Current CFO Erik Ostrowski named interim CEO,
replacing Founding President and CEO Geoff MacKay
AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene
therapy company working to free people from a lifetime of genetic
disease, today announced the appointment of Erik Ostrowski as
interim Chief Executive Officer effective as of today. Mr.
Ostrowski, who will continue as AVROBIO’s Chief Financial Officer,
succeeds founding President and CEO Geoff MacKay, who is leaving to
join an emerging early-stage company. The Board of Directors has
begun a search to identify a permanent CEO.
“On behalf of the entire board and the AVROBIO team, we thank
Geoff for his eight-year commitment, building a purpose-driven
company, aiming to free patients from a lifetime of genetic
disease. We wish him great success in his next endeavor,” said
Bruce Booth, D.Phil., chairman of the AVROBIO board of directors.
“As AVROBIO prepares to transition to late-stage development in two
exciting programs, Erik will provide steady leadership. A four-year
veteran of the company, he has taken on increasing operational and
leadership responsibilities over the past few years. We have great
confidence in Erik's ability to lead this transition as the Board
conducts its search for a permanent CEO.”
“It’s been a great privilege to lead AVROBIO’s growth from a
startup to a clinical-stage company that is preparing to advance
two clinical programs,” said MacKay. “I believe that this is the
right time to transition leadership of AVROBIO to a new leader with
deep and relevant rare disease experience to help chart AVROBIO’s
next stage of growth.”
“Geoff’s focus and determination have been a big part of getting
AVROBIO to where it is today – well on the way to bringing to
patients living with lysosomal disorders one-time gene therapies
with the potential to halt or reverse genetic disease,” said
Ostrowski. “We have the science and talent to deliver on our
vision, and I look forward to continuing to build on the strong
momentum underway at AVROBIO.”
Erik brings more than 20 years of finance and biotech operating
experience, including a focus on rare diseases and cell-based
therapies. He is also currently a member of the Board of Directors
of Faron Pharmaceuticals. Prior to joining AVROBIO, Erik was CFO at
Summit Therapeutics, where he played a key role in executing the
company’s NASDAQ initial public offering, completing multiple
strategic transactions and building out the company’s U.S.
operations.
Prior to joining Summit, Erik was Vice President of finance at
Organogenesis Inc. He previously worked in investment banking,
including as a director of healthcare investment banking with
Leerink Partners. Erik began his career at PricewaterhouseCoopers
and received a BS in accounting and economics from Babson College
and an MBA from the University of Chicago Booth School of
Business.
About AVROBIO Our vision is to bring personalized gene
therapy to the world. We target the root cause of genetic disease
by introducing a functional copy of the affected gene into
patients’ own hematopoietic stem cells (HSCs), with the goal of
durably expressing the therapeutic protein throughout the body,
including the central nervous system. Our first-in-class pipeline
includes clinical programs for Gaucher disease and cystinosis, as
well as preclinical programs for Hunter syndrome and Pompe disease.
Our proprietary plato® gene therapy platform is scalable for
planned global commercialization. We are headquartered in
Cambridge, Mass. For additional information, visit avrobio.com, and
follow us on Twitter and LinkedIn.
Forward-Looking Statements This press release contains
forward-looking statements, including statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements may be identified by words and
phrases such as “aims,” “anticipates,” “believes,” “could,”
“designed to,” “estimates,” “expects,” “forecasts,” “goal,”
“intends,” “may,” “plans,” “possible,” “potential,” “seeks,”
“will,” and variations of these words and phrases or similar
expressions that are intended to identify forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding a leadership transition including
the appointment of an interim CEO and our search to identify a
permanent CEO, our business strategy for and the potential
therapeutic benefits of our product candidates, the design,
commencement, enrollment and timing of ongoing or planned clinical
trials, clinical trial results, product approvals and regulatory
pathways, anticipated benefits of our gene therapy platform
including potential impact on our commercialization activities,
timing and likelihood of success, the expected benefits and results
of our implementation of the plato platform in our clinical trials
and gene therapy programs, and the expected safety profile of our
investigational gene therapies. Any such statements in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. Results in preclinical or
early-stage clinical trials may not be indicative of results from
later stage or larger scale clinical trials and do not ensure
regulatory approval. You should not place undue reliance on these
statements, or the scientific data presented.
Any forward-looking statements in this press release are based
on AVROBIO’s current expectations, estimates and projections about
our industry as well as management’s current beliefs and
expectations of future events only as of today and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the risk that any
one or more of AVROBIO’s product candidates will not be
successfully developed or commercialized, the risk of cessation or
delay of any ongoing or planned clinical trials of AVROBIO or our
collaborators, the risk that AVROBIO may not successfully recruit
or enroll a sufficient number of patients for our clinical trials,
the risk that AVROBIO may not realize the intended benefits of our
gene therapy platform, including the features of our plato®
platform, the risk that our product candidates or procedures in
connection with the administration thereof will not have the safety
or efficacy profile that we anticipate, the risk that prior
results, such as signals of safety, activity or durability of
effect, observed from preclinical or clinical trials, will not be
replicated or will not continue in ongoing or future studies or
trials involving AVROBIO’s product candidates, the risk that we
will be unable to obtain and maintain regulatory approval for our
product candidates, the risk that the size and growth potential of
the market for our product candidates will not materialize as
expected, risks associated with our dependence on third-party
suppliers and manufacturers, risks regarding the accuracy of our
estimates of expenses and future revenue, risks relating to our
capital requirements and needs for additional financing including
the risk that additional funding may not be available on acceptable
terms or at all and that failure to obtain capital when needed may
force us to delay, limit or terminate our product development
efforts or other operations, risks relating to clinical trial and
business interruptions resulting from the COVID-19 outbreak or
similar public health crises, including that such interruptions may
materially delay our enrollment and development timelines and/or
increase our development costs or that data collection efforts may
be impaired or otherwise impacted by such crises, and risks
relating to our ability to obtain and maintain intellectual
property protection for our product candidates. For a discussion of
these and other risks and uncertainties, and other important
factors, any of which could cause AVROBIO’s actual results to
differ materially and adversely from those contained in the
forward-looking statements, see the section entitled “Risk Factors”
in AVROBIO’s most recent Annual Report, as well as discussions of
potential risks, uncertainties and other important factors in
AVROBIO’s subsequent filings with the Securities and Exchange
Commission. AVROBIO explicitly disclaims any obligation to update
any forward-looking statements except to the extent required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230501005249/en/
Investor: Christopher F. Brinzey Westwicke, an ICR
Company 339-970-2843 chris.brinzey@westwicke.com
Media: Kit Rodophele Ten Bridge Communications
617-999-9620 krodophele@tenbridgecommunications.com
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