Oncolytics Biotech® Announces Matt Coffey, Ph.D. Will Not Return to CEO Role Following Medical Leave of Absence
Oncolytics Biotech Inc. (NASDAQ: ONCY) announced that CEO and President Matt Coffey, Ph.D., will not return following his medical leave of absence due to ongoing health concerns. Coffey, who served the company for 25 years and was a co-founder, officially stepped down from his positions as CEO and Director.
Wayne Pisano, Chair of Oncolytics' Board of Directors and current Interim CEO, will maintain his temporary role until a new CEO is appointed. The company has initiated an immediate search for a new Chief Executive Officer to continue leading the development of pelareorep, their novel therapeutic agent for cancer treatment.
Under Coffey's leadership, pelareorep progressed from pre-clinical stages through successful Phase 2 studies for metastatic breast cancer and pancreatic cancer.
Oncolytics Biotech Inc. (NASDAQ: ONCY) ha annunciato che il CEO e Presidente Matt Coffey, Ph.D., non farà ritorno dopo il suo congedo medico a causa di preoccupazioni sanitarie in corso. Coffey, che ha servito l'azienda per 25 anni ed è stato cofondatore, si è ufficialmente dimesso dalle sue cariche di CEO e Direttore.
Wayne Pisano, Presidente del Consiglio di Amministrazione di Oncolytics e attuale CEO ad interim, manterrà il suo ruolo temporaneo fino alla nomina di un nuovo CEO. L'azienda ha avviato una ricerca immediata per un nuovo Amministratore Delegato per continuare a guidare lo sviluppo di pelareorep, il loro nuovo agente terapeutico per il trattamento del cancro.
Sotto la guida di Coffey, pelareorep è progredito dalle fasi pre-cliniche fino a studi di Fase 2 di successo per il cancro al seno metastatico e il cancro pancreatico.
Oncolytics Biotech Inc. (NASDAQ: ONCY) anunció que el CEO y Presidente Matt Coffey, Ph.D., no regresará tras su licencia médica debido a preocupaciones de salud persistentes. Coffey, quien ha trabajado para la empresa durante 25 años y fue cofundador, se retiró oficialmente de sus puestos como CEO y Director.
Wayne Pisano, Presidente de la Junta Directiva de Oncolytics y actual CEO interino, mantendrá su papel temporal hasta que se designe un nuevo CEO. La compañía ha iniciado una búsqueda inmediata de un nuevo Director Ejecutivo para continuar liderando el desarrollo de pelareorep, su novedoso agente terapéutico para el tratamiento del cáncer.
Bajo el liderazgo de Coffey, pelareorep avanzó desde etapas preclínicas a través de exitosos estudios de Fase 2 para el cáncer de mama metastásico y el cáncer de páncreas.
온콜리틱스 바이오텍 주식회사 (NASDAQ: ONCY)는 CEO이자 사장인 Matt Coffey 박사가 계속적인 건강 문제로 인한 의료휴직 후에는 돌아오지 않을 것이라고 발표했습니다. 25년 동안 회사를 위해 일했고 공동 창립자인 Coffey는 CEO 및 이사직에서 공식적으로 물러났습니다.
Wayne Pisano는 온콜리틱스 이사회 의장이자 현재의 임시 CEO로 새로운 CEO가 임명될 때까지 임시 역할을 유지할 것입니다. 회사는 암 치료를 위한 새로운 치료제인 pelareorep의 개발을 계속 이끌어 나갈 새로운 CEO를 즉각적으로 찾기 시작했습니다.
Coffey의 리더십 아래에서 pelareorep는 전임상 단계에서 진행되어 전이성 유방암과 췌장암에 대한 성공적인 2상 연구를 통해 발전해 왔습니다.
Oncolytics Biotech Inc. (NASDAQ: ONCY) a annoncé que le PDG et président Matt Coffey, Ph.D., ne reviendra pas après son congé médical en raison de préoccupations de santé persistantes. Coffey, qui a servi l'entreprise pendant 25 ans et a été cofondateur, a officiellement démissionné de ses fonctions de PDG et de directeur.
Wayne Pisano, président du conseil d’administration d’Oncolytics et actuel PDG par intérim, conservera son rôle temporaire jusqu'à ce qu'un nouveau PDG soit nommé. L’entreprise a lancé une recherche immédiate pour un nouveau directeur général afin de continuer à diriger le développement de pelareorep, leur nouvel agent thérapeutique pour le traitement du cancer.
Sous la direction de Coffey, pelareorep a progressé depuis les étapes précliniques jusqu'aux études de phase 2 réussies pour le cancer du sein métastatique et le cancer du pancréas.
Oncolytics Biotech Inc. (NASDAQ: ONCY) gab bekannt, dass der CEO und Präsident Matt Coffey, Ph.D., nach seinem medizinischen Urlaub aufgrund anhaltender Gesundheitsprobleme nicht zurückkehren wird. Coffey, der 25 Jahre für das Unternehmen tätig war und Mitgründer war, trat offiziell von seinen Positionen als CEO und Direktor zurück.
Wayne Pisano, Vorsitzender des Vorstands von Oncolytics und derzeitiger Interim-CEO, wird seine vorübergehende Rolle bis zur Ernennung eines neuen CEO beibehalten. Das Unternehmen hat sofort mit der Suche nach einem neuen Geschäftsführer begonnen, um die Entwicklung von pelareorep, ihrem neuartigen therapeutischen Mittel zur Krebsbehandlung, fortzusetzen.
Unter der Leitung von Coffey hat sich pelareorep von der präklinischen Phase bis hin zu erfolgreichen Phase-2-Studien für metastasierenden Brustkrebs und Bauchspeicheldrüsenkrebs entwickelt.
- Successful completion of Phase 2 studies for pelareorep in metastatic breast cancer and pancreatic cancer
- Immediate leadership transition plan in place with interim CEO
- Unexpected departure of long-term CEO and co-founder
- Potential disruption in company leadership during critical drug development phase
Insights
This unexpected leadership transition at Oncolytics Biotech warrants careful analysis, particularly given the company's current stage of development. Dr. Coffey's departure after 25 years of service - including his pivotal role in advancing pelareorep through critical clinical milestones - creates both challenges and opportunities that deserve investor attention.
The timing is particularly sensitive as Oncolytics is in the midst of important clinical developments for its lead candidate pelareorep in metastatic breast cancer and pancreatic cancer. While the appointment of Board Chairman Wayne Pisano as interim CEO provides immediate stability, the search for a permanent CEO will be important in determining the company's future trajectory.
Several key considerations emerge for stakeholders:
- The new CEO's background will be critical - whether they prioritize someone with strong clinical development expertise to shepherd pelareorep through late-stage trials, or someone with commercial experience to prepare for potential market entry
- Leadership transitions in clinical-stage biotech companies can impact ongoing trial execution, regulatory interactions and partnership discussions
- The relatively small market cap of
$59.3 million may affect the company's ability to attract top-tier biotech leadership talent
The selection of the next CEO will signal the board's strategic priorities - whether to maintain the current clinical development focus or potentially explore strategic alternatives. For a clinical-stage company of this size, maintaining momentum in ongoing trials while managing this transition will be paramount.
Search for Chief Executive Officer to commence immediately
"While we are saddened by his departure, we fully understand, respect, and support his decision. For the past 25 years, Matt has been invaluable to the organization and has led the development of pelareorep from pre-clinical through successful Phase 2 studies for metastatic breast cancer and pancreatic cancer. First as a co-founder and most recently as CEO, he has left an indelible fingerprint on the company and its employees. On behalf of the Board of Directors and all the dedicated employees of Oncolytics, we wish Matt good health and success, both now and in the future," said Wayne Pisano, Chair of Oncolytics' Board of Directors and Interim CEO. "We will now initiate a search for a Chief Executive Officer to lead the team as we work to bring Matt's vision of developing and making available a novel therapeutic agent (pelareorep) that addresses unmet needs in people undergoing cancer treatment." Wayne Pisano will remain Interim CEO until the new CEO is hired.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype -- turning "cold" tumors "hot" -- through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
jpatton@oncolytics.ca
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
tim@lifesciadvisors.com
Media Contact for Oncolytics
Michael Rubenstein
LifeSci Communications
mrubenstein@lifescicomms.com
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SOURCE Oncolytics Biotech® Inc.
FAQ
Why did Matt Coffey step down as CEO of Oncolytics Biotech (ONCY)?
Who is currently serving as interim CEO of Oncolytics Biotech (ONCY)?
What are the main achievements of Matt Coffey during his tenure at ONCY?
What is the current development status of ONCY's pelareorep?
