for their dedication and invaluable contributions
to ADC Therapeutics since its inception,” said Mr. Squarer. “Their
work will have a lasting impact on the lives of patients around the
world.”
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a
commercial-stage global leader and pioneer in the field of antibody
drug conjugates (ADCs). The Company is advancing its proprietary
ADC technology to transform the treatment paradigm for patients
with hematologic malignancies and solid tumors.
ADC Therapeutics’ CD19-directed ADC ZYNLONTA
(loncastuximab tesirine-lpyl) received accelerated approval by the
FDA and conditional approval from the European Commission for the
treatment of relapsed or refractory diffuse large B-cell lymphoma
after two or more lines of systemic therapy. ZYNLONTA is also in
development in combination with other agents and in earlier lines
of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple
ADCs in ongoing clinical and preclinical development.
ADC Therapeutics is based in Lausanne (Biopôle),
Switzerland and has operations in London, the San Francisco Bay
Area and New Jersey. For more information, please visit
https://www.adctherapeutics.com/ and follow the company on Twitter
and LinkedIn.
ZYNLONTA® is a registered trademark of ADC
Therapeutics SA.
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. Forward-looking
statements are subject to certain risks and uncertainties that can
cause actual results to differ materially from those described.
Factors that may cause such differences include, but are not
limited to: the success of the Company’s updated corporate strategy
including operating efficiencies, capital deployment and portfolio
prioritization; the Company’s ability to achieve the 2023 net
product sales guidance for ZYNLONTA® and the decrease in total
operating expenses for 2023 and 2024, the expected cash runway into
the middle of 2025, the effectiveness of the new commercial
go-to-market strategy and the Company’s ability to continue to
commercialize ZYNLONTA® in the United States and future revenue
from the same; Swedish Orphan Biovitrum AB (Sobi®) ability to
successfully commercialize ZYNLONTA® in the European Economic Area
and market acceptance, adequate reimbursement coverage, and future
revenue from the same; our strategic partners’, including
Mitsubishi Tanabe Pharma Corporation and Overland Pharmaceuticals,
ability to obtain regulatory approval for ZYNLONTA® in foreign
jurisdictions, and the timing and amount of future revenue and
payments to us from such partnerships; the Company’s ability to
market its products in compliance with applicable laws and
regulations; the Company’s expectations regarding the impact of the
Infrastructure Investment and Jobs Act; the timing and results of
the Company’s or its partners’ research projects or clinical trials
including LOTIS 5, 7 and 9, ADCT 901, 601 and 602, the timing and
outcome of regulatory submissions and actions by the FDA or other
regulatory agencies with respect to the Company’s products or
product candidates; projected revenue and expenses; the Company’s
indebtedness, including Healthcare Royalty Management and Blue Owl
and Oaktree facilities, and the restrictions imposed on the
Company’s activities by such indebtedness, the ability to repay
such indebtedness and the significant cash required to service such
indebtedness; the Company’s ability to obtain financial and other
resources for its research, development, clinical, and commercial
activities and other statements regarding matters that are not
historical facts, and involve predictions. These statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results, performance, achievements or prospects to be
materially different from any future results, performance,
achievements or prospects expressed in or implied by such
forward-looking statements. In some cases you can identify
forward-looking statements by terminology such as “may”, “will”,
“should”, “would”, “expect”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “seem”, “seek”,
“future”, “continue”, or “appear” or the negative of these terms or
similar expressions, although not all forward-looking statements
contain these identifying words. Additional information concerning
these and other factors that may cause actual results to differ
materially from those anticipated in the forward-looking statements
is contained in the “Risk Factors” section of the Company's Annual
Report on Form 20-F and in the Company's other periodic reports and
filings with the Securities and Exchange Commission. The Company
cautions investors not to place undue reliance on the
forward-looking statements contained in this document. The Company
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of
this press release, except as required by law.
CONTACTS:
InvestorsEugenia LitzADC
TherapeuticsEugenia.Litz@adctherapeutics.com+44 7879 627205+1
908-723-2350
Media Mary Ann OndishADC Therapeutics
maryann.ondish@adctherapeutics.com+1 914-552-4625
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