Image source: Editas Medicine
Medicine Edith ( EDIT) announced on Thursday the appointment of Gilmore O’Neill, MB, MMSc, as its new President and CEO from June 1, 2022.
The current CEO Jim Mullen, who took the helm only in February 2021, will remain the executive chairman of the board of directors of Editas Medicine.
Dr. O’Neill recently served as Chief Medical Officer at Sarepta Therapeutics (SRPT) and previously held several management positions at Biogen over a 15-year period, most recently as Senior Vice President responsible for all recent stages of clinical development.
It has received marketing authorization for several drugs, including Amondys, Vyondys, Spinraza, Plegridy and Tecfidera.
“Obviously, one of the things that was missing [Editas Medicines] “It’s a very experienced, perfect background for drug development that can connect medicine with science,” Mullen said in an interview with BioPharma Dive.[O’Neill] this is exactly the profile we need at the moment. “
Shares of Editas fell 77% from a peak in September 2021 at $ 73.03, closing on Thursday at $ 16.67 with a market capitalization of just $ 1.1 billion.
Investors cannot be blamed for their hesitation in returning to stocks at these levels. The company reported its first clinical data from its leading candidate, EDIT-101, last fall, and the results did not impress investors. In addition, the company has experienced a high degree of turnover at the senior management level.
However, investors have reason to be optimistic about this genome editing campaign:
- The company has differentiated gene editing and delivery technology.
- Editas has arguably the strongest intellectual property portfolio in all CRISPR gene editing with more than 220 patents issued and more than 800 pending applications.
- Editas has achieved proof of concept in vivo in 2021 and is waiting for proof of concept of its ex vivo platform in 2022.
- The company has an existing clinical partnership with Bristol Myers Squibb that covers six different programs, and the pipeline offers many opportunities for additional partnerships.
- As of December 31, 2021, Edithas had $ 620 million in cash and cash equivalents, which is enough to extend it until 2023.
- O’Neill’s new CEO has significant experience in drug development and commercialization.
Source: Stock news
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