Fate Therapeutics Appoints Brian T. Powl as Chief Commercial Officer

Rhea-AI Summary

Fate Therapeutics (NASDAQ: FATE) has appointed Brian T. Powl as Chief Commercial Officer, bringing extensive experience in commercial leadership for hematologic malignancies. Powl previously led the global commercial strategy for CAR T-cell therapies at Celgene. His expertise is expected to enhance Fate's late-stage clinical development and product launch pathways for off-the-shelf cellular immunotherapies. Powl received options for 70,000 shares and 45,000 restricted stock units, both vesting over four years, aligning his incentives with company performance.

Positive

• Appointment of Brian T. Powl as Chief Commercial Officer enhances leadership with extensive CAR T-cell therapy experience.
• Powl's previous role at Celgene aligns with Fate's focus on late-stage clinical development and commercialization.

Negative

• Concerns over continuity as a new CCO may present an adjustment period for the company's strategy.

SAN DIEGO, June 30, 2022 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer, today announced that Brian T. Powl has been appointed Chief Commercial Officer. Mr. Powl brings to Fate Therapeutics extensive commercial leadership experience in hematologic malignancies and solid tumors, having previously served as the Global Commercial CAR T lead at Celgene Corporation where he oversaw the commercial development strategy of the company’s CAR T-cell therapies.

“We are excited to welcome Brian to Fate Therapeutics as we begin to chart our late-stage clinical development and product launch pathways across our iPSC-derived cell product franchises in hematologic malignancies and solid tumors,” said Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics. “His leadership and demonstrated success in developing and implementing commercial launch strategies for novel product candidates, including for autologous CAR T-cell therapies in the fields of lymphoma and myeloma, uniquely complement our existing team’s expertise and add a set of highly relevant insights and experiences as we seek to maximize the potential of our off-the-shelf cell product pipeline.”

Mr. Powl most recently served as Senior Vice President, Commercial Development & Marketing at MEI Pharma, Inc., where he led the commercialization efforts of a late-stage small molecule program in B-cell malignancies across marketing, sales, market access and commercial operations. Prior to MEI Pharma, Mr. Powl was Vice President, Global Commercial CAR T lead at Celgene Corporation, where he oversaw a global portfolio of new cell therapy products, including the commercialization of the CD19- and BCMA-targeted CAR T-cell therapy programs. During his tenure at Celgene, Mr. Powl also held various senior level positions, including leading their flagship multiple myeloma franchise in which he led the marketing of Revlimid and Pomalyst as well as their global commercial operations group for oncology products outside the United States. Prior to Celgene, Mr. Powl held sales and marketing positions at Novartis Oncology and Centocor, Inc. Mr. Powl holds a BS in Biochemistry from the University of California, San Diego and an MBA in Healthcare Management/Marketing from the Wharton School at the University of Pennsylvania.

“Off-the-shelf cell products offer a highly-differentiated value proposition, including the potential to reach and bring therapeutic benefit to patients in the community setting as part of standard immunochemotherapy treatment regimens,” said Mr. Powl. “I look forward to leveraging my CAR T-cell commercial development experiences in lymphoma and myeloma, and contributing to the advancement of the Company’s robust pipeline of multiplexed-engineered, iPSC-derived NK and T-cell product candidates for hematologic malignancies and solid tumors.”

In connection with his commencement of employment, Fate Therapeutics granted Mr. Powl an option to purchase 70,000 shares of the Company’s common stock with an exercise price equal to $26.25, the closing price per share of the Company’s common stock as reported by NASDAQ on June 27, 2022, which was the date of commencement of Mr. Powl’s employment with the Company and the effective date of grant. The option is a non-qualified stock option and vests over a period of four years, with twenty-five percent vesting on the one-year anniversary of the grant date and the remaining seventy-five percent vesting in approximately equal monthly increments over the succeeding thirty-six months, subject to Mr. Powl’s continuous employment through each vesting date. In addition, Fate Therapeutics granted Mr. Powl an award of 45,000 restricted stock units, with each restricted stock unit equal to one share of the Company’s common stock. The restricted stock units vest in four equal annual installments on each anniversary following July 1, 2022, subject to Mr. Powl’s continuous employment through each vesting date. The option and the restricted stock unit award each were granted as an inducement material to Mr. Powl entering into employment with Fate Therapeutics in accordance with NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the Company’s Amended and Restated Inducement Equity Plan.

About Fate Therapeutics, Inc.
Fate Therapeutics is a clinical-stage biopharmaceutical company dedicated to the development of first-in-class cellular immunotherapies for patients with cancer. The Company has established a leadership position in the clinical development and manufacture of universal, off-the-shelf cell products using its proprietary induced pluripotent stem cell (iPSC) product platform. The Company’s immuno-oncology pipeline includes off-the-shelf, iPSC-derived natural killer (NK) cell and T-cell product candidates, which are designed to synergize with well-established cancer therapies, including immune checkpoint inhibitors and monoclonal antibodies, and to target tumor-associated antigens using chimeric antigen receptors (CARs). Fate Therapeutics is headquartered in San Diego, CA. For more information, please visit www.fatetherapeutics.com.

Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the advancement and the therapeutic and commercial potential of the Company’s product candidates, the Company’s ability to demonstrate in any current and future clinical trials the requisite safety and efficacy of its product candidates, and the Company’s ability to obtain and maintain regulatory approvals necessary for marketing any of its product candidates. These and any other forward-looking statements in this release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that results observed in studies of its product candidates, including preclinical studies and clinical trials of any of its product candidates, will not be observed in ongoing or future studies involving these product candidates, the risk that the Company may cease or delay clinical development of any of its product candidates for a variety of reasons (including requirements that may be imposed by regulatory authorities on the initiation or conduct of clinical trials, the amount and type of data to be generated, or otherwise to support regulatory approval, difficulties or delays in subject enrollment and continuation in current and planned clinical trials, difficulties in manufacturing or supplying the Company’s product candidates for clinical testing, and any adverse events or other negative results that may be observed during preclinical or clinical development), the risk that its product candidates may not produce therapeutic benefits or may cause other unanticipated adverse effects, and the risk that the Company’s product candidates may not demonstrate the safety and efficacy required for obtaining regulatory approval. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the risks and uncertainties detailed in the Company’s periodic filings with the Securities and Exchange Commission, including but not limited to the Company’s most recently filed periodic report, and from time to time in the Company’s press releases and other investor communications. Fate Therapeutics is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.

Contact:
Christina Tartaglia
Stern Investor Relations, Inc.
212.362.1200
christina@sternir.com

 

FAQ

What is the significance of Brian T. Powl's appointment as CCO of Fate Therapeutics?

Brian T. Powl's appointment is significant as he brings substantial experience in CAR T-cell therapies, which may enhance Fate's commercial strategy and product pipeline.

How might Brian T. Powl's prior experience impact Fate Therapeutics?

His previous leadership at Celgene can provide valuable insights into launching and marketing cellular immunotherapies effectively.

What are the stock options granted to Brian T. Powl?

Powl received non-qualified stock options for 70,000 shares at $26.25 each, vesting over four years, alongside 45,000 restricted stock units.

What challenges could Fate Therapeutics face with the new CCO?

Challenges may include adjustments in strategy and potential impacts on team dynamics and execution of ongoing projects.