Chemomab Announces Four New Appointments to the Board of Directors and Completion of PIPE Financing
TEL-AVIV, Israel, March 29, 2021 /PRNewswire/ -- Chemomab Therapeutics, Ltd. (Nasdaq: CMMB), a clinical-stage biotech company focused on the discovery and development of innovative therapeutics for fibrosis-related diseases with high unmet need, today announced the appointment of Dr. Alan Moses, Dr. Claude Nicaise, Mr. Joel Maryles, and Mr. Neil Cohen to Chemomab's Board of Directors. Dr. Stephen Squinto will remain Chairman of Chemomab's Board. Dr. Adi Mor and Dr. Nissim Darvish will also continue in their prior role as Directors, where Dr. Darvish will serve as Chair of the Compensation Committee.
Chemomab also closed its previously announced private investment in public equity (PIPE) and received gross proceeds of $45.5 million. Following the closing of the PIPE, approximately 11.9 million American Depositary Shares (ADSs) of the Company are outstanding on a fully diluted basis.
"We are thrilled to welcome Alan, Claude, Joel and Neil to our Board of Directors at this important time," said Dr. Stephen Squinto, Chairman of Chemomab's Board of Directors. "The addition of these industry experts and experienced directors contributes meaningfully to our Board's clinical and regulatory expertise as we advance our proof-of-concept trials in rare fibrotic diseases. We are confident they will provide valuable perspectives and contributions and look forward to their guidance to help grow our company as our pipeline advances towards potential registration and commercialization" he said.
About Dr. Alan Moses
Dr. Moses joined the Chemomab Board of Directors as an Independent Director and member of the Audit Committee. He has spent 14 years at Novo Nordisk where he held multiple roles and rose to the position of Senior Vice President and Global Chief Medical Officer where he was involved in Diabetes drug discovery, drug development and brand messaging. Dr. Moses was co-founder and co-director of the Clinical Investigator Training Program at Beth Israel Deaconess-Harvard Medical School-MIT and served as Senior Vice President and Chief Medical Officer of the Joslin Diabetes Center in Boston and was appointed Professor of Medicine at Harvard Medical School.
About Dr. Claude Nicaise
Dr. Nicaise joined the Chemomab Board of Directors as an Independent Director and member of the Audit Committee. Dr. Nicaise was a Senior Vice President of Strategic Development and Global Regulatory Affairs at Alexion Pharmaceuticals where he helped manage all regulatory activities and development programs in rare diseases. He also spent 21 years at Bristol-Myers Squibb where he served in various positions of increasing responsibility, including senior positions such as Vice President of Global Development, Vice-President of Worldwide Regulatory Science and Strategy, and leadership positions in Oncology, Infectious Disease, and Neuroscience development. Dr. Nicaise is a board member in several public and private companies.
About Mr. Joel Maryles
Mr. Maryles joined the Chemomab Board of Directors as an Independent Director, Chair of the Audit Committee, and member of the Corporate Governance Committee. He has held numerous senior positions on Wall Street over the past three decades as an investment banker, venture capitalist, money manager and sell-side analyst. Mr. Maryles was a Partner at OurCrowd and portfolio manager of T-Cubed Investments LP, an equity hedge fund that he founded. Prior to that, he spent 10 years at Citigroup Investment Banking where he was a Managing Director. In addition to his role as a senior technology banker, he founded and managed the Israeli investment banking operations for Citigroup/Salomon Smith Barney. Previously, Mr. Maryles held various senior positions at Furman Selz, a U.S.-based investment bank, including Managing Director focused on Israeli technology and healthcare transactions and was an Investment Officer at First Chicago Investment Advisors.
About Mr. Neil Cohen
Mr. Cohen, the former interim CEO of Anchiano Therapeutics, joined the Chemomab Board of Directors as a Director, Chair of the Corporate Governance Committee and member of the Compensation Committee. He has served as the Chairman and Chief Executive Officer of Castel Partners Ltd. since January 2012. Mr. Cohen co-founded Israel Seed Partners, a leading venture capital firm, and managed it for 25 years. Mr. Cohen has invested in and served on the boards of directors of many private technology companies, including a large number which were acquired or completed successful initial public offerings. He is a venture partner at SKY, an Israeli middle-market private equity firm, at Hetz Ventures Management Ltd., an early-stage Israeli venture capital fund, and Shavit Capital. Mr. Cohen was previously the Business Editor of The Jerusalem Post and began his career in the Rothschild Bioscience Unit of N M Rothschild & Sons Limited in London.
About Chemomab Therapeutics Ltd.
Chemomab is a clinical-stage biotech company focusing on the discovery and development of innovative therapeutics for fibrosis-related diseases with high unmet need. Based on the unique and pivotal role of the soluble protein CCL24 in promoting fibrosis and inflammation, Chemomab developed CM-101, a monoclonal antibody designed to bind and block CCL24 activity. CM-101 has potential to treat multiple severe and life-threatening inflammatory and fibrotic diseases and is currently undergoing clinical development with primary focus for the orphan diseases, Primary Sclerosing Cholangitis (PSC) and Systemic Sclerosis (SSc). Chemomab is advancing in parallel three Phase 2 clinical trials with CM-101 in fibrotic indications and expecting to report data during 2021-2022. For more information on Chemomab, please visit www.chemomab.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements include, among other things, statements regarding the clinical development pathway for CM-101; the future operations of Chemomab and its ability to successfully initiate and complete clinical trials and achieve regulatory milestones; the nature, strategy and focus of Chemomab; the development and commercial potential and potential benefits of any product candidates of Chemomab; and that the product candidates have the potential to address high unmet needs of patients with serious fibrosis-related diseases and conditions. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based upon Chemomab's current expectations. Forward-looking statements involve risks and uncertainties.
Because such statements deal with future events and are based on Chemomab's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Chemomab could differ materially from those described in or implied by the statements in this presentation, including: the uncertain and time-consuming regulatory approval process; risks related to Chemomab's ability to correctly manage its operating expenses and its expenses; Chemomab's plans to develop and commercialize its product candidates, focusing on CM-101; the timing of initiation of Chemomab's planned clinical trials; the timing of the availability of data from Chemomab's clinical trials; the timing of any planned investigational new drug application or new drug application; Chemomab's plans to research, develop and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of Chemomab's product candidates; Chemomab's commercialization, marketing and manufacturing capabilities and strategy; Chemomab's ability to protect its intellectual property position; and the requirement for additional capital to continue to advance these product candidates, which may not be available on favorable terms or at all. Additional risks and uncertainties relating to Chemomab's and its business can be found under the caption "Risk Factors" and elsewhere in Chemomab's filings and reports with the SEC. Chemomab expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Chemomab's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
SOURCE ChemomAb Ltd.
Company Codes: NASDAQ-NMS:CMMB