Rafael Holdings Strengthens its Focus on the Development of Trappsol® Cyclo™ and Announces Chief Executive Officer Bill Conkling Will Be Stepping Down from His Role
Rafael Holdings (NYSE: RFL) announced CEO Bill Conkling will step down and transition to an advisory role, with Executive Chairman Howard Jonas assuming the CEO position. The change follows Rafael's merger with Cyclo Therapeutics, transforming Rafael into a late-stage clinical biotechnology company.
The company's focus is now on Trappsol® Cyclo™, a potential treatment for Niemann-Pick Disease Type C1 (NPC1), a rare and fatal genetic disorder. The TransportNPC™ Phase 3 clinical trial is fully enrolled, with 48-week interim analysis results expected in mid-2025.
Rafael Holdings (NYSE: RFL) ha annunciato che l'amministratore delegato Bill Conkling si dimetterà per assumere un ruolo di consulenza, mentre il presidente esecutivo Howard Jonas prenderà il suo posto come CEO. Questo cambiamento segue la fusione di Rafael con Cyclo Therapeutics, trasformando Rafael in un'azienda biotecnologica con studi clinici in fase avanzata.
L'attenzione dell'azienda è ora focalizzata su Trappsol® Cyclo™, un trattamento potenziale per la malattia di Niemann-Pick di tipo C1 (NPC1), una rara e letale patologia genetica. Lo studio clinico di fase 3 TransportNPC™ ha completato l'arruolamento, con i risultati dell'analisi intermedia a 48 settimane attesi per metà 2025.
Rafael Holdings (NYSE: RFL) anunció que el CEO Bill Conkling renunciará y asumirá un rol de asesoría, mientras que el presidente ejecutivo Howard Jonas tomará el puesto de CEO. Este cambio sigue a la fusión de Rafael con Cyclo Therapeutics, transformando a Rafael en una empresa biotecnológica en etapa clínica avanzada.
Ahora, la compañía se centra en Trappsol® Cyclo™, un posible tratamiento para la enfermedad de Niemann-Pick tipo C1 (NPC1), un trastorno genético raro y fatal. El ensayo clínico de fase 3 TransportNPC™ está completamente inscrito, y se esperan los resultados del análisis intermedio a las 48 semanas para mediados de 2025.
Rafael Holdings (NYSE: RFL)는 CEO 빌 콘클링이 사임하고 자문 역할로 전환하며, 최고경영자(CEO) 자리는 집행 의장 하워드 조나스가 맡는다고 발표했습니다. 이번 변화는 Cyclo Therapeutics와의 합병 이후 이루어졌으며, Rafael은 후기 임상 단계의 생명공학 회사로 탈바꿈하게 되었습니다.
회사의 주력 제품은 희귀하고 치명적인 유전 질환인 Niemann-Pick 질환 유형 C1 (NPC1)을 위한 잠재적 치료제인 Trappsol® Cyclo™입니다. TransportNPC™ 3상 임상시험은 완전 등록을 마쳤으며, 48주 중간 분석 결과는 2025년 중반에 발표될 예정입니다.
Rafael Holdings (NYSE : RFL) a annoncé que le PDG Bill Conkling démissionnera pour prendre un rôle consultatif, tandis que le président exécutif Howard Jonas assumera la fonction de PDG. Ce changement fait suite à la fusion de Rafael avec Cyclo Therapeutics, transformant Rafael en une entreprise biotechnologique en phase clinique avancée.
L'entreprise se concentre désormais sur Trappsol® Cyclo™, un traitement potentiel pour la maladie de Niemann-Pick de type C1 (NPC1), une maladie génétique rare et mortelle. L'essai clinique de phase 3 TransportNPC™ est entièrement recruté, avec des résultats d'analyse intermédiaire à 48 semaines attendus pour la mi-2025.
Rafael Holdings (NYSE: RFL) gab bekannt, dass CEO Bill Conkling zurücktritt und eine beratende Funktion übernimmt, während der Executive Chairman Howard Jonas die Position des CEO übernimmt. Diese Änderung folgt auf die Fusion von Rafael mit Cyclo Therapeutics und verwandelt Rafael in ein biotechnologisches Unternehmen in der späten klinischen Phase.
Der Fokus des Unternehmens liegt nun auf Trappsol® Cyclo™, einer potenziellen Behandlung der Niemann-Pick-Krankheit Typ C1 (NPC1), einer seltenen und tödlichen genetischen Erkrankung. Die Phase-3-Studie TransportNPC™ ist vollständig eingeschrieben, und die Zwischenauswertung nach 48 Wochen wird Mitte 2025 erwartet.
- Successful transformation into a late-stage clinical biotechnology company through Cyclo Therapeutics merger
- Phase 3 clinical trial fully enrolled for potential NPC1 treatment
- Trappsol® Cyclo™ positioned as potential market leader for NPC1 treatment
- CEO transition period could create temporary leadership uncertainty
- Results from Phase 3 trial not expected until mid-2025
Insights
Rafael restructures leadership as Phase 3 trial for rare disease treatment approaches critical interim analysis in mid-2025.
Rafael Holdings' strategic pivot following the completed merger with Cyclo Therapeutics marks its transformation into a late-stage clinical biotechnology company. This restructuring aligns with the company's intensified focus on Trappsol® Cyclo™, their lead candidate for Niemann-Pick Disease Type C1 (NPC1).
The TransportNPC™ Phase 3 clinical trial has achieved full enrollment, positioning the company for a significant milestone with 48-week interim analysis results expected mid-2025. NPC1 represents a high-value target as a rare, fatal, and progressive genetic disorder with substantial unmet medical need.
The CEO transition appears strategically timed after the completion of the merger's integration phase and before the critical clinical readout. This sequencing suggests an intentional leadership realignment focused on clinical execution rather than corporate development.
While management expresses confidence in Trappsol® Cyclo™ becoming a "market leader" in NPC1 treatment, the true value inflection point remains the upcoming interim analysis. The trial results will be the definitive near-term catalyst determining Rafael Holdings' trajectory, with the CEO transition serving as a preparatory corporate reorganization ahead of this pivotal data readout.
CEO transition reflects strategic shift from acquisition phase to clinical execution as Rafael approaches critical trial results.
The departure of CEO Bill Conkling following the successful completion of the Cyclo Therapeutics merger represents a planned leadership evolution rather than an unexpected disruption. Conkling's stated objective was to transform Rafael into a late-stage clinical development company—a mission now accomplished through the merger.
Howard Jonas's assumption of the CEO role while maintaining his Executive Chairman and Board Chairman positions creates a streamlined leadership structure during this pivotal period. This governance approach suggests heightened board-level engagement as the company approaches its critical clinical milestone in mid-2025.
The company has implemented a phased leadership transition with Conkling remaining in an advisory capacity to ensure continuity. This structured handover mitigates potential disruption risks while allowing Conkling to pursue new opportunities after achieving his primary strategic objective for Rafael.
The expressed confidence in Cyclo Therapeutics' CEO Scott Fine and his team indicates that Rafael's leadership believes the operational integration is proceeding effectively. This executive realignment appears synchronized with Rafael's evolution from acquisition-focused activities to clinical development execution as it prepares for the upcoming Phase 3 interim analysis results.
Cyclo Therapeutics’ TransportNPC™ Phase 3 clinical trial for Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease, is fully enrolled and results from the 48-week interim analysis are expected in the middle of 2025
NEWARK, N.J., April 24, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT) today announced that, following the merger with Cyclo Therapeutics, Bill Conkling will be stepping down as CEO and assuming an advisory role with the Company. Rafael’s Executive Chairman and Chairman of the Board, Howard Jonas will assume the role of CEO.
During his tenure as CEO, Bill played a pivotal role in identifying investment opportunities with the potential to re-establish Rafael as a late-stage clinical development company. With the completion of our merger with Cyclo Therapeutics, Rafael Holdings has accomplished that goal and is working to bring a much-needed new treatment to market with the potential to improve the lives of patients suffering with Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal, and progressive genetic disorder.
“On behalf of the Board and the entire Rafael Holdings team, I extend our deepest gratitude to Bill for his dedication to our company and success in transforming Rafael into a late-stage clinical biotechnology company. We are pleased that we will be able to continue to benefit from Bill’s guidance and experience as he seeks out new challenges and opportunities. Bill is committed to a seamless transition which strengthens our focus to ensure that we are well prepared for the mid-year 48-week interim analysis of the TransportNPC™ Phase 3 clinical trial,” said Howard Jonas, Executive Chairman and Chairman of the Board.
Bill Conkling commented, “It has been an honor to lead Rafael Holdings and work with the Cyclo Therapeutics board and leadership team to bring the two companies together. I am excited to see the results from the 48-week interim analysis of the TransportNPC™ Phase 3 clinical trial, and believe that Trappsol® Cyclo™ has the potential to be a market leader in the treatment of NPC1. Howard and I have full confidence in Scott Fine, CEO of Cyclo Therapeutics, and his team to successfully execute and create value for Rafael Holdings shareholders.”
About Rafael Holdings, Inc.
Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and certain other companies, including our wholly-owned subsidiary, Cyclo Therapeutics, LLC, a clinical stage biotechnology company dedicated to developing Rafael’s lead clinical candidate, Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal, and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings.
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 press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Contact:
Barbara Ryan
Barbara.ryan@rafaelholdings.com
(203) 274-2825
FAQ
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