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Experienced Pharmaceutical Industry Executive Dr. Elisabeth Svanberg Appointed as Chairman of Pharnext Board of Directors
PARIS, France, December 23rd, 2021, 8:30 am CET - Pharnext SA (FR0011191287 - ALPHA) (the "Company"), an advanced late-stage clinical biopharmaceutical company pioneering new approaches to developing innovative drug combinations based on big genomics data and artificial intelligence using its PLEOTHERAPY(TM) platform, announces today the appointment of Dr. Elisabeth Svanberg MD, PhD to succeed Michel de Rosen as Chairman of the Board of Directors effective January 1st, 2022. Michel de Rosen has served as Chairman of the Board since June 2016 and will continue to serve as a Non-Executive Director.
Dr. Svanberg has extensive experience in the development of novel treatments across therapeutic areas. She received her MD and PhD from the University of Gothenburg and is a Board-certified general surgeon and Associate Professor of surgery. She is an experienced non-executive director serving on the Board of Galapagos NV, Egetis Pharmaceuticals, Amolyt and Swedish Orphan Biovitrum (SOBI).
Dr. Svanberg joined Serono in 2000, initially in the field of metabolism, and subsequently held roles of increasing responsibility before joining Bristol Myers Squibb (BMS) in 2007. At BMS, she served as Development Leader for dapagliflozin (Forxiga/Farxiga), a first in class medicine now registered and launched worldwide to treat type 2 diabetes, and subsequently was Vice President and Head of the Intercontinental Medical Department responsible for Canada, Latin America, Middle East & Africa, Asia Pacific and Australia / New Zealand. In 2014, Dr. Svanberg joined Janssen Pharmaceuticals (a Johnson & Johnson Company) as Vice President, Head of the Established Products group, managing a portfolio of 90 products used by an estimated 150 million patients globally. Since 2016, Dr Svanberg has been an entrepreneur in the field of urogenital disorder.
Dr. Svanberg's experience will strongly benefit Pharnext, as the Company progresses its pivotal Phase III clinical study of PXT3003, the PREMIER trial, its lead drug candidate designed to treat Charcot-Marie-Tooth disease type 1A (CMT1A). CMT1A is a rare progressive, inherited neurological disorder that affects the peripheral nerves and currently has no existing approved therapies.
On her appointment as Chairman of the Board, Dr. Elisabeth Svanberg commented: "I am excited to take on the Chairman role at this important time for Pharnext and work alongside my fellow Board members and our management team to support the Company as it advances the pivotal study of PXT3003 in CMT1A. I want to thank Michel and the Board of Pharnext for the confidence placed in me. Michel has led the Company to this pivotal moment, and I look forward to continuing to build from Michel's foundations. I'm delighted that Michel is staying on to continue his support of the transition."
Michel de Rosen, outgoing Chairman of the Board at Pharnext, commented: "After chairing the Board of Pharnext for more than five years, I believe the time has come for a new person to take that role. Elisabeth Svanberg is remarkably qualified for that mission. Her expertise in drug development, her experience in senior management and in biotech boards, her international background, her leadership skills, her rigor and integrity will be precious assets for the Board of Pharnext as the company moves ahead. I believe in the future of Pharnext and especially in its CMT1A drug candidate."
Pharnext is an advanced clinical-stage biopharmaceutical company developing novel therapeutics for orphan and common neurodegenerative diseases that currently lack curative and/or disease-modifying treatments. Pharnext has two lead products in clinical development. PXT3003 completed an international Phase III trial with positive topline results for the treatment of Charcot-Marie-Tooth disease type 1A ('CMT1A') and benefits from orphan drug status in Europe and the United States. An international pivotal Phase III study of PXT3003 in CMT1A, the PREMIER trial, is currently ongoing. PXT864 has generated encouraging Phase II results in Alzheimer's disease and will be advanced through partnerships. Pharnext has developed a new drug discovery paradigm based on big genomics data and artificial intelligence: PLEOTHERAPY(TM). Pharnext identifies and develops synergic combinations of drugs called PLEODRUG(TM). More information can be found at www.pharnext.com.
Pharnext is listed on the Euronext Growth Stock Exchange in Paris (ISIN code: FR0011191287).
This press release contains certain forward-looking statements concerning Pharnext and its business, including in respect of timing of and prospects for clinical trials and regulatory submissions of the Company's product candidates as well as a potential financing transaction, the use of proceeds therefrom and cash runway. Such forward-looking statements are based on assumptions that Pharnext considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in Pharnext's URD approved by the AMF on November 9, 2020 under number N° R. 20-029 as well as in its annual periodic management reports and press releases (copies of which are available on www.pharnext.com) and to the development of economic conditions, financial markets and the markets in which Pharnext operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Pharnext or not currently considered material by Pharnext. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Pharnext to be materially different from such forward-looking statements. Pharnext disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
This press release and the information that it contains do not constitute an offer to sell or subscribe for, or a solicitation of an offer to purchase or subscribe for, Pharnext shares in any country, including the United States. The Company's securities may not be offered or sold in the United States absent registration or an exemption from registration; any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer that will contain detailed information about the Company and management, as well as financial statements.
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