Seasoned Oncology Leader Brings Extensive ADC
Expertise to Support Company's New Pipeline
MORRISTOWN, N.J., Feb. 18,
2025 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ:
AADI) today announced the appointment of David Dornan, PhD as the Company's Chief
Scientific Officer (CSO). Dr. Dornan contributes more than two
decades of experience in oncology drug discovery and development,
with deep expertise in antibody-drug conjugates (ADCs) and other
targeted cancer therapies.
"David's extensive experience in ADC development and track
record of translating novel oncology discoveries into clinical
programs make him an ideal leader as we seek to rapidly advance our
newly in-licensed ADC portfolio," said David Lennon, PhD, President and CEO of Aadi
Bioscience. "We are thrilled to welcome David to our growing
ADC-experienced team, which also boasts board members from leading
ADC companies, Behzad Aghazedeh, former CEO and Executive Chair of
Immunomedics, and recently appointed Baiteng Zhao, PhD, co-founder
and former Chairman and CEO of ProfoundBio."
Dr. Dornan joins Aadi at a pivotal time as the company
implements a new strategic plan, which was first announced in
December 2024, including three
proposed transactions: the sale of FYARRO® and its
associated infrastructure to Kaken Pharmaceuticals for $100 million in cash; the in-licensing of a
thoughtfully selected, promising portfolio of ADCs from WuXi
Biologics; and a $100 million private
placement financing to help facilitate the development of these ADC
assets. Aadi filed its definitive proxy statement on January 31, 2025, in connection with the
Company's upcoming Special Meeting of Stockholders which is
scheduled to be held on February 28,
2025. The proxy statement includes proposals on the sale of
FYARRO and the financing.
"The field of ADCs is undergoing a transformation and we believe
that Aadi is well-positioned to contribute with a creative
tumor-targeting strategy that utilizes a next-generation
linker-payload platform," said David
Dornan, PhD, CSO of Aadi Bioscience. "What drew me to Aadi
wasn't just its cutting-edge science—it's the unwavering commitment
to translating innovation into real impact for patients. With a
pipeline targeting PTK7, MUC16 and SEZ6, we have an opportunity to
redefine what is possible in cancer treatment. I'm eager to
collaborate with this outstanding team to accelerate the
development of therapies that can truly make a difference in
patients' lives."
Dr. Dornan has a successful track record of shepherding drugs
from discovery stage through the clinic for advanced modalities,
including ADCs, encompassing numerous Initial New Drug (IND), New
Drug Application and Biologic License Application filings. Most
recently, he served as CSO at Elevation Oncology where he
spearheaded the company's strategic pivot toward a portfolio of
ADCs, including the in-licensing and nomination of differentiated
ADC assets. As the CSO of Bolt Biotherapeutics he led the
cutting-edge research and development of novel immune-stimulating
ADCs and immune agonist antibodies that led to multiple INDs and
clinical trials. Previously, he was the Director and Head of
Oncology Research at Gilead Sciences where he oversaw the
identification, validation and translation of oncogenic targets
into biologic and small molecule therapeutics. Dr. Dornan began his
industry career at Genentech where he spent a decade in roles of
increasing responsibility focused on target discovery and
validation efforts for numerous tumor antigen targets and ADCs,
including POLIVY® (polatuzumab vedotin-piiq), an ADC
approved by the US Food and Drug Administration for the treatment
of diffuse large B-cell lymphoma.
About Aadi Bioscience
Aadi is a precision oncology company with a vision to make bold
choices in applying technology to efficiently deliver improved
precision oncology therapies for people living with
difficult-to-treat cancers. More information on the Company is
available on the Aadi website at www.aadibio.com and connect with
us on 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
relating to: the timing and completion of the proposed sale of
FYARRO to Kaken Pharmaceuticals and the anticipated timing of the
closing of the transaction; expectations regarding the timing,
closing and completion of the PIPE financing; Aadi's expected cash
position at the closing and cash runway of the company following
the sale of FYARRO and PIPE financing; the future operations of
Aadi; the development and potential benefits of any of Aadi's
product candidates, including the preclinical ADC assets proposed
to be licensed from WuXi; anticipated preclinical and clinical
development activities and related timelines, including the
expected timing for announcement of data and other preclinical and
clinical results and potential submission of IND filings for one or
more product candidates; and other statements that are not
historical fact. 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, risks
associated with (i) the risk that the conditions to the
closing of the proposed sale of FYARRO or the PIPE financing are
not satisfied, including the failure to timely obtain stockholder
approval for the transactions, if at all; (ii) uncertainties
as to the timing of the consummation of the proposed transactions
and the ability of each of Kaken and Aadi to consummate the
proposed sale of FYARRO; (iii) risks related to Aadi's ability
to manage its operating expenses and its expenses associated with
the proposed transactions pending the closing; (iv) risks
related to the failure or delay in obtaining required approvals
from any governmental or quasi-governmental entity necessary to
consummate the proposed transactions; (v) unexpected costs,
charges or expenses resulting from the transactions;
(vi) potential adverse reactions or changes to business
relationships resulting from the announcement or completion of the
proposed sale of FYARRO or the proposed PIPE financing;
(vii) the uncertainties associated with Aadi's product
candidates, as well as risks associated with the preclinical and
clinical development and regulatory approval of product candidates,
including potential delays in the completion of preclinical studies
and clinical trials; (viii) risks related to the inability of
Aadi to obtain sufficient additional capital to continue to advance
these product candidates; (ix) uncertainties in obtaining
successful preclinical and clinical results for product candidates
and unexpected costs that may result therefrom; (x) risks
related to the failure to realize any value from product candidates
being developed and anticipated to be developed in light of
inherent risks and difficulties involved in successfully bringing
product candidates to market; and (xi) risks associated with
the possible failure to realize certain anticipated benefits of the
proposed sale of FYARRO or the proposed PIPE financing, including
with respect to future financial and operating results.
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, 2023, 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.
Additional Information and Where to Find It
This communication relates to the proposed sale of FYARRO and
the proposed financing and may be deemed to be solicitation
material in respect of such transactions. In connection with these
proposed transactions, Aadi has filed a proxy statement with the
SEC (the "Proxy Statement") which has been mailed to stockholders.
This communication is not a substitute for the Proxy Statement or
any other documents that Aadi has filed or may file with the SEC or
send to Aadi stockholders in connection with the proposed
transactions. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
SECURITYHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER
RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN
CONNECTION WITH THE PROPOSED TRANSACTIONS AS THEY BECOME AVAILABLE
CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND RELATED
MATTERS.
Stockholders may obtain a copy of the Proxy Statement and other
documents the Company files with the SEC (when they are available)
through the website maintained by the SEC at www.sec.gov, as well
as on the Investor and News section of Aadi's website at
www.aadibio.com.
Certain stockholders of Aadi, including members of its board of
directors and related entities, have entered into voting and
support agreements in favor of Kaken Pharmaceuticals and Aadi,
pursuant to which such stockholders have agreed to vote in favor of
the stock purchase transaction with Kaken Pharmaceuticals.
Participants in the Solicitation
This communication does not constitute a solicitation of proxy,
an offer to purchase or a solicitation of an offer to sell any
securities. Aadi and its respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the stockholders of Aadi in connection with the
proposed transactions. Information about Aadi's directors and
executive officers, as well as other persons who may be deemed
participants in the proposed transactions, is set forth in the
Proxy Statement and is supplemented by other relevant materials
filed or to be filed with the SEC. To the extent the holdings of
Aadi securities by Aadi's directors and executive officers have
changed since the amounts set forth in the Proxy Statement, such
changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC. You may obtain free
copies of these documents as described in the preceding
paragraph.
No Offer or Solicitation
This communication shall not constitute an offer to sell or a
solicitation of an offer to buy these securities nor a solicitation
of any vote or approval with respect to the proposed transactions
or otherwise, nor shall there be any sale of these securities in
any state or other jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
The offer and sale of securities of Aadi described above are
being made in a transaction not involving a public offering and the
securities have not been registered under the Securities Act of
1933, as amended, and may not be reoffered or resold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements. Concurrently with the closing
of the subscription agreement for the financing, the Company and
the investors will enter into a registration rights agreement
pursuant to which the Company will file, following the closing of
the financing, a registration statement with the SEC registering
the resale of the shares of Common Stock and the shares of Common
Stock underlying the Pre-Funded Warrants sold in the PIPE
financing.
Contact:
IR@aadibio.com
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SOURCE Aadi Bioscience
