Dr. Lennon brings over 20 years of
pharmaceutical experience, including deep expertise in the
development and commercialization of mTOR inhibitors
Leadership transition expected to accelerate
growth and leverage ground-breaking nanoparticle technology in
FYARRO® to build a leading precision oncology
company
On track for interim analysis on 40 patients
in tumor agnostic PRECISION1 trial in patients with TSC1/TSC2
alterations and trial initiations in endometrial and neuroendocrine
cancers before the end of 2023
LOS
ANGELES, Oct. 2, 2023 /PRNewswire/ -- Aadi
Bioscience, Inc. (NASDAQ: AADI), a biopharmaceutical company
focused on developing and commercializing precision therapies with
mTOR pathway alterations, today announced the appointment of
Dave Lennon, Ph.D. as President and
Chief Executive Officer. Dr. Lennon brings more than twenty
years of experience leading global biotechnology and pharmaceutical
teams, with significant expertise in development and
commercialization in oncology and non-oncology mTOR-driven
diseases. Dr. Lennon has also joined the Aadi Bioscience
Board of Directors. In connection with Dr. Lennon's
appointment, Scott Giacobello, who
served as Interim Chief Executive Officer and President since
March 2023, will continue in his role
as Chief Financial Officer.
"Dave brings tremendous experience to Aadi. He has led
development and commercialization of ground-breaking drugs in
oncology and rare diseases in the U.S. and global markets. We
believe his background as both a scientist and business leader will
serve to accelerate Aadi's growth as a precision oncology company.
We are excited to welcome Dave as our CEO," said Caley Castelein M.D., Chairman of the Board of
Directors. "We would also like to thank Scott Giacobello, who ably led Aadi as the
interim CEO since spring, in addition to his duties as CFO,"
continued Castelein. "His leadership during this transition enabled
operational continuity and continued focus on execution, while
working with the team to advance our progress commercially and in
the clinic. We recognize his contribution and appreciate his
support."
Dr. Lennon's pharmaceutical career is highlighted by 15 years at
Novartis AG, where he rose to the role of President, Novartis Gene
Therapies and was responsible for development, approval and launch
of the blockbuster Zolgensma®, the first systemic gene
therapy for the rare disease spinal muscular atrophy approved for
use in more than 40 countries. Prior to that, he held
leadership roles in Novartis Oncology for the U.S. and Japan regions, having also held key commercial
leadership positions in the United
States, China and
Switzerland while with
Novartis. Dr. Lennon joins Aadi Bioscience following his role
as Chief Executive Officer and member of the board of directors at
Satellite Bio, a privately held regenerative medicine company. Dr.
Lennon started his career as a scientist, cloning a gene important
for genomic stability and prevention of cancer. He went on to
earn a Ph.D. in Molecular Medicine from Weill Cornell Medical
College of Cornell University and a
B.A. in Biophysics from Columbia
College of Columbia University. After completing his
Ph.D., Dr. Lennon joined McKinsey & Company, focusing on
R&D strategy and strategic transactions in the pharmaceutical
industry.
Dr. Lennon noted, "I am proud to join the seasoned Aadi team and
am eager to work together toward advancing meaningful precision
therapies for difficult to treat cancers using our ground-breaking
nanoparticle technology. With its initial indication in a rare,
highly aggressive sarcoma, FYARRO has already proven itself as a
potent mTOR inhibitor and tumor-targeting anti-cancer agent.
I am excited to join Aadi at a time where we are expanding the
potential of FYARRO through new trials in mTOR-sensitive tumors,
like endometrial and neuroendocrine cancers. Later this year
we will have our first look at emerging PRECISION 1 data to measure
the potential of nab-sirolimus to help thousands of patients
annually suffering from aggressive cancers with
TSC1/TSC2 alterations of any type. We believe
our advanced application of nanoparticle technology may offer new
hope to a wide range of cancer patients, and I am looking forward
to leading the Company through the next chapter in its
evolution."
About Aadi Bioscience
Aadi is a commercial-stage
biopharmaceutical company focused on precision therapies to bring
transformational therapies to cancer patients with mTOR pathway
driver alterations. Aadi received FDA approval in November
2021, and in February 2022 commenced commercialization of
FYARRO® for the treatment of adult patients with
locally advanced unresectable or metastatic malignant perivascular
epithelioid cell tumor (PEComa).
Aadi is conducting the PRECISION1 trial, a Phase 2
tumor-agnostic registration-directed study in patients with mTOR
inhibitor-naïve malignant solid tumors
harboring TSC1/TSC2 inactivating
alterations. More information on Aadi's development pipeline is
available on the Aadi website at www.aadibio.com and
connect with us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains
certain forward-looking statements regarding the business of Aadi
Bioscience that are not a description of historical facts within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on the Company's current
beliefs and expectations and may include, but are not limited to,
statements regarding: the Company's anticipated growth and
continued advancements, including plans and potential for success
relating to commercializing and further development of FYARRO,
including in potential additional indications; expectations
regarding the beneficial characteristics, safety, efficacy and
therapeutic effects of FYARRO; plans related to further development
and manufacturing of FYARRO; and the clinical results and timing of
additional clinical trials, including the registration-directed
PRECISION1 trial in patients
harboring TSC1/TSC2 inactivating
alterations and the release of data with respect thereto, and the
clinical trials in endometrioid-type endometrial cancer and
neuroendocrine tumors. Actual results could differ materially from
those anticipated in such forward-looking statements as a result of
these risks and uncertainties, which include, without limitation,
those associated with the ability to successfully commercialize
FYARRO; uncertainties associated with the clinical development and
regulatory approval of FYARRO in additional indications, including
potential delays in the commencement, enrollment and completion of
clinical trials for additional indications; the risk that
unforeseen adverse reactions or side effects may occur in the
course of commercializing, developing and testing FYARRO; risks
associated with the failure to realize any value from FYARRO in
light of inherent risks and difficulties involved in successfully
bringing product candidates to market; and risks related to the
Company's estimates regarding future expenses, capital requirements
and need for additional financing.
Additional risks and uncertainties that could cause actual
outcomes and results to differ materially from those contemplated
by the forward-looking statements are included in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2022, including under the caption
"Item 1A. Risk Factors," and in Aadi's subsequent Quarterly Reports
on Form 10-Q, and elsewhere in Aadi's reports and other documents
that Aadi has filed, or will file, with the SEC from time
to time and available at www.sec.gov.
All forward-looking statements in this press release are current
only as of the date hereof and, except as required by applicable
law, Aadi undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise. All forward-looking statements are qualified in their
entirety by this cautionary statement. This cautionary statement is
made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Contact:
Marcy
Graham
IR@aadibio.com
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SOURCE Aadi Bioscience