PMV Pharmaceuticals Appoints Tim Smith as Senior Vice President, Head of Corporate Development

Rhea-AI Summary

PMV Pharmaceuticals (Nasdaq: PMVP) has appointed Tim Smith as Senior Vice President, Head of Corporate Development. Smith brings extensive experience from previous leadership roles in biotechnology, including Verseau Therapeutics and IDEAYA Biosciences. His expertise is expected to enhance PMV's efforts in developing tumor-agnostic therapies targeting p53 mutants, crucial for many cancers. The company's lead candidate, PC14586, aims to reactivate the p53 protein in patients with specific mutations.

Positive

• Appointment of Tim Smith is expected to strengthen business development.
• Smith's extensive experience in biotechnology may provide fresh perspectives.
• Focus on developing tumor-agnostic therapies for a significant market.

Negative

• None.

CRANBURY, N.J., Sept. 09, 2021 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals, Inc. (Nasdaq: PMVP), a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutants, today announced the appointment of Tim Smith as Senior Vice President, Head of Corporate Development.

“Tim’s extensive experience and proven leadership in business and corporate development in both small and large biotechnology companies will be a key asset for PMV Pharma as we continue to maximize the full potential of our pipeline of tumor-agnostic p53 targeted therapies,” said David Mack, Ph.D., President and Chief Executive Officer of PMV. “We are delighted to have Tim join us and we look forward to his leadership for our business and corporate development initiatives.”

“It truly is an honor to join a team that is pioneering the field of p53 biology with a mission to deliver precision oncology therapeutics to patients,” said Mr. Smith. “I look forward to contributing to the company’s growth to realize the potential of activating p53 function in precision oncology.”

Prior to joining PMV Pharma, Mr. Smith was Chief Business Officer of Verseau Therapeutics. He has held senior business development leadership roles at IDEAYA Biosciences, Cleave Biosciences, and Celgene Corporation. He spent his early career in equity research covering the biotechnology sector at RBC Capital Markets, Lazard Capital Markets, and Citi Research. Mr. Smith holds a B.S. in biology from the University of Texas at Arlington, an MBA in finance from Fordham University and an M.A. in biotechnology from Columbia University.

About p53

p53 plays a pivotal role in preventing abnormal cells from becoming a tumor by inducing programmed cell death. Mutant p53 takes on oncogenic properties that endow cancer cells with a growth advantage and resistance to anti-cancer therapy. The p53 Y220C mutation is associated with many cancers, including but not limited to breast, non-small cell lung cancer, colorectal, pancreatic, and ovarian cancers.

About PC14586

PC14586 is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the crevice present in the p53 Y220C mutant protein, hence, restoring the wild-type, or normal, p53 protein structure and tumor suppressing function. PC14586 is being developed for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation.

About PMV Pharma

PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutants. p53 mutations are found in approximately half of all cancers. The field of p53 biology was established by our co-founder Dr. Arnold Levine when he discovered the p53 protein in 1979. Bringing together leaders in the field to utilize over four decades of p53 biology, PMV Pharma combines unique biological understanding with pharmaceutical development focus. PMV Pharma is headquartered in Cranbury, New Jersey. For more information, please visit www.pmvpharma.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the Company’s future plans or expectations for PC14586, including expectations regarding the success of its current clinical trial for PC14586; and the future plans or expectations for the Company’s discovery platform. Any forward-looking statements in this statement are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of the Company’s product candidate development activities and planned clinical trials, the Company’s ability to execute on its strategy and operate as an early clinical stage company, the potential for clinical trials of PC14586 or any future clinical trials of other product candidates to differ from preclinical, preliminary or expected results, the Company’s ability to fund operations, and the impact that the current COVID-19 pandemic will have on the Company’s clinical trials, supply chain, and operations, as well as those risks and uncertainties set forth in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2021, and its other filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contact

For Investors & Media:

Winston Kung
Chief Financial Officer
investors@pmvpharma.com

FAQ

What is the significance of Tim Smith's appointment at PMV Pharmaceuticals (PMVP)?

Tim Smith's appointment is significant as it brings extensive business development experience to PMV Pharmaceuticals, which could enhance the company's ability to advance its pipeline of tumor-agnostic therapies.

How could Tim Smith's experience impact PMV Pharmaceuticals' future?

Tim Smith's background in leading corporate development at other biotech firms is expected to positively impact PMV Pharmaceuticals by improving strategic initiatives and maximizing the potential of its therapies.

What is PC14586 and its role in PMV Pharmaceuticals' pipeline?

PC14586 is PMV Pharmaceuticals' lead candidate designed to reactivate the mutant p53 protein, targeting tumors associated with the p53 Y220C mutation, which is prevalent in various cancers.

What are the potential risks mentioned in PMV Pharmaceuticals' press release?

The press release indicates potential risks related to the success, cost, and timing of clinical trials, as well as the impact of the COVID-19 pandemic on operations.