Health and Human Services Expert Mary L. Smith Joins PTC Therapeutics' Board of Directors

Rhea-AI Summary

PTC Therapeutics, Inc. (NASDAQ: PTCT) announced the election of Mary L. Smith to its Board of Directors on June 9, 2021. Smith brings extensive experience from her role as Principal Deputy Director at the Indian Health Service, where she oversaw a $6 billion healthcare division. Currently, she serves as Vice Chair at VENG Group, advising on business strategy and healthcare governance. Smith aims to leverage her background to support PTC's mission in advancing its pipeline of medicines for rare diseases. CEO Stuart W. Peltz emphasized her valuable insights for the company's growth.

Positive

• Mary L. Smith's election adds extensive healthcare governance experience, potentially enhancing PTC's strategic direction.
• Her background in regulated environments may strengthen PTC's ability to navigate complex healthcare policies.

Negative

• Concerns about continuity and experience gaps might arise with new board members adjusting to PTC's established culture.

SOUTH PLAINFIELD, N.J., June 9, 2021 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced the election of Mary L. Smith to the Company's Board of Directors. Ms. Smith has previously served as the Principal Deputy Director and CEO equivalent at the Indian Health Service, a $6 billion division of the U.S. Department of Health and Human Services (HHS) and system of hospitals providing healthcare to more than two million Native Americans in the United States. Ms. Smith currently serves as Vice Chair at the VENG Group, a non-partisan government relations and public affairs firm where she consults clients on business development, strategy, healthcare and corporate governance.

"We are delighted to welcome Mary to PTC's Board of Directors," said Stuart W. Peltz, Ph.D., Chief Executive Officer of PTC Therapeutics. "Her breadth of knowledge and experience in executive leadership, corporate governance along with her extensive knowledge of the healthcare industry will provide invaluable insights and support as the Company continues to grow."

Prior to Ms. Smith's time at the Indian Health Services, she was the Special Counsel & Estate Trust Officer at the Office of Special Deputy Receiver in Chicago, managing and advising on mergers and acquisitions for insurance companies. She has also served as General Counsel at the Illinois Department of Insurance and Counselor in the Civil Division of the U.S. Department of Justice. Ms. Smith holds a law degree from the University of Chicago Law School and earlier in her career, served as the Associate Counsel to the U.S. President in the White House Counsel's Office. Additionally, Ms. Smith founded the Caroline and Ora Smith Foundation, which sponsors, supports and trains Native American girls in science, technology, engineering and math.

"I am honored to join the PTC Board. PTC's patient-centered approach to providing relief to people who may have no other options aligns with my dedication to providing health care to underserved populations," said Mary L. Smith. "I look forward to leveraging my background in highly-regulated environments, corporate governance and public policy to advance PTC's mission and strategic growth as it continues to expand and progress its impressive pipeline of commercial compounds and compounds in late-stage clinical development across multiple rare diseases." 

About PTC Therapeutics
PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders. To learn more about PTC, please visit us at www.ptcbio.com and follow us on Facebook, on Twitter at @PTCBio, and on LinkedIn.

For More Information:

Investors
Kylie O'Keefe
+1 (908) 300-0691
kokeefe@ptcbio.com

Media
Jane Baj
+1 (908) 912-9167
jbaj@ptcbio.com

Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this release, other than statements of historic fact, are forward-looking statements, including statements regarding: the future expectations, plans and prospects for PTC; PTC's strategy, future operations, future financial position, future revenues and projected costs; and the objectives of management. Other forward-looking statements may be identified by the words "guidance," "plan," "anticipate," "believe," "estimate," "expect," "intend," "may," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions.

PTC's actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements it makes as a result of a variety of risks and uncertainties, including those related to: the outcome of pricing, coverage and reimbursement negotiations with third party payors for PTC's products or product candidates that PTC commercializes or may commercialize in the future; significant business effects, including the effects of industry, market, economic, political or regulatory conditions; changes in tax and other laws, regulations, rates and policies; the eligible patient base and commercial potential of PTC's products and product candidates; PTC's scientific approach and general development progress; and the factors discussed in the "Risk Factors" section of PTC's most recent Annual Report on Form 10-K, as well as any updates to these risk factors filed from time to time in PTC's other filings with the SEC. You are urged to carefully consider all such factors.

As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that any product will receive or maintain regulatory approval in any territory or prove to be commercially successful.

The forward-looking statements contained herein represent PTC's views only as of the date of this press release and PTC does not undertake or plan to update or revise any such forward-looking statements to reflect actual results or changes in plans, prospects, assumptions, estimates or projections, or other circumstances occurring after the date of this press release except as required by law.

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SOURCE PTC Therapeutics, Inc.

FAQ

Who is Mary L. Smith and what is her role at PTC Therapeutics?

Mary L. Smith has been elected to the Board of Directors of PTC Therapeutics, bringing extensive experience in healthcare governance.

What experience does Mary L. Smith bring to PTC Therapeutics?

She has served as Principal Deputy Director at the Indian Health Service, managing a $6 billion healthcare division.

How might Mary L. Smith's appointment impact PTC's future?

Her insights in healthcare governance could assist PTC in advancing its pipeline and strategic growth.

When was Mary L. Smith elected to the Board of Directors of PTC Therapeutics?

Mary L. Smith was elected on June 9, 2021.