Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset
clinical-stage biopharmaceutical company, focused on identifying,
developing and commercializing treatments in high unmet need areas
involving rare diseases and multi-drug resistant (MDR) bacterial
infections, today announced that Satyavrat “Sath” Shukla, Spero’s
current Chief Financial Officer and Treasurer, will serve as
Spero’s President and Chief Executive Officer (CEO), and as a
member of the Board of Directors, effective August 1, 2023.
Mr. Shukla will succeed Spero’s current CEO and
President, Ankit Mahadevia, M.D., who will become Chairman of the
Board of Directors, effective August 1, 2023. The current Chairman
of the Board, Milind Deshpande, Ph.D., will remain on the Board as
an independent director, and current Board member, Patrick Vink,
MD., will be appointed Lead Independent Director.
“It has been an honor to lead Spero since its
inception and I am thrilled to welcome Sath as our next CEO,” said
Ankit Mahadevia, M.D., Chief Executive Officer of Spero
Therapeutics. “Since its founding from a blank piece of paper, we
have established Spero as a leader in serving patients with serious
infections, with multiple differentiated medicines, a strong team
and culture, world class partners, and a strong balance sheet.
After leading the company for seven years, the Board and I believe
now is the right time to begin this transition.”
Dr. Mahadevia continued, “Sath has been a key
architect of the Company’s growth strategy and fully embodies our
mission and values. The operational experience, financial acumen,
and leadership skills Sath has gained at Spero, Vertex, and other
biotech companies leave him uniquely qualified to lead the next
chapter of Spero’s growth. Under his leadership, we will continue
to work on our mission of creating solutions for patients affected
by serious infections and rare diseases. I look forward to
partnering with him in this endeavor. I also want to extend my
gratitude to Milind Deshpande for his leadership of the Board since
the Company's inception, and we are grateful for his continued
service on the Board.”
Mr. Shukla brings more than two decades of
strategic and financial leadership experience to the role of CEO,
including the last three years as Spero’s CFO and Treasurer. During
his tenure at Spero, he has led all aspects of the Company’s
finance, accounting, and business development functions, and has
played an instrumental role in securing strategic investments and
licensing agreements from GSK (LSE/NYSE: GSK) and Pfizer Inc.
(NYSE: PFE).
“It is an honor to lead Spero’s world-class team
of biopharmaceutical experts,” said Mr. Shukla. “The closing of
Spero’s GSK collaboration to advance tebipenem HBr, and the
progression of SPR720 into its ongoing Phase 2 clinical trial,
marks a new chapter in Spero’s growth strategy. Ankit’s long tenure
as CEO was marked by numerous important accomplishments that
provide a strong foundation in the field of anti-infectives and
rare diseases. I look forward to building upon this foundation, as
I believe the Company is a rapidly growing, emerging leader, poised
to deliver on bringing tebipenem HBr, SPR720 and SPR206 closer to
those patients in need.”
“On behalf of the Board, I would like to
congratulate Sath on a well-deserved promotion and welcome Ankit to
his new role as Chairman,” said Milind Deshpande, Ph.D., Chairman
of the Board of Spero Therapeutics. “Sath and Ankit are both highly
effective leaders with an impressive track record working together.
I look forward to offering my continued advice and counsel to the
Spero management team as an independent director and I am excited
for what lies ahead for the Company.”
Spero has now launched a search for the next CFO
to succeed Mr. Shukla. Until this search is completed, the Board
has appointed Stephen J. DiPalma as Interim CFO and Treasurer,
effective August 1, 2023.
About Mr. Sath ShuklaMr. Shukla
joined Spero as Chief Financial Officer (CFO) in 2020 with over two
decades of strategic and financial leadership experience. During
his tenure as Spero’s CFO, he has led all aspects of the Company’s
finance, accounting, and business development functions, and has
played an instrumental role in securing strategic investments and
licensing agreements from GSK (LSE/NYSE: GSK) and Pfizer Inc.
(NYSE: PFE). Prior to Spero, Mr. Shukla was CFO at Ziopharm
Oncology, Inc. (now Alaunos Therapeutics), and prior to that,
served as Vice President and Global Head of Corporate Finance for
Vertex Pharmaceuticals, Inc. While at Vertex, Mr. Shukla managed
financial planning, analysis and budgeting, and led the annual
long-range planning process encompassing the company’s entire
portfolio and operations across more than 30 countries. Earlier in
his career, Mr. Shukla was a Principal at Cornerstone Research, and
worked for finance consulting firms LECG Corporation and Putnam,
Hayes & Bartlett, Inc. Mr. Shukla earned a B.A. in Economics
from Harvard University and an M.B.A. in Finance and Strategy from
Yale University. He also holds the Chartered Financial Analyst
designation.
About Mr. Stephen DiPalmaMr.
DiPalma is a Managing Director of Danforth Advisors, LLC, a
financial consultancy that specializes in working with life
sciences companies. Prior to and during his tenure at Danforth, Mr.
DiPalma has served as interim CFO to several public and emerging
companies in various stages of development. Mr. DiPalma joined
Danforth in 2014 and served as CFO at Forum Pharmaceuticals from
2009 to 2014. He previously served as Spero’s Interim CFO and
Treasurer from November 2019 to January 2021. He holds a B.S. from
the University of Massachusetts and an M.B.A. from Babson
College.
About Spero TherapeuticsSpero
Therapeutics, headquartered in Cambridge, Massachusetts, is a
multi-asset, clinical-stage biopharmaceutical company focused on
identifying, developing, and commercializing novel treatments for
bacterial infections, including multi-drug resistant bacterial
infections and rare diseases.
- Spero Therapeutics is developing
SPR720 as a novel oral therapy candidate for the treatment of a
rare, orphan pulmonary disease caused by non-tuberculous
mycobacterial infections.
- Tebipenem HBr is an investigational
drug in the United States being developed for the treatment of
cUTI, including pyelonephritis, caused by certain bacteria, in
adult patients who have limited treatment options; tebipenem HBr is
not FDA-approved.
- Spero Therapeutics also has an
IV-administered next generation polymyxin product candidate,
SPR206, developed from its potentiator platform, which is in
development to treat MDR Gram-negative infections in the hospital
setting.
For more information, visit
https://sperotherapeutics.com.
Forward Looking StatementsThis
press release may contain forward-looking statements. These
statements include, but are not limited to, statements about the
design, initiation, timing, progress and results of Spero's
preclinical studies and clinical trials and its research and
development programs. In some cases, forward-looking statements can
be identified by terms such as "may," "will," "should," "expect,"
"plan," "aim," "anticipate," "could," "intent," "target,"
"project," "contemplate," "believe," "estimate," "predict,"
"potential" or "continue" or the negative of these terms or other
similar expressions. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors, including whether SPR720 will advance
through the clinical trial process on a timely basis, or at all,
taking into account the effects of possible regulatory delays,
slower than anticipated patient enrollment, manufacturing
challenges, clinical trial design and clinical outcomes; whether
the U.S. Food and Drug Administration will ultimately approve
tebipenem HBr and, if so, the timing of any such approval; whether
results obtained in preclinical studies and clinical trials will be
indicative of results obtained in future clinical trials; Spero's
reliance on third parties to manufacture, develop, and
commercialize its product candidates, if approved; Spero’s need for
additional funding; the ability to commercialize Spero's product
candidates, if approved; Spero's ability to retain key personnel;
Spero’s ongoing leadership transitions; whether Spero's cash
resources will be sufficient to fund its continuing operations for
the periods and/or trials anticipated; and other factors discussed
in the "Risk Factors" set forth in filings that Spero periodically
makes with the U.S. Securities and Exchange Commission. The
forward-looking statements included in this press release represent
Spero's views as of the date of this press release. Spero
anticipates that subsequent events and developments will cause its
views to change. However, while Spero may elect to update these
forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Spero's views as of any date subsequent to the date of
this press release.
Investor Relations
Contact: Ted JenkinsVice President, Investor
Relations and Strategic FinanceIR@sperotherapeutics.com (617)
798-4039
Media Inquiries: Lora
Grassilli, Health Media RelationsZeno
Grouplora.grassilli@zenogroup.com646-932-3735
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