Agios Appoints Jeffrey Capello to Board of Directors

Rhea-AI Summary

Agios Pharmaceuticals (Nasdaq: AGIO) announced the appointment of Jeffrey Capello to its board of directors, effective immediately, following the upcoming departure of Paul Clancy at the end of his term on June 13, 2023. Capello brings over 30 years of experience in life sciences, including his role as CFO at Biogen, where he improved financial outcomes and R&D pipelines. Agios CEO Brian Goff expressed enthusiasm for Capello’s experience and international perspective, emphasizing the board's commitment to long-term value creation. Capello aims to support Agios’s mission of developing transformative medicines for rare diseases. The company is advancing its pipeline, including treatments for PK deficiency and other rare hematological conditions.

Positive

• Jeffrey Capello brings nearly 30 years of experience in life sciences to Agios.
• His role at Biogen involved enhancing R&D and achieving stable financial outcomes.
• Capello's international perspective may aid Agios in global market strategies.

Negative

• Paul Clancy's departure may result in a loss of experience and continuity on the board.

– Board Member Paul Clancy Will Step Down at the End of His Term –

CAMBRIDGE, Mass., April 19, 2023 (GLOBE NEWSWIRE) -- Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), a leader in the field of cellular metabolism pioneering therapies for rare diseases, today announced that Jeffrey Capello has been appointed to its board of directors. Agios also announced that Paul Clancy will step down from the board of directors at the end of his term, effective June 13, 2023.

“Agios is dedicated to cultivating a diverse board that is focused on the company’s long-term value creation for patients and shareholders. As such, we are thrilled to welcome Jeff, whose nearly 30-year track record of driving profitable growth for life sciences companies, as well as his strong international perspective, will be highly valuable as we continue to execute on our mission of developing transformative medicines for people with rare diseases all over the world,” said Brian Goff, chief executive officer of Agios. “We would also like to express our gratitude to Paul for his 10 years of dedicated service to our board. He has been a tremendous contributor to our success and a trusted advisor to the management team and other board members. We wish him all the best in his current and future endeavors.”

Mr. Capello brings to Agios deep operational and financial expertise in the healthcare and life science sectors. Most recently, he was the chief financial officer for Biogen, where he partnered with the executive team to achieve consistent and predictable financial outcomes while enhancing the R&D pipeline and implementing a disciplined capital allocation process. Earlier in his career, Mr. Capello served as a chief financial officer of several leading healthcare companies, including Boston Scientific, PerkinElmer, Ortho Clinical Diagnostics and Beacon Health Options. He has served as a member of the board of directors and chair of the audit committee of several early-stage, publicly held life sciences companies, including Sirtris, OvaScience and Flex Pharma. He has an MBA from the Harvard Business School and a B.S. in business administration from the University of Vermont. He was a certified public accountant and former collegiate and professional ice hockey player.

Mr. Capello commented, “Agios has done an extraordinary job of building on its heritage in hematology and cellular metabolism to advance a robust pipeline focused on rare diseases. I am thrilled to join the board at such a pivotal time for the company, and I look forward to partnering with the rest of the board and the leadership team to help drive value creation for the company to ensure its continued near- and long-term success.”

About Agios
Agios is a biopharmaceutical company that is fueled by connections. The Agios team cultivates strong bonds with patient communities, healthcare professionals, partners and colleagues to discover, develop and deliver therapies for rare diseases. In the U.S., Agios markets a first-in-class pyruvate kinase (PK) activator for adults with PK deficiency, the first disease-modifying therapy for this rare, lifelong, debilitating hemolytic anemia. Building on the company's leadership in the field of cellular metabolism, Agios is advancing a robust clinical pipeline of investigational medicines with programs in alpha- and beta-thalassemia, sickle cell disease, pediatric PK deficiency and MDS-associated anemia. In addition to its clinical pipeline, Agios has a PAH stabilizer in preclinical development as a potential treatment for phenylketonuria (PKU) and deep scientific expertise in classical hematology. For more information, please visit the company’s website at www.agios.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the expected benefits of Mr. Capello’s service on the board of directors of Agios and the expected benefits of the company’s preclinical, clinical and commercial development plans. The words "expects," "anticipates," "believes," "intends," "estimates," "plans," "will," "outlook" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from Agios’ current expectations and beliefs. Management’s expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other important factors, including, without limitation risks and uncertainties related to: the impact of the COVID-19 pandemic on Agios’ business, operations, strategy, goals and anticipated milestones, including its ongoing and planned research activities, ability to conduct ongoing and planned clinical trials, clinical supply of current or future drug candidates, commercial supply of future approved products, and launching, marketing and selling of current or future approved products; Agios’ results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. FDA, the EMA or other regulatory authorities, including with respect to the regulatory submissions for PYRUKYND® (mitapivat), investigational review boards at clinical trial sites and publication review bodies; Agios’ ability to obtain and maintain requisite regulatory approvals and to enroll patients in its planned clinical trials; unplanned cash requirements and expenditures and competitive factors; Agios’ ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing; Agios’ ability to establish and maintain collaborations; the failure of Agios to receive milestone or royalty payments related to the sale of its oncology business, the uncertainty of the timing of any receipt of any such payments, and the uncertainty of the results and effectiveness of the use of proceeds from the transaction with Servier; and general economic and market conditions. These and other risks are described in greater detail under the caption “Risk Factors” included in Agios’ public filings with the Securities and Exchange Commission, or SEC, including the risks and uncertainties set forth under the heading Risk Factors in our filings with the SEC. While the list of factors presented here is considered representative, this list should not be considered to be a complete statement of all potential risks and uncertainties. Any forward-looking statements contained in this press release are made only as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof and disclaim any obligation to do so other than as may be required by law.

Contacts:

Investor Contact
Cecilia Jones, Chief Financial Officer
Agios Pharmaceuticals
IR@agios.com 

Media Contact
Dan Budwick
1AB Media
dan@1abmedia.com

FAQ

What is the significance of Jeffrey Capello's appointment to Agios Pharmaceuticals' board?

Jeffrey Capello's appointment is significant due to his extensive experience in life sciences and financial management, which may enhance Agios's strategic direction and long-term growth.

When will Paul Clancy step down from the Agios board of directors?

Paul Clancy will step down from the Agios board at the end of his term on June 13, 2023.

How does Agios Pharmaceuticals plan to benefit from Capello's expertise?

Agios Pharmaceuticals plans to leverage Capello's financial and operational expertise to drive value creation and advance their clinical pipeline focused on rare diseases.

What experience does Jeffrey Capello bring to Agios Pharmaceuticals?

Jeffrey Capello brings nearly 30 years of experience in the life sciences sector, having served as CFO for Biogen and other leading healthcare companies.

What is Agios Pharmaceuticals' focus in their product pipeline?

Agios Pharmaceuticals focuses on developing therapies for rare diseases, particularly in hematology and cellular metabolism.