Tectonic Therapeutic Appoints Daniel Lochner as Chief Financial Officer

Rhea-AI Summary

Tectonic Therapeutic has appointed Daniel Lochner as its new Chief Financial Officer (CFO). Dan brings extensive experience in corporate finance, business strategy, and operations, particularly within the healthcare and biopharmaceutical industries. He has held significant roles at Viatris’ Eye Care Division and Oyster Point Pharma, as well as serving as a Managing Director and Equity Portfolio Manager at Goldman Sachs. Dan's appointment coincides with Tectonic's focus on developing GPCR-targeted therapeutic proteins. The outgoing CFO, Christian Cortis, will stay until early July to ensure a smooth transition and will later serve as a strategic advisor. Tectonic is also set to complete its merger with AVROBIO by the end of the month.

Positive

• Appointment of an experienced CFO with a strong background in healthcare finance.
• Successful previous roles in major firms such as Viatris and Goldman Sachs.
• Strategic appointment aligns with Tectonic's focus on innovative GPCR-targeted therapies.
• Ongoing support from outgoing CFO, Christian Cortis, ensuring a smooth transition.
• Anticipated merger completion with AVROBIO by the end of the month.

Negative

• Departure of the current CFO, potentially disrupting financial continuity.
• Dependence on the successful integration of AVROBIO post-merger.

WATERTOWN, Mass.--(BUSINESS WIRE)-- Tectonic Therapeutic, Inc. (“Tectonic”), a privately-held biotechnology company developing GPCR (G-protein coupled receptor)-targeted therapeutic proteins, today announced the appointment of Daniel Lochner as Chief Financial Officer of Tectonic.

“Dan is an experienced public-company CFO who will add significant financial expertise to our team,” said Alise Reicin, MD, President and Chief Executive Officer of Tectonic. “With his extensive background in the healthcare and biopharmaceutical industries, Dan is an important addition to the Tectonic team, and we are thrilled to welcome him as Chief Financial Officer.”

Dan brings with him a wealth of knowledge in corporate finance, business strategy and operations, in addition to nearly 15 years of healthcare equity investing experience. Prior to joining Tectonic, he served as Chief Business Officer and Chief Financial Officer of Viatris' Eye Care Division following Viatris’ acquisition of Oyster Point Pharma, where he had previously served as Chief Financial Officer and Chief Business Officer. At Oyster Point Pharma, he drove business strategy and operational execution while working closely with the executive team and board of directors and played a key role in the company’s acquisition. Previously, Dan was a Managing Director and Equity Portfolio Manager at Goldman Sachs where he held positions of increasing responsibility in equity investing and fund management. During his time at Goldman Sachs, he invested in biotechnology, pharmaceuticals, medical devices and healthcare services companies. Dan received his MBA from Columbia University and his BA in Economics from the University of Richmond.

“It is an honor to join the Tectonic team at the beginning of this new chapter. The company is operating at the forefront of scientific innovation with a mission to unlock the therapeutic utility of GPCRs for which biologics offer advantages over small molecule pharmacology,” said Mr. Lochner. “I’m honored to be joining the Tectonic team as it advances a pipeline of novel GPCR targeted biologic therapies.”

Christian Cortis, Ph.D., the current Chief Operating Officer and Chief Financial Officer will be leaving the company to pursue external opportunities. He will remain with Tectonic through early July to assist in the transition, and afterwards will serve as a strategic advisor to the company. “I cannot thank Chris enough for the integral role he played from day one with Tectonic, from the company’s launch to the merger with AVROBIO which is expected to close later this month. As our first employee, his guidance and strategic and operational know-how have been instrumental as we worked to become a clinical stage company,” added Dr. Reicin.

About Tectonic Therapeutic

Tectonic Therapeutic, co-founded by Andrew Kruse and Tim Springer of Harvard Medical School, is transforming the discovery of antibodies and other biologic drugs targeting GPCRs to develop novel therapies for patients inadequately served by current treatments. With its proprietary GEODe™ platform, Tectonic aims to unlock the therapeutic utility of some of the most difficult receptors in the class, where small molecule pharmacology may be intractable. In January 2024, Tectonic entered into a definitive agreement to merge with AVROBIO, Inc. (Nasdaq: AVRO). Tectonic is headquartered in Watertown, Massachusetts. Learn more at www.tectonictx.com and follow us @TectonicTx.

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 a co-Chief Financial Officer, 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 novel GPCR targeted biologic therapies including potential impact on our commercialization activities, timing and likelihood of success, the expected benefits and results of our implementation of the GEODe™ platform in our clinical trials and biologic therapies, and the expected safety profile of our biologic drugs. 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.

Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Tectonic’s control. Tectonic’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to (i) the risk that the conditions to the closing of the anticipated reverse merger (the “Merger”) with AVROBIO, Inc. (“AVROBIO”) are not satisfied, including the failure to timely obtain stockholder approval for the transaction, if at all; (ii) uncertainties as to the timing of the consummation of the proposed Merger and the ability of each of AVROBIO and Tectonic to consummate the proposed Merger; (iii) risks related to the failure or delay in obtaining any required consents necessary to consummate the proposed Merger; (iv) unexpected costs, charges or expenses resulting from the transaction; (v) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed Merger; (vi) the uncertainties associated with Tectonic’s product candidates, as well as risks associated with the clinical development and regulatory approval of product candidates, including potential delays in the completion of clinical trials; (vi) risks related to the inability of the combined company to obtain sufficient additional capital to continue to advance these or other product candidates; (vii) uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom; (viii) risks related to the failure to realize any value from product candidates currently being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; (ix) risks associated with the possible failure to realize certain anticipated benefits of the proposed merger, including with respect to future financial and operating results; and (x) the risk that the private placement financing is not consummated upon the closing of the Merger. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in periodic filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors described in the section titled “Risk Factors” in the Proxy Statement on Form S-4 filed by AVROBIO, which was declared effective by the SEC on May 3, 2024, and in other filings that the combined company makes and will make with the SEC in connection with the proposed merger and thereafter. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. Tectonic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. This communication does not purport to summarize all of the conditions, risks and other attributes of an investment in Tectonic.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603122994/en/

Tectonic Therapeutic:

Investors:

Dan Ferry

LifeSci Advisors

daniel@lifesciadvisors.com

(617) 430-7576

Media:

Karen Sharma

CG Life

ksharma@cglife.com

Source: Tectonic Therapeutic, Inc.

FAQ

Who is the new CFO of Tectonic Therapeutic?

Daniel Lochner has been appointed as the new CFO of Tectonic Therapeutic.

What experience does Daniel Lochner bring to Tectonic Therapeutic?

Daniel Lochner brings extensive experience in corporate finance, business strategy, and healthcare equity investing from his roles at Viatris, Oyster Point Pharma, and Goldman Sachs.

What is the significance of the merger between Tectonic Therapeutic and AVROBIO?

The merger is expected to enhance Tectonic's capabilities and advance its pipeline of novel GPCR-targeted therapies.

When is the merger between Tectonic Therapeutic and AVROBIO expected to close?

The merger is expected to close by the end of the month.

What will be Christian Cortis's role after leaving Tectonic Therapeutic?

Christian Cortis will stay until early July to assist in the transition and will later serve as a strategic advisor to the company.