Poseida Therapeutics Appoints Luke Corning to Board of Directors

Rhea-AI Summary

Poseida Therapeutics (NASDAQ: PSTX) has appointed Luke Corning, Head of Credit at Pentwater Capital Management, to its Board of Directors. Corning has been a strong supporter of Poseida, investing in its Series C and D financing rounds. His expertise in corporate finance will enhance the Board's capabilities as Poseida advances its pipeline of cell and gene therapies. Additionally, Sean Murphy, a Board member since 2018, will not seek re-election at the 2021 annual meeting. The announcement reflects ongoing strategic development at Poseida in the biopharmaceutical sector.

Positive

• Luke Corning's appointment brings investment expertise and support to Poseida's mission.
• Strong backing from Pentwater could enhance future funding opportunities.
• Corning's experience in corporate finance may strengthen the Board's strategic capabilities.

Negative

• Sean Murphy's departure raises concerns about continuity on the Board.

SAN DIEGO, Dec. 17, 2020 /PRNewswire/ -- Poseida Therapeutics, Inc. (NASDAQ: PSTX), a clinical-stage biopharmaceutical company utilizing proprietary gene engineering platform technologies to create cell and gene therapeutics with the capacity to cure, today announced the appointment of Luke Corning, Portfolio Manager and Head of Credit at Pentwater Capital Management, to its Board of Directors. 

"We are pleased to welcome Mr. Corning to Poseida's Board of Directors," said Eric Ostertag, M.D., Ph.D., and Chief Executive Officer of Poseida Therapeutics. "Luke and Pentwater have been strong supporters of Poseida and our mission since first investing in our Series C preferred stock financing and subsequently investing in our Series D financing and IPO.  His investment acumen and expertise in corporate finance complement the capabilities of our Board, as we continue to focus on advancing Poseida's extensive pipeline of cell and gene therapies currently in development."

Mr. Corning currently manages the credit team at Pentwater Capital Management, where he has held several key positions since 2014. Prior to this role, he spent eight years as the senior investment professional at a private Chicago based proprietary trading and investment firm. Mr. Corning began his career as an analyst at Goldman, Sachs & Co. in 2004. He holds a B.S. in finance from Miami University of Ohio, and is an alumnus of the Program for Leadership Development at Harvard Business School.  Luke serves on a number of boards of directors, including Malin Corporation, Plc, one of Poseida's early investors.

"It is an honor to join the pioneers in gene therapy at Poseida Therapeutics as the Company continues to make significant progress across its clinical and developmental pipeline," said Mr. Corning. "I look forward to supporting Poseida as it continues to advance important new therapeutic candidates for patients in need."

The company also announced that Sean Murphy, an Executive Vice President of Malin Plc and a member of Poseida's Board of Directors since 2018 will not stand for re-election at the Company's 2021 annual meeting of stockholders.

About Poseida Therapeutics, Inc.
Poseida Therapeutics is a clinical-stage biopharmaceutical company dedicated to utilizing our proprietary gene engineering platform technologies to create next generation cell and gene therapeutics with the capacity to cure. We have discovered and are developing a broad portfolio of product candidates in a variety of indications based on our core proprietary platforms, including our non-viral piggyBac DNA Modification System, Cas-CLOVER™ site-specific gene editing system and nanoparticle- and AAV-based gene delivery technologies. Our core platform technologies have utility, either alone or in combination, across many cell and gene therapeutic modalities and enable us to engineer our wholly-owned portfolio of product candidates that are designed to overcome the primary limitations of current generation cell and gene therapeutics. To learn more, visit www.poseida.com and connect with us on Twitter and LinkedIn.

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. Such forward-looking statements include statements regarding the potential benefits of Poseida's technology platforms and product candidates and Poseida's plans and strategy with respect to developing its technologies and product candidates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Poseida's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with development and regulatory approval of novel product candidates in the biopharmaceutical industry, the fact that future clinical results could be inconsistent with results observed to date and the other risks described in Poseida's filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Poseida undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

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SOURCE Poseida Therapeutics, Inc.

FAQ

What is the significance of Luke Corning joining Poseida Therapeutics' Board of Directors?

Luke Corning's appointment to Poseida's Board is significant as it brings in valuable investment expertise, further supporting the company's growth in gene therapy.

What prior experience does Luke Corning have before joining Poseida's Board?

Before joining Poseida's Board, Luke Corning was the Head of Credit at Pentwater Capital Management and had experience as a senior investment professional at a Chicago-based trading firm.

Who is leaving Poseida Therapeutics' Board of Directors?

Sean Murphy will not stand for re-election at Poseida's 2021 annual meeting, which may impact board continuity.

How might Luke Corning's appointment impact Poseida Therapeutics' future?

Luke Corning's appointment could positively impact Poseida's future by enhancing its financial strategy and strengthening support for its therapeutic pipeline.

What investments has Pentwater Capital made in Poseida Therapeutics?

Pentwater Capital has invested in Poseida's Series C and D financing, demonstrating strong support for the company.