LOS
ANGELES, Nov. 8, 2022 /PRNewswire/ -- Aadi
Bioscience, Inc. (NASDAQ: AADI), a commercial-stage
biopharmaceutical company focused on precision therapies for
genetically-defined cancers with alterations in mTOR pathway genes,
today announced the appointment of Neil
Desai, Founder, President and CEO to Executive Chairman and
Brendan Delaney, Chief Operating
Officer, to President and CEO, effective as of January 1, 2023.
"I have had the opportunity to work with Brendan since he joined
Aadi as Chief Operating Officer in September
2021. Since that time his expertise and leadership have been
instrumental in building the organization in preparation for the
growth that lies ahead," said Neil Desai, Ph.D., Founder,
President and Chief Executive Officer of Aadi Bioscience. "In
a period of little over a year, we have evolved into a commercial
stage company with the approved product FYARRO® for advanced
malignant PEComa, have launched a new tumor agnostic registration
trial PRECISION 1 with a potentially large cancer indication, are
adequately financed through key long-term milestones and have put
in place a stellar management team. This is a perfect time for this
transition. Going forward, Brendan will assume leadership of
the Company as we continue to gain momentum on all of these fronts.
I will continue to serve on the board of directors and steer
the advancement of our scientific initiatives."
Dr. Desai is the founder of Aadi Bioscience and has served as
its President and CEO since 2011. He is the inventor of nab
technology and the mTOR inhibitor nab-sirolimus (FYARRO) and
helped guide the organization through the drug development process
leading to approval of FYARRO, the first FDA approved therapy for
advanced malignant perivascular epithelioid cell tumor (PEComa).
The Company raised $155M concurrent
with a public listing in August 2021
and since that time, has grown to more than 80 employees including
the recruitment of a top-notch leadership team. He has helped to
guide the organization through the inaugural commercialization of
FYARRO for advanced malignant PEComa, and the launch of the
PRECISION 1 tumor-agnostic trial targeting TSC1 and
TSC2 inactivating alterations. Most recently, following
completion of a $72.5 million
financing in September 2022, the
Company launched a new clinical collaboration exploring the
potential of the combination of nab-sirolimus with a KRAS
inhibitor in NSCLC and other cancers.
"It truly is an honor to take on this leadership role here at
Aadi and I am very excited to continue working with Neil and the
entire team as the CEO. I look forward to what we can accomplish
together heading into our next phase of growth and as we look
toward the potential launch of FYARRO in the substantially larger
tumor agnostic oncology indication," said Brendan Delaney, Aadi's current COO. "We have an
amazing team in place who will ensure continued execution on our
commercial progress, advancing our PRECISION 1 trial and further
exploring additional clinical opportunities for FYARRO, and it's
exciting to consider the potential we have as a leading precision
oncology company in the future."
Prior to joining Aadi in September
2021, Mr. Delaney served as the Chief Commercial Officer
(CCO) of Constellation Pharma which was acquired by MorphoSys for
$1.7 billion. Prior to joining
Constellation, Mr. Delaney was the CCO at Immunomedics, where he
led the buildout of the marketing, sales, market access, and
commercial operations teams. He was instrumental in successfully
launching Trodelvy, the first TROP-2 directed antibody-drug
conjugate for the treatment of triple-negative breast cancer.
Immunomedics was acquired by Gilead Sciences for $21 billion in September
2020. Previously, he served as the head of U.S. hematology
and oncology at Celgene Corporation, where he managed a portfolio
of brands including Revlimid, Pomalyst and Abraxane. Prior to
joining Celgene, he held various commercial roles at both Novartis
Oncology and Genentech, where he led several successful product
launches for blockbuster brands. He earned an MBA from the Stern
School of Business at NYU and a BS in
biology from Rutgers University.
Both Dr. Desai and Mr. Delaney will serve on the Company's board
of directors after the transition.
About Aadi
Bioscience
Aadi is a commercial-stage biopharmaceutical company focused on
precision therapies for genetically defined cancers to bring
transformational therapies to cancer patients with mTOR pathway
driver alterations Aadi received FDA approval and has
commercialized FYARRO® for the treatment of adult patients with
locally advanced unresectable or metastatic malignant perivascular
epithelioid cell tumor (PEComa).
Aadi has also initiated PRECISION 1, a Phase 2 tumor-agnostic
registration-intended trial in mTOR inhibitor-naïve malignant solid
tumors harboring TSC1 or TSC2 inactivating
alterations. More information on the Company's development pipeline
is available on the Aadi website at www.aadibio.com and
connect with us
on Twitter and LinkedIn.
Forward-Looking
Statements
This press release contains certain forward-looking statements
regarding the business of Aadi Biosciences that are not a
description of historical facts within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding the Company's current
beliefs and expectations; anticipated future growth; the potential
commercialization of FYARRO in the tumor agnostic oncology market;
expectations regarding management performance following the
leadership transition; and the Company's potential as a commercial
precision oncology company. Actual results could differ materially
from those anticipated in such forward-looking statements as a
result of these risks and uncertainties, which include, without
limitation, those associated with uncertainties associated with the
clinical development and regulatory approval of FYARRO in
additional indications, including potential delays in the
commencement, enrollment and completion of clinical trials for
additional indications; the risk that unforeseen adverse reactions
or side effects may occur in the course of commercializing,
developing and testing FYARRO; and risks related to collaborations
with third-parties.
Additional risks and uncertainties that could cause actual
outcomes and results to differ materially from those contemplated
by the forward-looking statements are included in Aadi's Quarterly
Report on Form 10-Q filed on August 10,
2022, and elsewhere in Aadi's reports and other documents
that Aadi has filed, or will file, with the SEC from time
to time and available at www.sec.gov.
All forward-looking statements in this press release are current
only as of the date hereof and, except as required by applicable
law, Aadi undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise. All forward-looking statements are qualified in their
entirety by this cautionary statement. This cautionary statement is
made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Contact:
Marcy
Graham
IR@aadibio.com
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SOURCE Aadi Bioscience