Kitov Announces Retirement of Founder and Executive Chairman Dr. Paul Waymack
02 Maio 2019 - 5:45PM
Dr. Waymack Will Continue to Serve as Kitov's Medical and
Regulatory Advisor
Kitov Pharma Ltd. (the “Company” or “Kitov”) (NASDAQ/TASE: KTOV), a
pharmaceutical company focused on advancing first-in-class
combination oncology therapies to overcome tumor drug resistance,
increase treatment response rate, and slow tumor progression, today
announced the retirement of its chairman of the board and chief
medical officer, Dr. John Paul Waymack. Dr. Waymack will step down
from all executive positions and from the board of directors, but
will continue to serve as a medical and regulatory advisor to the
Company. The effective date for Dr. Waymack’s retirement will be
mutually agreed between the Company and Dr. Waymack, in order to
allow the company to nominate his successor and to complete a
smooth transition process.
"As the founder of the company, I am happy to
have seen Kitov’s substantial growth since its inception, and I am
proud of having played a significant role in the advancement of
Kitov’s first commercial product, Consensi®," said Dr. Waymack. "I
am thankful to my colleagues at Kitov, as well as to our global
partners, medical researchers and physicians for their support and
efforts in advancing Kitov’s mission. I feel that I leave Kitov in
good hands, as the Company positions itself as an oncology
company, developing oncology candidates with innovative mechanisms
of action with the potential to increase treatment response rate
and slow tumor progression in multiple tumor types."
Isaac Israel, chief executive officer of Kitov
commented, "Dr. Waymack has contributed immeasurably to Kitov’s
growth during his nine-year tenure. Under his stellar leadership
and guidance, Kitov has made unprecedented achievements, produced
extraordinary results, and most importantly has developed and
delivered transformational therapies for patients, such as
Consensi® which was recently approved for marketing by the FDA. Dr.
Waymack is an inspirational leader. I had the privilege to work
closely with him and to learn from his vast experience and wisdom.
We look forward to continuing our relationship with Dr. Waymack in
his future advisory role. On behalf of all Kitov shareholders,
employees and the Board of Directors, we wish Paul and his family
the best in his retirement."
About Kitov Pharma
Kitov Pharma (Kitov Pharma Ltd.; NASDAQ/TASE:
KTOV) is an innovative pharmaceutical drug development company.
Leveraging deep regulatory and clinical trial expertise, Kitov's
veteran team of healthcare and business professionals maintains a
proven track record in streamlined end-to-end drug development and
approval. Kitov's combination drug, Consensi™, treating
osteoarthritis pain and hypertension simultaneously, was approved
by the FDA for marketing in the U.S and is partnered in the U.S,
China and South Korea. In addition, Kitov’s NT219, is a novel
patented small molecule designed to overcome cancer drug resistance
that is currently in pre-clinical development. Kitov is under
contract to acquire 100% of FameWave Ltd. which owns CM-24, a
humanized monoclonal antibody directed against carcinoembryonic
antigen-related cell adhesion molecule 1 (CEACAM1), an immune
checkpoint protein belonging to the Human CEA (Carcino-Embryonic
Antigen) protein family. CM-24 is being developed for multiple
oncological indications according to the expression pattern of its
target protein. Following the recent receipt of the approval of
Kitov’s shareholders for the acquisition of FameWave, and the
finalization of a clinical collaboration agreement between FameWave
and Bristol Myers Squibb (NYSE:BMY) for their planned Phase 1/2
clinical trials to evaluate the combination of CM-24 with nivolumab
(Opdivo®), a PD-1 inhibitor, the acquisition is expected to close
during the third quarter of 2019, subject to fulfillment of certain
additional closing conditions.
By lowering development risk and cost through
fast-track regulatory approval of novel late-stage therapeutics,
Kitov plans to deliver rapid ROI and long-term potential to
investors, while making a meaningful impact on people's lives. For
more information on Kitov, the content of which is not part of this
press release, please visit http://www.kitovpharma.com.
Forward-Looking
Statements and Kitov's Safe Harbor
Statement
Certain statements in this press release that
are forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements that are not statements of historical fact, and may be
identified by words such as “believe”, “expect”, “intend”, “plan”,
“may”, “should”, “could”, “might”, “seek”, “target”, “will”,
“project”, “forecast”, “continue” or “anticipate” or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. You should not place undue reliance on these
forward-looking statements, which are not guarantees of future
performance. Forward-looking statements reflect our current views,
expectations, beliefs or intentions with respect to future events,
and are subject to a number of assumptions, involve known and
unknown risks, many of which are beyond our control, as well as
uncertainties and other factors that may cause our actual results,
performance or achievements to be significantly different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
or contribute to such differences include, among others, risks
relating to: the manner in which the parties to the transaction for
the acquisition of FameWave by Kitov plan to effect the
transaction; the expected benefits, synergies and costs of the
transaction; management plans relating to the transaction; the
expected timing of the completion of the transaction; the parties’
ability to complete the transaction considering the various closing
conditions, including conditions related to Kitov shareholder
approvals; the plans, strategies and objectives of management for
future operations; product development for CM-24; the potential
future financial impact of the transaction; and any assumptions
underlying any of the foregoing; the process by which early stage
products such as CM-24 could potentially lead to an approved
product is long and subject to highly significant risks,
particularly with respect to a joint development collaboration; the
fact that drug development and commercialization involves a lengthy
and expensive process with uncertain outcomes; our ability to
successfully develop and commercialize our pharmaceutical products;
the expense, length, progress and results of any clinical trials;
the lack of sufficient funding to finance the clinical trials; the
impact of any changes in regulation and legislation that could
affect the pharmaceutical industry; the difficulty in receiving the
regulatory approvals necessary in order to commercialize our
products; the difficulty of predicting actions of the U.S. Food and
Drug Administration or any other applicable regulator of
pharmaceutical products; the regulatory environment and changes in
the health policies and regimes in the countries in which we
operate; the uncertainty surrounding the actual market reception to
our pharmaceutical products once cleared for marketing in a
particular market; the introduction of competing products; patents
attained by competitors; dependence on the effectiveness of our
patents and other protections for innovative products; our ability
to obtain, maintain and defend issued patents with protective
claims; the commencement of any patent interference or infringement
action; our ability to prevail, obtain a favorable decision or
recover damages in any such action; and the exposure to litigation,
including patent litigation, and/or regulatory actions; the
uncertainty surrounding an investigation by the Israel Securities
Authority into our historical public disclosures and the potential
impact of such investigation on the trading of our securities or on
our clinical, commercial and other business relationships, or on
receiving the regulatory approvals necessary in order to
commercialize our products, and other factors that are discussed in
our in our Annual Report on Form 20-F for the year
ended December 31, 2018 and in our other filings with the SEC,
including our cautionary discussion of risks and uncertainties
under ‘Risk Factors’ in our Registration Statements and Annual
Reports. These are factors that we believe could cause our actual
results to differ materially from expected results. Other factors
besides those we have listed could also adversely affect us. Any
forward-looking statement in this press release speaks only as of
the date which it is made. We disclaim any intention or obligation
to publicly update or revise any forward-looking statement, or
other information contained herein, whether as a result of new
information, future events or otherwise, except as required by
applicable law. You are advised, however, to consult any additional
disclosures we make in our reports to the SEC, which are available
on the SEC’s website, http://www.sec.gov
For further information, contact: Gil Efron Deputy CEO
& Chief Financial Officer +972-3-933-3121 ext. #105
IR@kitovpharma.com
Media Inquiries:
Darren Opland, Ph.D.darren@lifescipublicrelations.com+1 646 627
8387
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