Stealth BioTherapeutics Announces Promotion of Marty Redmon to Chief Research & Development Officer

Rhea-AI Summary

Stealth BioTherapeutics (Nasdaq: MITO) announced the promotion of Marty Redmon, Ph.D., to Chief Research & Development Officer, effective immediately. Marty has over 25 years of experience in pharmaceutical R&D and has significantly contributed to the company's pipeline, notably in developing therapies for mitochondrial dysfunction and preparing for a New Drug Application submission. His leadership has generated promising preclinical data for candidates SBT-272 and SBT-550. This strategic move is expected to enhance the company’s development efforts and scientific excellence.

Positive

• Promotion of Marty Redmon to Chief Research & Development Officer expected to strengthen leadership.
• Marty's extensive experience in R&D may enhance Stealth's drug development efforts.
• Promising preclinical data generated for SBT-272 and SBT-550 series.

Negative

• None.

BOSTON, March 16, 2021 /PRNewswire/ -- Stealth BioTherapeutics (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced promotion of Marty Redmon, Ph.D., Executive Vice President, Discovery, Development, and Tech Ops, to the role of Chief Research & Development Officer, effective immediately.

"Marty is an accomplished leader who has made many vital contributions to our development efforts," said Reenie McCarthy, Stealth's CEO. "In addition to leading our pharmaceutical sciences and technical operations initiatives, including in connection with our upcoming NDA submission, associated launch planning, and ongoing work to develop an intravitreal injection for elamipretide for dry AMD, Marty has also made great strides progressing our pipeline of mitochondria targeted therapeutics.  Under his leadership, we've generated promising preclinical data for SBT-272 and the SBT-550 series in various neurological disease models.  I am pleased to announce Marty's well-deserved promotion and am confident that he will continue to drive new levels of scientific excellence as we advance Stealth's development pipeline."

Following his promotion to Chief Research & Development Officer, Dr. Redmon will continue to be responsible for the oversight of all disciplines involved in the Company's pharmaceutical sciences and technical operations to support preclinical, clinical, and commercial supply needs, as well as its discovery platform comprising over 100 novel mitochondrial targeted pipeline compounds.

Marty has more than 25 years of experience in pharmaceutical R&D, operations, and project and functional line management. Prior to joining Stealth in 2015, he served as Senior Vice President of Research, Development and Technical Operations at Precision Dermatology, and has previously held pharmaceutical development positions at Eli Lilly, Focal, Sepracor, Praecis, and ArQule. He brings experience managing R&D and manufacturing organizations responsible for development of a broad range of therapeutics in a variety of dosage forms. Marty holds a B.S. in Chemical Engineering and a Ph.D. in Pharmaceutical Sciences from the University of Kentucky.

About Stealth

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 heart, the eye, and the brain. We believe our lead product candidate, elamipretide, has the potential to treat both rare metabolic cardiomyopathies, such as Barth, Duchenne muscular dystrophy and Friedreich's ataxia, rare mitochondrial diseases entailing nuclear DNA mutations, such as POLG-related disorders, as well as ophthalmic diseases entailing mitochondrial dysfunction, such as dry AMD and Leber's hereditary optic neuropathy. We are evaluating our second-generation clinical-stage candidate, SBT-272, and our new series of small molecules, SBT-550, for rare neurological disease indications 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 scaffolds to deliver other compounds to mitochondria.

Forward-Looking Statements

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' plans, strategies and expectations for its preclinical and clinical advancement of its drug development programs, including its ongoing clinical trials of elamipretide and planned clinical trial of SBT-272; the potential benefits of Stealth BioTherapeutics' product candidates; its key milestones for 2021, including submission of a New Drug Application and planning for potential commercialization; its plans regarding future data presentations; its interactions with regulatory authorities; and its financial guidance regarding the period in which it will have capital available to fund its operations. 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; 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 U.S. 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
Stern Investor Relations
Janhavi Mohite, 212-362-1200
IR@StealthBT.com 

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SOURCE Stealth BioTherapeutics Inc.

FAQ

What is the significance of Marty Redmon's promotion at Stealth BioTherapeutics?

Marty Redmon's promotion to Chief Research & Development Officer is expected to strengthen Stealth's leadership and drug development efforts, particularly in therapies for mitochondrial dysfunction.

When did Stealth BioTherapeutics announce the leadership change?

Stealth BioTherapeutics announced the promotion of Marty Redmon on March 16, 2021.

What are the key responsibilities of the new Chief Research & Development Officer at MITO?

As Chief Research & Development Officer, Marty Redmon will oversee all disciplines involved in pharmaceutical sciences and technical operations, supporting preclinical, clinical, and commercial supply needs.

What are the expected impacts of the leadership change on MITO's product development?

The leadership change is expected to drive new levels of scientific excellence and accelerate the development of Stealth's pipeline of mitochondrial-targeted therapeutics.