Connect Biopharma Expands Executive Leadership Team with Hire of Chief Financial Officer

Rhea-AI Summary

Connect Biopharma Holdings Limited (Nasdaq: CNTB) has appointed Mr. Steven Chan as Chief Financial Officer, effective November 22, 2021. Chan brings over 25 years of financial expertise from various sectors, including healthcare and biotechnology. He succeeds Eric Hall, who served as Interim CFO. Chan's experience includes leadership roles in notable companies like Arcus Biosciences and Myokardia. He expressed enthusiasm for leading the finance function at Connect, highlighting potential for growth following the company's recent IPO and progress in its innovative pipeline.

Positive

• Steven Chan's experience in finance and leadership from multiple sectors is expected to strengthen Connect Biopharma's executive team.
• His previous roles in successful IPOs may bring valuable insights for future growth and stability.

Negative

• Transitioning from an interim CFO to a new CFO can create initial uncertainty in financial operations.
• Chan's previous focus in oncology may not directly align with Connect's chronic inflammatory disease pipeline.

SAN DIEGO, CA and TAICANG, SUZHOU, China, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) ("Connect Biopharma" or the “Company”), a global clinical-stage biopharmaceutical company dedicated to improving the lives of patients with chronic inflammatory diseases through the development of therapies derived from T cell-driven research, today announced the appointment of Mr. Steven Chan as Chief Financial Officer, effective November 22, 2021. Mr. Chan will report to Dr. Zheng Wei, Co-Founder & CEO, and succeed Eric Hall who served as Interim Chief Financial Officer.

“We are delighted to welcome Steven to Connect’s Executive team at this exciting time for the Company. Steven brings over 25 years of financial leadership and expertise across multiple different industry sectors, including healthcare, biotechnology, financial services, consumer products and manufacturing, and in private, private-to-public transition and commercial stage companies that will be of significant benefit to the continued delivery of Connect’s strategic objectives. We would also like to thank Eric for his significant contribution in the past several months as we transitioned into a publicly traded company,” said Dr. Zheng Wei.

Mr. Chan joins Connect from Delphon Industries LLC, a global materials manufacturer for the semiconductor, photonics, electronics and medical industries based in Hayward, California where he served as Chief Financial Officer and led its finance, human resources and legal functions. Prior to Delphon Industries, Mr. Chan served as head of finance and principal financial and accounting officer at Arcus Biosciences, a publicly traded oncology focused biotechnology company where he helped lead its IPO and subsequent public company infrastructure build-out. Mr. Chan has also held financial leadership positions at several listed companies in the technology, financial services, and life sciences sectors, including Myokardia, Inc., Solta Medical Inc., Moody’s Analytics, and Logitech, Inc. He received his B.S. in Business Administration from the Haas School of Business at the University of California, Berkeley and is a Certified Public Accountant in California (inactive).

“I am delighted to be joining Connect to lead their finance function and see great opportunities for the Company’s continued development following their recent IPO and the significant progress achieved with their innovative pipeline,” said Mr. Chan.

About Connect Biopharma Holdings Limited
Connect Biopharma Holdings Limited is a global clinical-stage biopharmaceutical company dedicated to improving the lives of patients living with chronic inflammatory diseases through the development of therapies derived from our T cell-driven research.

Our lead product candidate, CBP-201, an antibody designed to target interleukin-4 receptor alpha (IL-4Rα), has been in clinical trials for the treatment of atopic dermatitis (AD), asthma, and chronic rhinosinusitis with nasal polyps (CRSwNP). Our second lead product candidate, CBP-307, a modulator of a T cell receptor known as sphingosine 1-phosphate receptor 1 (S1P1), has been in clinical trials for the treatment of ulcerative colitis (UC) and Crohn’s disease (CD). Furthermore, we have started the clinical development of an additional product candidate, CBP-174, a peripherally acting antagonist of histamine receptor 3, for the treatment of pruritus associated with AD.

With headquarters in China, additional operations in the United States and Australia, and clinical development activities in those geographies as well as Europe, Connect Biopharma is building a rich global pipeline of internally designed, wholly owned small molecules and antibodies targeting several aspects of T cell biology. For additional information about Connect Biopharma, please visit our website at www.connectbiopharm.com.

FORWARD-LOOKING STATEMENTS

Connect Biopharma cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as "may," "could," "will," "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "potential," "continue" or "project" or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. The inclusion of forward-looking statements shall not be regarded as a representation by Connect Biopharma that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risks and uncertainties inherent in the Connect Biopharma business and other risks described in the Company's filings with the Securities and Exchange Commission (“SEC”). Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Connect Biopharma undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks is included in Connect Biopharma's filings with the SEC which are available from the SEC’s website (www.sec.gov) and on Connect Biopharma’s website (www.connectbiopharm.com) under the heading "Investors." All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

IR/PR Contacts: 
Lazar FINN Partners
David Carey (IR)
T: +1-(212) 867-1768
david.carey@finnpartners.com

Erich Sandoval (Media)
T: +1-(917)-497-2867
erich.sandoval@finnpartners.com

Corporate Contacts:
info@connectpharm.com

FAQ

Who is the new Chief Financial Officer of Connect Biopharma (CNTB)?

Mr. Steven Chan has been appointed as the Chief Financial Officer of Connect Biopharma.

When did Steven Chan become the CFO of Connect Biopharma?

Steven Chan was appointed Chief Financial Officer effective November 22, 2021.

What is Steven Chan's background in the finance sector?

Steven Chan brings over 25 years of financial leadership experience from various industries, including healthcare and biotechnology.

What impact could Steven Chan have on Connect Biopharma's financial operations?

His extensive experience in IPOs and financial leadership may enhance Connect Biopharma's strategic financial objectives.