BOSTON, Sept. 30, 2022 /PRNewswire/ — Stealth BioTherapeutics Corp (Nasdaq:MITO), a clinical-stage biotechnology firm centered on the invention, growth, and commercialization of novel therapies for illnesses involving mitochondrial dysfunction, as we speak introduced that Robert Weiskopf, Stealth’s chief monetary officer, is leaving the corporate efficient September 30, 2022. Mr. Weiskopf joined Stealth in 2019 following the corporate’s preliminary public providing to spearhead its public monetary reporting actions and develop the Firm’s monetary crew.
“On behalf of the whole crew and Board of Administrators, we thank Rob for his important contributions to Stealth over the previous few years, and need him the perfect in his future endeavors,” mentioned Reenie McCarthy, Stealth’s CEO. “Rob has performed a key position in constructing the infrastructure to help Stealth as a public firm and creating its accounting and reporting capabilities. Rob leaves the corporate with a robust accounting and monetary reporting basis in addition to a proficient finance and accounting crew,” Ms. McCarthy mentioned. On August 1, 2022, the Firm introduced that it had entered right into a definitive settlement to be acquired by a consortium of buyers led by Morningside Enterprise (I) Investments Ltd. for itself and on behalf of its associates and J. Wooden Capital Advisors LLC in an all-cash going non-public transaction.
Mr. Weiskopf mentioned, “It has been an honor to function CFO of Stealth over the previous three years. I’ve confidence within the Firm’s finance and administration crew to information the Firm into its subsequent stage of growth. I sit up for seeing the Firm proceed to progress its technique to develop novel therapies for sufferers with excessive unmet wants attributable to illnesses involving mitochondrial dysfunction.”
We’re a clinical-stage biotechnology firm centered on the invention, growth, and commercialization of novel therapies for illnesses involving mitochondrial dysfunction. Mitochondria, present in almost each cell within the physique, are the physique’s principal supply of power manufacturing and are important for regular organ perform. Dysfunctional mitochondria characterize quite a few uncommon genetic illnesses and are concerned in lots of frequent age-related illnesses, sometimes involving organ techniques with excessive power calls for corresponding to the attention, the neuromuscular system, the guts and the mind. We consider our lead product candidate, elamipretide, has the potential to deal with ophthalmic illnesses entailing mitochondrial dysfunction, corresponding to dry age-related macular degeneration, uncommon neuromuscular problems, corresponding to main mitochondrial myopathy and Duchenne muscular dystrophy, and uncommon cardiomyopathies, corresponding to Barth syndrome. We’re evaluating our second-generation clinical-stage candidate, SBT-272, for uncommon neurological illness indications, corresponding to amyotrophic lateral sclerosis and frontotemporal dementia, following promising preclinical information. We’ve optimized our discovery platform to establish novel mitochondria-targeted compounds which can be nominated as therapeutic product candidates or utilized as mitochondria-targeted vectors to ship different compounds to mitochondria.
This press launch incorporates forward-looking statements throughout the that means of The Non-public Securities Litigation Reform Act of 1995. Such forward-looking statements embrace these concerning Stealth BioTherapeutics’ expectations for its finance and accounting features and the power of the corporate to realize its drug discovery, growth, and commercialization targets. Statements that aren’t historic information, together with statements about Stealth BioTherapeutics’ beliefs, plans and expectations, are forward-looking statements. The phrases “anticipate,” “count on,” “hope,” “plan,” “potential,” “potential,” “will,” “consider,” “estimate,” “intend,” “might,” “predict,” “mission,” “would” and related expressions are meant to establish forward-looking statements, though not all forward-looking statements comprise these figuring out phrases. Stealth BioTherapeutics might not truly obtain the plans, intentions or expectations disclosed in these forward-looking statements, and you shouldn’t place undue reliance on these forward-looking statements. Precise outcomes or occasions may differ materially from the plans, intentions and expectations disclosed within the forward-looking statements because of recognized and unknown dangers, uncertainties and different vital elements, together with: Stealth BioTherapeutics’ potential to acquire extra funding and to proceed as a going concern; the affect of the COVID-19 pandemic; the power to efficiently reveal the efficacy and security of Stealth BioTherapeutics’ product candidates and future product candidates; the preclinical and scientific outcomes for Stealth BioTherapeutics’ product candidates, which can not help additional growth and advertising and marketing approval; the potential benefits of Stealth BioTherapeutics’ product candidates; the content material and timing of selections made by the FDA, the EMA or different regulatory authorities, investigational evaluate boards at scientific trial websites and publication evaluate our bodies, which can have an effect on the initiation, timing and progress of preclinical research and scientific trials of Stealth BioTherapeutics product candidates; Stealth BioTherapeutics’ potential to acquire and preserve requisite regulatory approvals and to enroll sufferers in its deliberate scientific trials; unplanned money necessities and expenditures; aggressive elements; Stealth BioTherapeutics’ potential to acquire, preserve and implement patent and different mental property safety for any product candidates it’s creating; and normal financial and market circumstances. These and different dangers are described in larger element below the caption “Threat Elements” included within the Stealth BioTherapeutics’ most up-to-date Annual Report on Type 20-F filed with the Securities and Trade Fee (“SEC”), in addition to in any future filings with the SEC. Ahead-looking statements symbolize administration’s present expectations and are inherently unsure. Besides as required by regulation, Stealth BioTherapeutics doesn’t undertake any obligation to replace forward-looking statements made by us to replicate subsequent occasions or circumstances.
Kendall Investor Relations
Adam Bero, Ph.D.
SOURCE Stealth BioTherapeutics Inc.