Michael Falvey joins COMPASS Pathways as Chief Financial Officer

Rhea-AI Summary

COMPASS Pathways plc (Nasdaq: CMPS) announced the appointment of Michael Falvey as Chief Financial Officer, effective January 1, 2022. He replaces Piers Morgan, who departs at year-end. Falvey has a robust background in finance, having previously led financial strategies at Karyopharm Therapeutics and other growth companies. His expertise will be vital as COMPASS advances its psilocybin therapy for treatment-resistant depression, especially following recent positive Phase IIb clinical trial results. The company has raised over $425 million and aims to transform mental health care.

Positive

• Appointment of Michael Falvey as CFO expected to enhance financial management.
• COMPASS raised over $425 million, indicating strong investor confidence.
• Successful completion of the world's largest psilocybin therapy trial with positive Phase IIb results.

Negative

• None.

London, UK - 3 December 2021

COMPASS Pathways plc (Nasdaq: CMPS) (“COMPASS”), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced that it has appointed Michael Falvey as Chief Financial Officer, replacing Piers Morgan when he leaves the company, as previously announced, at the end of the year.

Michael Falvey is highly experienced in delivering financial and operational excellence in public and private growth companies. He joins COMPASS most recently from Karyopharm Therapeutics, where he led the financial strategy and prepared the financial infrastructure to support commercial operations as the company delivered pivotal clinical data and prepared to commercialise its first product.  Mr Falvey will assume the title of Chief Financial Officer on 1 January 2022.

Prior to Karyopharm Therapeutics, Mr Falvey served as Chief Financial Officer at several other high-growth companies including Seven Bridges Genomics, Analysis Group, Ahura Scientific, and Aspect Medical Systems, and as Vice-President, Finance, at Millennium Pharmaceuticals Inc. In addition to his healthcare experience, he has held financial positions at Fidelity Investments, Digital Equipment Corporation and General Electric. He holds a Master of Science in Management from the Sloan School of Management at the Massachusetts Institute of Technology and a Bachelor of Science from Georgetown University.

Michael Falvey said: “This is an exciting time to be joining COMPASS Pathways, following the publication of its positive phase IIb topline data earlier this month. They have already achieved so much – raising more than $425 million, completing the world’s largest, randomised, controlled psilocybin therapy clinical trial, creating new approaches in mental health care for treatment-resistant depression and now PTSD – and I look forward to being part of the team and contributing to its success.“

George Goldsmith, CEO and Co-founder, COMPASS Pathways, said: “Mike has an excellent reputation for executing business growth plans and a track record in building strong financial teams. He also has experience of launching and commercialising products which will be invaluable as we bring our COMP360 psilocybin therapy through clinical trials and develop our plans for bringing it to patients. We are so pleased to welcome him to our team and look forward to working together to transform mental health care.”

About COMPASS Pathways

COMPASS Pathways plc (Nasdaq: CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and we have completed a phase IIb clinical trial of psilocybin therapy for TRD, in 22 sites across Europe and North America. This was the largest randomised, controlled, double-blind psilocybin therapy clinical trial ever conducted, and our topline data showed a statistically significant (p<0.001) and clinically relevant improvement in depressive symptom severity after three weeks for patients who received a single high dose of COMP360 psilocybin with psychological support. We are also running a phase II clinical trial of COMP360 psilocybin therapy for post-traumatic stress disorder (PTSD). COMPASS is headquartered in London, UK, with offices in New York and San Francisco in the US. Our vision is a world of mental wellbeing. www.compasspathways.com

Availability of other information about COMPASS Pathways 

Investors and others should note that we communicate with our investors and the public using our website (www.compasspathways.com), our investor relations website (ir.compasspathways.com), and on social media (LinkedIn), including but not limited to investor presentations and investor fact sheets, US Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that we post on these channels and websites could be deemed to be material information. As a result, we encourage investors, the media, and others interested in us to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on our investor relations website and may include additional social media channels. The contents of our website or these channels, or any other website that may be accessed from our website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.

Forward-looking statements 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, forward-looking statements can be identified by terminology such as “may”, “might”, “will”, “could”, “would”, “should”, “expect”, “intend”, “plan”, “objective”, “anticipate”, “believe”, “contemplate”, “estimate”, “predict”, “potential”, “continue” and “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things, the efficacy of COMP360 psilocybin therapy as a treatment for depression, COMPASS’s business strategy and goals, including its ability to launch and commercialise products, COMPASS’s ability to continue to advance its research or develop plans to bring its products to patients, including  COMP360, and COMPASS’s expectations regarding the benefits of its psilocybin therapy, including COMP360. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond COMPASS’s control and which could cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements.

These risks, uncertainties, and other factors include, among others: preclinical research and clinical development is lengthy and uncertain, and therefore our preclinical studies and clinical trials may be delayed or terminated, or may never advance to or in the clinic; and those risks and uncertainties described under the heading “Risk Factors” in COMPASS’s annual report on Form 20-F filed with the US Securities and Exchange Commission (SEC) on 9 March 2021 and in subsequent filings made by COMPASS with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, COMPASS disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on COMPASS’s current expectations and speak only as of the date hereof. 

Enquiries         

Media: Tracy Cheung, tracy@compasspathways.com, +44 7966 309024
Investors: Stephen Schultz, stephen.schultz@compasspathways.com, +1 401 290 7324

FAQ

Who has been appointed as the new CFO of COMPASS Pathways (CMPS)?

Michael Falvey has been appointed as the new Chief Financial Officer of COMPASS Pathways, effective January 1, 2022.

What significant trial results has COMPASS Pathways (CMPS) recently achieved?

COMPASS Pathways recently published positive Phase IIb topline data for its psilocybin therapy for treatment-resistant depression.

How much funding has COMPASS Pathways (CMPS) raised to date?

COMPASS Pathways has raised more than $425 million to support its mental health initiatives.

What is the focus of COMPASS Pathways (CMPS)?

COMPASS Pathways focuses on accelerating access to evidence-based innovations in mental health care, particularly through psilocybin therapy.