MacroGenics Announces Leadership Transition
30 October 2024 - 10:30PM
MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company
focused on discovering, developing, manufacturing and
commercializing innovative antibody-based therapeutics for the
treatment of cancer, today announced that Scott Koenig, M.D.,
Ph.D., intends to step down as President and Chief Executive
Officer early next year. The Company’s Board of Directors has
retained Heidrick & Struggles to lead a search process to
identify its next Chief Executive Officer and has established a
special committee of the Board to oversee the transition process.
William Heiden, Chairman of the Board of Directors said,
“Scott was a co-founder of MacroGenics twenty-four years ago and
the Company has achieved many milestones under his leadership –
including several partnered or company-owned FDA approved
monoclonal antibody therapeutics developed by the company. On
behalf of the Board, I want to thank Scott for his incredible
dedication to the Company’s mission of discovering and developing
novel therapeutics to improve patient care.”
Mr. Heiden continued, “Today, MacroGenics has several innovative
antibody-based therapeutics in development for the treatment of
cancer, as well as significant alliances with leading
pharmaceutical and biotechnology companies to develop and
commercialize novel therapeutics. The Company today has a
broad portfolio of promising assets and a strong balance sheet, and
the Board and Scott agreed that this is the right time to
transition to our next phase of leadership. We look forward to
continuing to benefit from his perspectives as an advisor and
shareholder.”
“I am proud of our many achievements since our founding in 2000,
in which we built a fully integrated, science-focused biotechnology
company and have been successful in discovering, developing,
manufacturing, and commercializing novel immunotherapeutics derived
from our proprietary Fc-engineered antibody, bi-specific DART
molecule, and antibody drug conjugate (ADC) technologies,” said Dr.
Koenig. “Since the company’s IPO in 2013, we were able to fund a
significant part of the development portfolio through the
achievement of over $1 billion of non-dilutive capital via
partnerships. Thanks to the incredible passion and dedication of
the people at MacroGenics, three novel therapeutics from our
pipeline advanced to approval, including MARGENZA® and ZYNYZ® to
treat patients with cancer, and TZIELD® for individuals with
early-stage Type 1 diabetes, and we have advanced a rich portfolio
of clinical and preclinical molecules in development. I am
confident that MacroGenics is well positioned in its current
mission to address the significant unmet medical needs of patients
with cancer. I look forward to continuing to support
the Company in its work to achieve its key strategic objectives and
create value for all our stakeholders.”
About MacroGenics, Inc.
MacroGenics is a biopharmaceutical company focused on
discovering, developing, manufacturing and commercializing
innovative monoclonal antibody-based therapeutics for the treatment
of cancer. The Company generates its pipeline of product candidates
primarily from its proprietary suite of next-generation
antibody-based technology platforms, which have applicability
across broad therapeutic domains. The combination
of MacroGenics' technology platforms and protein
engineering expertise has allowed the Company to generate promising
product candidates and enter into several strategic collaborations
with global pharmaceutical and biotechnology companies. For more
information, please see the Company's website
at www.macrogenics.com. MacroGenics,
the MacroGenics logo and MARGENZA are trademarks or
registered trademarks of MacroGenics, Inc.
Cautionary Note on Forward-Looking
Statements
Any statements in this press release about future expectations,
plans and prospects for MacroGenics (“Company”), including
statements about the Company’s strategy, future operations,
clinical development of and regulatory plans for the Company’s
therapeutic candidates, expected timing of the release of final
safety and efficacy data, including mature median rPFS and other
statements containing the words “subject to”, "believe",
“anticipate”, “plan”, “expect”, “intend”, “estimate”, “potential,”
“project”, “may”, “will”, “should”, “would”, “could”, “can”, the
negatives thereof, variations thereon and similar expressions, or
by discussions of strategy constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including:
risks that TZIELD, vobramitamab duocarmazine, lorigerlimab, ZYNYZ,
MARGENZA or any other product candidate’s revenue, expenses and
costs may not be as expected, risks relating to TZIELD,
vobramitamab duocarmazine, lorigerlimab, ZYNYZ, MARGENZA or any
other product candidate’s market acceptance, competition,
reimbursement and regulatory actions; future data updates,
especially timing and results of mature median radiographic
progression-free survival, other efficacy and safety data with
respect to vobramitamab duocarmazine; our ability to provide
manufacturing services to our customers; the uncertainties inherent
in the initiation and enrollment of future clinical trials; the
availability of financing to fund the internal development of our
product candidates; expectations of expanding ongoing clinical
trials; availability and timing of data from ongoing clinical
trials; expectations for the timing and steps required in the
regulatory review process; expectations for regulatory approvals;
expectations of future milestone payments; the impact of
competitive products; our ability to enter into agreements with
strategic partners and other matters that could affect the
availability or commercial potential of the Company's product
candidates; business, economic or political disruptions due to
catastrophes or other events, including natural disasters,
terrorist attacks, civil unrest and actual or threatened armed
conflict, or public health crises; costs of litigation and the
failure to successfully defend lawsuits and other claims against
us; and other risks described in the Company's filings with the
Securities and Exchange Commission. In addition, the
forward-looking statements included in this press release represent
the Company's views only as of the date hereof. The Company
anticipates that subsequent events and developments will cause the
Company's views to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so,
except as may be required by law. These forward-looking statements
should not be relied upon as representing the Company's views as of
any date subsequent to the date hereof.
###
CONTACTS:
Jim Karrels, Senior Vice President, CFO
1-301-251-5172
info@macrogenics.com
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