Stealth BioTherapeutics Announces Departure of Chief Financial Officer
Stealth BioTherapeutics Corp (Nasdaq:MITO) announced that Chief Financial Officer Robert Weiskopf has left the company, effective September 30, 2022. Weiskopf joined Stealth in 2019 and has played a pivotal role in building the company's financial infrastructure. CEO Reenie McCarthy expressed gratitude for his contributions. On August 1, 2022, Stealth confirmed an agreement for acquisition by a consortium led by Morningside Venture in an all-cash transaction, signaling a transformative phase for the company.
- Strong financial reporting infrastructure established under Weiskopf.
- CEO's confidence in the remaining finance team to guide future developments.
- Acquisition agreement with Morningside Venture could provide necessary capital for growth.
- Departure of CFO may lead to uncertainties in financial management during transition.
- Acquisition process may create instability or distractions for ongoing operations.
BOSTON, Sept. 30, 2022 /PRNewswire/ -- Stealth BioTherapeutics Corp (Nasdaq:MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced that Robert Weiskopf, Stealth's chief financial officer, is leaving the company effective September 30, 2022. Mr. Weiskopf joined Stealth in 2019 following the company's initial public offering to spearhead its public financial reporting activities and grow the Company's financial team.
"On behalf of the entire team and Board of Directors, we thank Rob for his significant contributions to Stealth over the past few years, and wish him the best in his future endeavors," said Reenie McCarthy, Stealth's CEO. "Rob has played a key role in building the infrastructure to support Stealth as a public company and developing its accounting and reporting capabilities. Rob leaves the company with a strong accounting and financial reporting foundation as well as a talented finance and accounting team," Ms. McCarthy said. On August 1, 2022, the Company announced that it had entered into a definitive agreement to be acquired by a consortium of investors led by Morningside Venture (I) Investments Ltd. for itself and on behalf of its affiliates and J. Wood Capital Advisors LLC in an all-cash going private transaction.
Mr. Weiskopf said, "It has been an honor to serve as CFO of Stealth over the past three years. I have confidence in the Company's finance and management team to guide the Company into its next stage of development. I look forward to seeing the Company continue to progress its strategy to develop novel therapies for patients with high unmet needs due to diseases involving mitochondrial dysfunction."
We are a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction. Mitochondria, found in nearly every cell in the body, are the body's main source of energy production and are critical for normal organ function. Dysfunctional mitochondria characterize a number of rare genetic diseases and are involved in many common age-related diseases, typically involving organ systems with high energy demands such as the eye, the neuromuscular system, the heart and the brain. We believe our lead product candidate, elamipretide, has the potential to treat ophthalmic diseases entailing mitochondrial dysfunction, such as dry age-related macular degeneration, rare neuromuscular disorders, such as primary mitochondrial myopathy and Duchenne muscular dystrophy, and rare cardiomyopathies, such as Barth syndrome. We are evaluating our second-generation clinical-stage candidate, SBT-272, for rare neurological disease indications, such as amyotrophic lateral sclerosis and frontotemporal dementia, following promising preclinical data. We have optimized our discovery platform to identify novel mitochondria-targeted compounds which may be nominated as therapeutic product candidates or utilized as mitochondria-targeted vectors to deliver other compounds to mitochondria.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding Stealth BioTherapeutics' expectations for its finance and accounting functions and the ability of the company to achieve its drug discovery, development, and commercialization goals. Statements that are not historical facts, including statements about Stealth BioTherapeutics' beliefs, plans and expectations, are forward-looking statements. The words "anticipate," "expect," "hope," "plan," "potential," "possible," "will," "believe," "estimate," "intend," "may," "predict," "project," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Stealth BioTherapeutics may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements as a result of known and unknown risks, uncertainties and other important factors, including: Stealth BioTherapeutics' ability to obtain additional funding and to continue as a going concern; the impact of the COVID-19 pandemic; the ability to successfully demonstrate the efficacy and safety of Stealth BioTherapeutics' product candidates and future product candidates; the preclinical and clinical results for Stealth BioTherapeutics' product candidates, which may not support further development and marketing approval; the potential advantages of Stealth BioTherapeutics' product candidates; the content and timing of decisions made by the FDA, the EMA or other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies, which may affect the initiation, timing and progress of preclinical studies and clinical trials of Stealth BioTherapeutics product candidates; Stealth BioTherapeutics' ability to obtain and maintain requisite regulatory approvals and to enroll patients in its planned clinical trials; unplanned cash requirements and expenditures; competitive factors; Stealth BioTherapeutics' ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing; and general economic and market conditions. These and other risks are described in greater detail under the caption "Risk Factors" included in the Stealth BioTherapeutics' most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission ("SEC"), as well as in any future filings with the SEC. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, Stealth BioTherapeutics does not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
Investor Relations
Kendall Investor Relations
Adam Bero, Ph.D.
abero@kendallir.com
IR@StealthBT.com
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SOURCE Stealth BioTherapeutics Inc.
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