Arvinas Appoints Andrew Saik as Chief Financial Officer and Treasurer
24 Junio 2024 - 3:37PM
Arvinas, Inc. (NASDAQ: ARVN), a clinical-stage biotechnology
company creating a new class of drugs based on targeted protein
degradation, today announced the appointment of Andrew Saik to the
role of Chief Financial Officer and Treasurer reporting to
Chairperson, Chief Executive Officer, and President, John Houston,
Ph.D.
"It is a pleasure to welcome Andrew as our new Chief Financial
Officer,” said John Houston, Ph.D., Chairperson, Chief Executive
Officer, and President at Arvinas. “Andrew is a seasoned executive
in biopharma finance with extensive experience in strategic
financial leadership. His expertise in developing robust financial
strategies will be invaluable as Arvinas builds out the financial
systems and infrastructure necessary to transition to a
commercial-stage biotech and continues to execute multiple ongoing
clinical-stage programs to prepare for a Phase 3 data readout.”
Mr. Saik has more than 20 years of biopharma finance experience,
most recently serving as Chief Financial Officer at Intercept
Pharmaceuticals, Inc. While at Intercept Pharmaceuticals, he led
the effort to recapitalize the balance sheet by selling the
international division for $450 million and then repurchasing $390
million in convertible debt with a combination of cash and stock.
Prior to Intercept Pharmaceuticals, Mr. Saik was Chief Financial
Officer of Vyne Therapeutics Inc., where he led a buildout of the
company’s finance department in the U.S., renegotiated debt
obligations to provide the company with enhanced financial
flexibility and helped raise over $135 million to fund operations.
Prior to joining Vyne Therapeutics, Mr. Saik held CFO positions at
PDS Biotechnology, Corp. (formerly Edge Therapeutics, Inc.),
Vertice Pharma, LLC, and Auxilium Pharmaceuticals, Inc. Prior to
Auxilium Pharmaceuticals, he was Senior Vice President, Finance and
Treasurer at Endo Health Solutions, Inc., where he helped complete
the acquisition of Paladin Labs and restructured $3 billion of debt
into a new corporate structure.
"I am delighted to join this dynamic team and contribute to the
company's future successes,” said Mr. Saik. “Arvinas has a
remarkable track record in pioneering targeted protein degradation,
and I believe that my experience in developing commercial
strategies and guiding financial operations at late-stage companies
will be instrumental as Arvinas builds and scales the financial
systems and infrastructure necessary to support its ambitious
growth plans and ensure the company is well-positioned as it
transitions towards commercialization. This is a pivotal time for
the company, and I am excited to be a part of its promising future
and help build on the incredible momentum to date."
In connection with the commencement of Mr. Saik’s employment,
Arvinas granted Mr. Saik an option to purchase 94,418 shares of
common stock and a restricted stock unit award with respect to
61,409 shares of common stock on June 24, 2024, as an inducement
material to entering into employment with Arvinas. The option and
restricted stock units were granted in accordance with Nasdaq
Listing Rule 5635(c)(4) and not pursuant to Arvinas’ 2018 Stock
Incentive Plan.
The option has a 10-year term and an exercise price of $24.97
per share, which is equal to the closing price per share of
Arvinas’ common stock on the grant date. The option vests over four
years, with 25% of the original number of shares underlying the
option vesting on the one-year anniversary of the date of grant and
75% of the original number of shares vesting monthly thereafter,
and the restricted stock unit award vests in four equal
installments on each one-year anniversary of Mr. Saik’s employment
start date until the fourth anniversary of Mr. Saik’s start date,
subject to his continued service with Arvinas through the
applicable vesting dates.
About ArvinasArvinas (Nasdaq: ARVN) is a
clinical-stage biotechnology company dedicated to improving the
lives of patients suffering from debilitating and life-threatening
diseases. Through its PROTAC® (PROteolysis Targeting Chimera)
protein degrader platform, the Company is pioneering the
development of protein degradation therapies designed to harness
the body’s natural protein disposal system to selectively and
efficiently degrade and remove disease-causing proteins. Arvinas is
currently progressing multiple investigational drugs through
clinical development programs, including vepdegestrant, targeting
estrogen receptor for patients with locally advanced or metastatic
ER+/HER2- breast cancer; ARV-102, targeting LRRK2 for
neurodegenerative disorders; and ARV-393, targeting BCL6 for
relapsed/refractory non-Hodgkin Lymphoma. Arvinas is headquartered
in New Haven, Connecticut. For more information about Arvinas,
visit us on www.arvinas.com and connect
with us
on LinkedIn and X.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995 that involve
substantial risks and uncertainties, including statements regarding
Arvinas’ preparation for its Phase 3 data readout; Arvinas’ build
out and scaling of financial systems and infrastructure necessary
to support its ambitious growth plans and ensure as well as the
company’s position with respect to commercialization; and the
potential therapeutic benefits of the product candidates in
Arvinas’ PROTAC® protein degrader pipeline. The words “believe,”
“expect,” “may,” “plan,” “potential,” “will,” “continue,” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Arvinas may not actually achieve the
plans, intentions or expectations disclosed in these
forward-looking statements, and you should not place undue reliance
on such forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements made as a result of
various risks and uncertainties, including but not limited to:
Arvinas’ approach to the discovery and development of product
candidates based on its PROTAC technology platform is unproven,
which makes it difficult to predict the time, cost of development
and likelihood of successfully developing any products; Arvinas’
ability to protect its intellectual property position; whether cash
and cash equivalent resources will be sufficient to fund Arvinas’
foreseeable and unforeseeable operating expenses and capital
expenditure requirements; and other important factors discussed in
the “Risk Factors” section of the company’s Annual Report on Form
10-K for the year ended December 31, 2023, and subsequent other
reports on file with the U.S. Securities and Exchange Commission.
The forward-looking statements contained in this press release
reflect current views with respect to future events, and Arvinas
assumes no obligation to update any forward-looking statements
except as required by applicable law. These forward-looking
statements should not be relied upon as representing Arvinas’ views
as of any date after the date of this release.
Arvinas Contacts
Investor Contact:Jeff Boyle, Arvinas Investor
Relations+1 (347) 247-5089Jeff.Boyle@arvinas.com
Media Contact:Kirsten Owens, Arvinas
Communications+1 (203) 584-0307Kirsten.Owens@arvinas.com
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