Immunovant Appoints Michael Elliott Chief Scientific Officer

Rhea-AI Summary

Immunovant, Inc. (Nasdaq: IMVT) appointed Michael Elliott, MBBS, PhD as Chief Scientific Officer. He brings over 23 years of R&D experience, including 17 years at Johnson & Johnson, where he led the development of innovative immunology products. Elliott will oversee the advancement of IMVT-1401, a novel antibody treatment for autoimmune diseases. The company is currently in a productive phase with three programs in Phase 2. CEO Pete Salzmann highlighted Elliott's expertise in identifying best-in-class opportunities, vital for the company’s growth.

Positive

• Appointment of Michael Elliott as CSO expected to enhance clinical development.
• Elliott's extensive experience at Johnson & Johnson may bring valuable insights.
• Ongoing Phase 2 programs may lead to advancement in product pipeline.

Negative

• Dependency on Elliott's leadership raises concerns about continuity in direction.
• Transition period could temporarily affect project momentum.

NEW YORK, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases, today announced the appointment of Michael Elliott, MBBS, PhD as Chief Scientific Officer.    

"We are extremely pleased to have Michael join Immunovant during this exciting growth phase for the company," said Pete Salzmann, M.D., Chief Executive Officer. "Michael’s demonstrated leadership in developing blockbuster immunology products, in driving innovation via academic collaborations, and in assessing the therapeutic potential of novel mechanisms will be instrumental for identifying additional first-in-class and best-in-class opportunities."

Dr. Elliott is a physician scientist with over 23 years of R&D industry experience. He spent 17 years in leadership roles at Johnson & Johnson, serving most recently as Vice President of Immunology Scientific Innovation. In that role he focused on clinical and scientific due diligence of new acquisition targets and developing partnerships between industry and academia. Michael’s career at the Johnson & Johnson Family of Companies also includes deep experience in developing novel medicines, with particular focus on monoclonal antibodies (mAb).  As Senior Vice President at J&J’s Centocor, Dr Elliott led the clinical development of mAb products in immune and inflammatory disorders from Phase 1 through 3, including the anti-TNF mAbs Remicade® and Simponi® for a broad range of inflammatory and rheumatic diseases, as well as the anti-IL-12/23 mAb Stelara® for psoriasis.

Dr. Elliott joins Immunovant during a highly productive period as the company has three programs in Phase 2 with additional programs under consideration  "This is an extremely exciting period for drug development in the anti-FcRn class," said Dr. Elliott. "I am highly enthusiastic about joining the Immunovant team to work on IMVT-1401, which I believe has the potential to be a best-in-class treatment for multiple autoimmune diseases and to improve the quality of life for patients suffering from these conditions."

Dr. Elliott holds a PhD in Immunology, Bachelor of Medicine and Bachelor of Surgery (MBBS) from the University of Adelaide, Australia, and is a Fellow of the Royal Australasian College of Physicians (FRACP).

About Immunovant, Inc. 

Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies. 

Forward-Looking Statements

This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “may,” “might,” “will,” “would,” “should,” “expect,” “believe,” “estimate,” and other similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning the ability of Immunovant to identify new opportunities, the potential efficacy and success of IMVT-1401 and the potential of IMVT-1401 to become a best-in-class treatment for multiple autoimmune diseases and to improve the quality of life for patients suffering from these conditions. All forward-looking statements are based on estimates and assumptions by Immunovant’s management that, although Immunovant believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Immunovant expected. Such risks and uncertainties include, among others, initial results or other preliminary analyses or results of early clinical trials may not be predictive final trial results or of the results of later clinical trials; the availability of data from clinical trials; the expectations for regulatory submissions and approvals; the continued development of Immunovant’s product candidates; Immunovant’s scientific approach and general development progress; the availability and commercial potential of Immunovant’s product candidates including the size of potentially addressable markets and degree of market acceptance; and the potential impact of the recent COVID-19 pandemic on Immunovant’s clinical development plans and timelines. These statements are also subject to a number of material risks and uncertainties that are described under the section titled “Risk Factors” in Immunovant’s Form 10-Q for the quarterly period ended June 30, 2020, and Immunovant’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was made.  Immunovant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:

John Strumbos, Ph.D., MBA
Vice President, Finance
Immunovant, Inc.
info@immunovant.com

FAQ

What is the significance of Michael Elliott's appointment at Immunovant?

Michael Elliott's appointment as CSO is significant due to his leadership experience in developing immunology products. His expertise may enhance Immunovant's capacity to innovate and progress in drug development.

What programs is Immunovant currently pursuing?

Immunovant is currently advancing three programs in Phase 2, focusing on its lead candidate IMVT-1401, aimed at treating autoimmune diseases.

How might Michael Elliott impact Immunovant's future?

Elliott's impact on Immunovant's future could be substantial, leveraging his industry experience to identify new therapeutic opportunities and drive clinical development.

What is IMVT-1401 and its significance?

IMVT-1401 is a novel, fully human anti-FcRn monoclonal antibody under development for treating autoimmune diseases, seen as having potential as a best-in-class therapy.

What challenges could Immunovant face after this leadership change?

Post-leadership change, Immunovant may face challenges such as ensuring effective continuity and momentum in ongoing clinical projects during the transition.