Geron Corporation Announces Appointment of Joseph Eid, M.D. as Executive Vice President, Research and Development

Rhea-AI Summary

Geron (Nasdaq: GERN) has appointed Joseph Eid, M.D. as Executive Vice President, Research and Development, effective November 11, 2024. Dr. Eid brings over two decades of experience in medical affairs and clinical development, having previously served at Dragonfly Therapeutics and Luzsana Bio. He will lead Geron's R&D organization, overseeing medical, clinical, and safety teams to support RYTELO™ commercially. As part of his employment agreement, Dr. Eid received a stock option grant for 2,500,000 shares at $4.12 per share, vesting over four years.

Positive

• Appointment of seasoned executive with over 20 years of experience in drug development and commercialization
• Strategic strengthening of R&D leadership with expertise in hematology and oncology
• Dr. Eid's extensive experience with successful drug programs like KEYTRUDA®

Negative

• Significant stock option grant of 2.5M shares could lead to future shareholder dilution

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Geron Corporation (Nasdaq: GERN), a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer, today announced the appointment of Joseph Eid, M.D. as Executive Vice President, Research and Development, effective today, November 11, 2024. In this role, Dr. Eid will lead our Research and Development organization comprised of medical, clinical, and safety/pharmacovigilance teams and be responsible for driving innovative medical and scientific strategies that support RYTELO™ commercially and sustain important research and development opportunities for Geron. Dr. Eid has more than two decades of medical affairs, clinical development, and drug life-cycle management experience in the biopharmaceutical industry, having served in numerous prominent global leadership roles that included building and leading global medical affairs, global clinical development, regulatory, and research and discovery organizations in small and large companies.

“Joe has a deeply impressive track record of more than two decades of global leadership and expertise driving drug development, regulatory, and commercial success for small and large biopharmaceutical companies, including broad experience across hematology and oncology,” said John A. Scarlett, M.D., Geron’s Chairman and Chief Executive Officer. “We are thrilled to welcome him to Geron to oversee an integrated, cross-functional R&D organization that is structured to optimize performance and collaboration as a commercial company and to support this exciting era of growth for our company. With the recent addition of Jim Ziegler to lead our commercial organization, Dr. Faye Feller continuing as Chief Medical Officer, and now Joe’s appointment to lead our R&D organization, we feel even more confident in our continued efforts to deliver RYTELO to eligible patients in need, drive innovation, expand Geron’s global footprint in hematologic malignancies and invest in our ability to change patients’ lives by changing the course of blood cancer.”

Dr. Eid most recently led the medical affairs, research, and clinical development organizations at two clinical-stage biotech companies, Dragonfly Therapeutics, where he served as the President, Research and Development, and Luzsana Bio (a subsidiary of Hengrui Pharmaceuticals), where he previously served as EVP, Chief Medical Officer. Dr. Eid began his industry career in clinical oncology drug development at Roche in 2004, and subsequently joined Merck in similar roles beginning in 2009. At Merck, he led the first-in-human strategy throughout the successful development of the global KEYTRUDA® program, and then was asked to build Merckʻs Oncology Global Medical Affairs organization. After that, he served as Senior Vice President and Head of Global Medical Affairs at Bristol Myers Squibb, where – from 2017 to 2021 – he led a large global medical affairs organization. Dr. Eid’s other prominent leadership roles have featured responsibilities that spanned not only designing and implementing clinical development, medical affairs and life-cycle management plans, but also building entire research and development organizations from the ground up.

Prior to entering the biopharmaceutical industry, Dr. Eid was an Assistant Professor in the hematology department of Robert Wood Johnson Medical School in New Jersey from 1999 to 2004 and stayed on as a volunteer, while continuing to see patients as a hematologist, through 2019. He is a board-certified physician in Medical Oncology, Hematology and Internal Medicine and also serves on several boards, including ALSAC/St Jude Children’s Research Hospital and Angle PLC, a publicly traded liquid biopsy company.

“I am truly excited to join Geron at this important stage, to build on the Company’s tremendous R&D legacy in hematologic malignancies, and to support the commercial growth of RYTELO by working to expand its reach to appropriate patients in need both in the U.S. and globally,” said Dr. Eid. “I am honored to be a part of an organization that is at the forefront of innovation with a first-in-class medicine with significant opportunity for research and development in this space. I look forward to partnering with the team with the common purpose to change patients’ lives.”

Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

In connection with the commencement of Dr. Eid’s employment with Geron on November 11, 2024, the Company granted him a non-statutory stock option to purchase an aggregate of 2,500,000 shares of Geron common stock. The stock option was granted on November 11, 2024, at an exercise price of $4.12 per share, which is equal to the closing price of Geron common stock on the date of grant. The stock option has a 10-year term and vests over four years, with 12.5% of the shares underlying the option vesting on the six-month anniversary of commencement of employment and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates. The stock option was granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and is subject to the terms and conditions of the stock option agreement covering the grant and Geron’s 2018 Inducement Award Plan, which was adopted December 14, 2018, and provides for the granting of stock options to new employees.

About Geron

Geron is a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer. Our first-in-class telomerase inhibitor RYTELO™ (imetelstat) is approved in the United States for the treatment of certain adult patients with lower-risk myelodysplastic syndromes (LR-MDS) with transfusion dependent anemia. We are also conducting a pivotal Phase 3 clinical trial of imetelstat in JAK-inhibitor relapsed/refractory myelofibrosis (R/R MF), as well as studies in other hematologic malignancies. Inhibiting telomerase activity, which is increased in malignant stem and progenitor cells in the bone marrow, aims to potentially reduce proliferation and induce death of malignant cells. To learn more, visit www.geron.com or follow us on LinkedIn.

Use of Forward-Looking Statements

Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such statements, include, without limitation, those regarding: (i) the Company’s efforts to structure its R&D organization to optimize performance and collaboration as a commercial company and to support growth for the company; (ii) the Company’s belief that Dr. Eid brings experience and leadership capabilities that will support the Company’s continued efforts to deliver RYTELO to eligible patients in need, drive innovation, expand Geron’s global footprint in hematologic malignancies and invest in the Company’s ability to change patients’ lives by changing the course of blood cancer; (iii) Dr. Eid’s goal to build on the Company’s R&D legacy in hematologic malignancies and to support the commercial growth of RYTELO by working to expand its reach to appropriate patients in need both in the U.S. and globally; and (iv) other statements that are not historical facts, constitute forward-looking statements. These forward-looking statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties, include, without limitation, risks and uncertainties related to: (a) whether Geron is successful in commercializing RYTELO (imetelstat) for the treatment of certain patients with LR-MDS with transfusion dependent anemia; (b) whether Geron overcomes potential delays and other adverse impacts caused by enrollment, clinical, safety, efficacy, technical, scientific, intellectual property, manufacturing and regulatory challenges in order to have the financial resources for and meet expected timelines and planned milestones; (c) whether regulatory authorities permit the further development of imetelstat on a timely basis, or at all, without any clinical holds; (d) whether any future safety or efficacy results of imetelstat treatment cause the benefit-risk profile of imetelstat to become unacceptable; (e) whether imetelstat actually demonstrates disease-modifying activity in patients and the ability to target the malignant stem and progenitor cells of the underlying disease; (f) that Geron may seek to raise substantial additional capital in order to continue the development and commercialization of imetelstat; (g) whether Geron meets its post-marketing requirements and commitments in the U.S. for RYTELO for the treatment of certain patients with LR-MDS with transfusion dependent anemia; (h) whether there are failures or delays in manufacturing or supplying sufficient quantities of imetelstat or other clinical trial materials that impact commercialization of RYTELO for the treatment of certain patients with LR-MDS with transfusion dependent anemia or the continuation of the IMpactMF trial; (i) that the projected timing for the interim and final analyses of the IMpactMF trial may vary depending on actual enrollment and death rates in the trial; (j) whether Geron stays in compliance with and satisfies its obligations under its debt and royalty financing agreements; and (i) whether the EMA will approve RYTELO for the treatment of patients with LR-MDS with transfusion dependent anemia and whether the FDA and EMA will approve imetelstat for other indications on the timelines expected, or at all. Additional information on the above risks and uncertainties and additional risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements are contained in Geron’s filings and periodic reports filed with the Securities and Exchange Commission under the heading “Risk Factors” and elsewhere in such filings and reports, including Geron’s quarterly report on Form 10-Q for the quarter ended September 30, 2024, and subsequent filings and reports by Geron. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and the facts and assumptions underlying the forward-looking statements may change. Except as required by law, Geron disclaims any obligation to update these forward-looking statements to reflect future information, events, or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241111811690/en/

Aron Feingold

Vice President, Investor Relations and Corporate Communications

Kristen Kelleher

Associate Director, Investor Relations and Corporate Communications

investor@geron.com

media@geron.com

Source: Geron Corporation

FAQ

When did Joseph Eid join Geron (GERN) as EVP of R&D?

Joseph Eid, M.D. joined Geron as Executive Vice President, Research and Development on November 11, 2024.

What is the value and vesting schedule of Dr. Eid's stock options at GERN?

Dr. Eid received options for 2,500,000 shares at $4.12 per share, with 12.5% vesting after six months and the remainder vesting over 42 months in equal installments.

What are Dr. Eid's main responsibilities at Geron (GERN)?

Dr. Eid will lead Geron's R&D organization, overseeing medical, clinical, and safety/pharmacovigilance teams, supporting RYTELO™ commercially and driving research opportunities.