First Wave BioPharma Announces Appointment of Sarah Romano as Chief Financial Officer

Rhea-AI Summary

First Wave BioPharma (NASDAQ: FWBI) has announced the appointment of Sarah Romano as Chief Financial Officer, effective immediately. With a 20-year background in corporate finance, Romano has led successful capital raises exceeding $50 million in her previous roles. Her experience includes positions as CFO at Kiora Pharmaceuticals and corporate controller at TechTarget. Romano expressed excitement about driving growth at First Wave, focusing on clinical programs for gastrointestinal diseases and enhancing shareholder value.

Positive

• Sarah Romano brings 20 years of financial expertise and successful capital raises over $50 million.
• Romano's experience in pharmaceutical finance is expected to strengthen First Wave's financial leadership.

Negative

• Concerns about continuity and experience gaps with the management change.

20-year corporate finance career spans several pharmaceutical and healthcare-focused companies and underscores financial leadership abilities

BOCA RATON, Fla., March 01, 2022 (GLOBE NEWSWIRE) -- First Wave BioPharma, Inc., (NASDAQ: FWBI), (“First Wave BioPharma” or the “Company”), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced today that Sarah Romano has joined the Company as its Chief Financial Officer (CFO) effective immediately.

James Sapirstein, Chairman and CEO of First Wave BioPharma, stated, “We are excited to add Sarah to the First Wave BioPharma team. Hiring an individual of her experience and capabilities reflects our commitment to bringing in talented individuals with strong track records. Her recent positions as Chief Financial Officer, Corporate Controller, and her other financial and accounting roles within pharmaceutical and healthcare companies, showcase her ability to support a fast-growing organization. On behalf of our Company and its Board of Directors, I am pleased to welcome Sarah and look forward to working with her.”

An accountant by training, Ms. Romano arrives at First Wave BioPharma with a 20-year career in corporate finance and accounting during which she played instrumental roles in several successful financings and capital raises totaling more than $50 million. Most recently, she served a four-year span as Chief Financial Officer at Kiora Pharmaceuticals, Inc., formerly known as EyeGate Pharmaceuticals, Inc. She was initially hired in 2016 as its Corporate Controller, promoted to Interim CFO in 2017 and to CFO in January 2018.

Prior to joining Kiora, Ms. Romano served as Assistant Controller at TechTarget and Corporate Controller at Bowdoin Group, a healthcare-focused executive recruiting firm. She held several financial reporting positions of increasing responsibility at SoundBite Communications until its 2013 acquisition by Genesys, and previously served as a Senior Financial Reporting Analyst at Cognex Corporation, a publicly traded manufacturer of machine vision systems, software, and sensors.

Ms. Romano began her career as an Auditor in the Boston office of PricewaterhouseCoopers. A licensed CPA in Massachusetts, she earned a B.A. in Accounting from the College of the Holy Cross in Worcester, MA., and received an M.S. in Accounting from Boston College.

“I am delighted to join the team at First Wave BioPharma, especially at such an exciting time for the Company as it continues to advance its clinical programs for niclosamide and adrulipase towards a number of near-term milestones,” stated Ms. Romano. “I look forward to working with James and the rest of the management team, utilizing my financial expertise to help First Wave BioPharma achieve its growth potential. We are poised to deliver important therapeutic advancements in the treatment of COVID-19 related GI infections, inflammatory bowel disease, and exocrine pancreatic insufficiency, and by doing so generate value for both patients and shareholders.”

About First Wave BioPharma, Inc.

First Wave BioPharma is a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company is currently advancing a therapeutic development pipeline with multiple clinical stage programs built around its two proprietary technologies – niclosamide, an oral small molecule with anti-viral and anti-inflammatory properties, and the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients. First Wave BioPharma’s niclosamide portfolio is led by two clinical programs in Phase 2 clinical trials: FW-COV for COVID-19 gastrointestinal infections and FW-UP for ulcerative proctitis (UP) and ulcerative proctosigmoiditis. Three additional indications of niclosamide, include FW-ICI-AC, for Grade 1 and Grade 2 Immune Checkpoint Inhibitor-associated colitis and diarrhea in advanced oncology patients, FW-UC (ulcerative colitis) and FW-CD (Crohn’s disease). The Company is also advancing FW-EPI (adrulipase) for the treatment of exocrine pancreatic insufficiency (EPI) in patients with cystic fibrosis and chronic pancreatitis. First Wave BioPharma is headquartered in Boca Raton, Florida. For more information visit www.firstwavebio.com.

Forward-Looking Statement
This press release may contain certain statements relating to future results which are forward-looking statements. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; the size of the potential markets for the Company’s drug candidates and its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition and its announcement on the Company’s business, operating results and financial prospects; the integration of the First Wave Bio, Inc. business with the Company’s own business; and the Company’s current and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company’s financial results are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 under the heading “Risk Factors,” as well as the Company’s subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.

For more information:
First Wave BioPharma, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
info@firstwavebio.com

Media contact:
Tiberend Strategic Advisors, Inc.
David Schemelia
(609) 468-9325
dschemelia@tiberend.com

FAQ

Who is the new CFO of First Wave BioPharma?

Sarah Romano has been appointed as the Chief Financial Officer of First Wave BioPharma.

What is Sarah Romano's experience before joining First Wave BioPharma?

Sarah Romano has 20 years of experience in corporate finance and previously served as CFO at Kiora Pharmaceuticals.

What are Sarah Romano's priorities as CFO at First Wave BioPharma?

Her priorities include advancing clinical programs and enhancing shareholder value.

When did Sarah Romano start her role at First Wave BioPharma?

Sarah Romano started her role as CFO effective immediately on March 1, 2022.