F-star Therapeutics Appoints James Sandy as Chief Development Officer

Rhea-AI Summary

F-star Therapeutics (NASDAQ: FSTX) appointed James Sandy as Chief Development Officer on March 1, 2022. Sandy, with over 35 years in drug development, will enhance F-star's oncology pipeline. CEO Eliot Forster emphasized Sandy's expertise in accelerating clinical operations. Sandy's previous roles include Chief Development Officer at Ellipses Pharma and Immunocore. In connection with his appointment, Sandy received a stock option grant of 50,000 shares and 25,000 restricted stock units, both vesting over four years, contingent on continued service.

Positive

• James Sandy's appointment could enhance F-star's clinical development capabilities.
• Sandy's extensive experience in oncology may accelerate the advancement of F-star's pipeline.

Negative

• Concerns about continuity in leadership may arise due to the management change.
• Sandy's prior work experience at multiple companies may raise questions about his commitment.

CAMBRIDGE, United Kingdom and CAMBRIDGE, Mass., March 01, 2022 (GLOBE NEWSWIRE) -- F-star Therapeutics, Inc. (NASDAQ: FSTX), a clinical-stage biopharmaceutical company dedicated to developing next generation immunotherapies to transform the lives of patients with cancer, announced today that James Sandy has been appointed as Chief Development Officer, effective today. Mr. Sandy will lead the clinical development and advancement of F-star’s pipeline.

“We are delighted to welcome James to F-star,” said Eliot Forster, CEO of F-star Therapeutics, Inc. “James brings an unparalleled depth of experience in drug development in oncology and a strong track record of enhancing and accelerating clinical operational capabilities. I look forward to working with James as a member of the executive leadership team, as we advance our clinical pipeline and prepare for multiple data readouts this year.”

James brings over 35 years of experience in the pharmaceutical and biotechnology industries across all phases of drug development. Before joining F-star Therapeutics James served as Chief Development Officer at Ellipses Pharma, Immunocore, and Creabilis Pharmaceuticals. Earlier in his career, James held senior positions with Pfizer, including Head of Development Operations and Project Management, Europe and Asia. James holds a MPhil in Statistics and Operational Research from Imperial College London.

“F-star’s unique platform has delivered its tetravalent bispecific antibodies into the clinic across multiple tumor types and I am thrilled to join at such a transformative time in clinical data delivery,” said Mr. Sandy. “I look forward to leading the clinical development of a technology that has enormous potential to transform the lives of patients with cancer.”

In connection with Mr. Sandy’s appointment, the company is reporting an inducement option grant under Nasdaq Listing Rule 5635(c)(4). The Compensation Committee of the F-star Board of Directors has approved a non-qualified stock option award to purchase an aggregate of 50,000 shares of F-star common stock and 25,000 restricted stock units to Mr. Sandy. The option and RSUs were granted outside of the Company’s 2019 Equity Incentive Plan as an inducement material to Mr. Sandy’s acceptance of employment with the Company. The stock option will have an exercise price equal to the fair market value of F-star’s common stock on his start date (March 1, 2022). The stock option vests over four years, with 25% of the award vesting on the first anniversary of his employment, and as to an additional 1/36^th of the shares monthly thereafter. The RSUs vest over four years with 25% of the award vesting on the first anniversary of his employment and thereafter in equal quarterly installments over a period of three years. The vesting of both the option and the RSU is subject to Mr. Sandy’s continued service through the applicable vesting dates (subject to the terms and conditions of the stock option agreement covering the grant).

About F-star Therapeutics, Inc.

F-star Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to developing next generation immunotherapies to transform the lives of patients with cancer. F-star is pioneering the use of tetravalent (2+2) bispecific antibodies to create a paradigm shift in cancer therapy. The Company has four second-generation immuno-oncology therapeutics in the clinic, each directed against some of the most promising IO targets in drug development, including LAG-3 and CD137. F-star’s proprietary antibody discovery platform is protected by an extensive intellectual property estate. F-star has over 500 granted patents and pending patent applications relating to its platform technology and product pipeline. The Company has attracted multiple partnerships with biopharma, targeting significant unmet needs across several disease areas including oncology, immunology, and CNS.

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Forward Looking Statements

Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. F-star undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. In some cases, you can identify forward-looking statements by terminology such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” or the negative of these terms or other comparable terminology, which are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, the cash balances of F-star, the ability of F-star to remain listed on the Nasdaq Capital Market, F-star’s status as a clinical stage immuno-oncology company and its need for substantial additional funding in order to complete the development and commercialization of its product candidates, that F-star may experience delays in completing, or ultimately be unable to complete, the development and commercialization of its product candidates, that F-star’s clinical trials may fail to adequately demonstrate the safety and efficacy of its product candidates, that preclinical drug development is uncertain, and some of F-star’s product candidates may never advance to clinical trials, that results of preclinical studies and early stage clinical trials may not be predictive of the results of later stage clinical trials, that F-star relies on patents and other intellectual property rights to protect its product candidates, and the enforcement, defense and maintenance of such rights may be challenging and costly, and that F-star faces significant competition in its drug discovery and development efforts.

New factors emerge from time to time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks are more fully discussed in F-star’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this communication are based on information available to F-star as of the date of this communication. F-star does not assume any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For investor inquiries:

Lindsey Trickett
VP Investor Relations & Communications
+1 240 543 7970
lindsey.trickett@f-star.com

John Fraunces
Managing Director
LifeSci Advisors LLC
+1 917 355 2395
jfraunces@lifesciadvisors.com

For media inquiries:

Helen Shik
Shik Communications LLC
+1 617-510-4373
helen@shikcommunications.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2a48c32f-2728-47c3-baff-fa425b33666a

FAQ

What is the significance of James Sandy's appointment as Chief Development Officer at F-star Therapeutics?

James Sandy's appointment is significant as he brings over 35 years of experience in drug development, particularly in oncology, which may enhance F-star's clinical capabilities.

What stock options were granted to James Sandy upon his appointment?

James Sandy was granted a non-qualified stock option for 50,000 shares and 25,000 restricted stock units, vesting over four years, based on continued service.

How might James Sandy's experience impact the future of F-star Therapeutics?

Sandy's extensive experience in drug development could potentially accelerate F-star's pipeline advancements and improve clinical operational capabilities.

When did James Sandy officially start his role at F-star Therapeutics?

James Sandy officially started his role as Chief Development Officer on March 1, 2022.

What are the main responsibilities of the Chief Development Officer at F-star Therapeutics?

The Chief Development Officer at F-star is responsible for leading clinical development and advancing the company's immunotherapy pipeline.