Schrödinger Appoints Geoffrey Porges as Chief Financial Officer

Rhea-AI Summary

Schrödinger, Inc. (Nasdaq: SDGR) has appointed Geoffrey Porges as chief financial officer, bringing over 30 years of experience in the biopharmaceutical industry. He will oversee financial operations, investor relations, and corporate affairs as well as strategic planning for the company's pharmaceutical collaborations. Porges, previously at SVB Securities, expressed excitement about contributing to Schrödinger's growth, highlighting a strong balance sheet and revenue outlook. The company's physics-based software platform is revolutionizing drug discovery, enabling faster and cost-efficient therapeutic development.

Positive

• Geoffrey Porges appointed as CFO, bringing over 30 years of industry experience.
• Strong balance sheet and positive revenue outlook noted by Porges.
• Potential for expansion in collaborative drug discovery programs.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced the appointment of Geoffrey Porges, MBBS., as chief financial officer. Dr. Porges brings to Schrödinger more than 30 years of experience in executive, advisory and investment roles within the biopharmaceutical industry. As Schrödinger’s CFO, he will lead all aspects of the company’s financial operations and investor relations and corporate affairs activities. He will also oversee business development and strategic planning for the company’s proprietary pharmaceuticals and biopharmaceutical collaborations.

Schrödinger, whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced the appointment of Geoffrey Porges, MBBS., as chief financial officer. (Photo: Business Wire)

“Geoff is a proven leader in the biopharmaceutical and investment industries and has been one of the most respected analysts covering biopharma,” said Ramy Farid, Ph.D., chief executive officer at Schrödinger. “His deep expertise in capital allocation and corporate strategy will play a key role in driving the anticipated growth of the company.”

“After over 30 years of investment Schrödinger’s physics-based drug discovery platform has been widely validated and is the leading technology for predictive modeling and drug design in biopharma,” said Dr. Porges. “The company’s balance sheet and revenue outlook are very strong and there are many opportunities to expand the company’s current portfolio of collaborative and internal programs, and software partnerships. I’m excited to contribute to the next chapter of Schrödinger’s remarkable history.”

Dr. Porges joins Schrödinger from SVB Securities, where he was most recently vice chairman. From 2015 until 2022, Dr. Porges was senior managing director, director of therapeutics research and senior research analyst at SVB Securities and at Leerink prior to its acquisition by SVB Securities. In that capacity, he led the Leerink/SVB therapeutics research team and personally provided research coverage for established and emerging diversified biopharmaceutical companies. Prior to joining SVB Securities, he was the biotechnology research analyst at Alliance Bernstein for 13 years. Earlier in his career, he held executive positions at BTG plc and Merck, including leading the commercialization of Merck’s human vaccines. Dr. Porges earned his medical degree from the University of Sydney and trained in pediatric and internal medicine in Australia. He is also a graduate of Harvard Business School where he was a Baker Scholar.

About Schrödinger
Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger’s multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

Founded in 1990, Schrödinger has over 700 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com follow us on LinkedIn and Twitter, or visit our blog, Extrapolations.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 including, but not limited to those regarding our expectations about the speed and capacity of our computational platform, our anticipated growth, the opportunities to expand our current portfolio of collaborative and internal drug discovery programs, and our revenue outlook. Statements including words such as “aim,” "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," “goal,” "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would" and statements in the future tense are forward-looking statements. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control, including the demand for our software solutions, our ability to further develop our computational platform, our reliance upon third-party providers of cloud-based infrastructure to host our software solutions, our reliance upon our third-party drug discovery collaborators, the ability to retain and hire key personnel and the direct and indirect impacts of the ongoing COVID-19 pandemic on our business and other risks detailed under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission filings and reports, including the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2022, as well as future filings and reports by us. Any forward-looking statements contained in this press release speak only as of the date hereof. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, changes in expectations or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220818005061/en/

Investors:

Jaren Irene Madden

Schrödinger, Inc.

jaren.madden@schrodinger.com

617-286-6264



Media:

Tracy Lessor

Schrödinger, Inc.

tracy.lessor@schrodinger.com

617-519-9827

Source: Schrödinger, Inc.

FAQ

What is the significance of Geoffrey Porges joining Schrödinger as CFO?

Geoffrey Porges' appointment as CFO is significant due to his extensive experience in the biopharmaceutical industry, which is expected to enhance Schrödinger's financial operations and strategic planning.

What are the key responsibilities of the new CFO at Schrödinger?

The new CFO, Geoffrey Porges, will lead financial operations, investor relations, corporate affairs, and oversee business development and strategic planning for the company's pharmaceutical collaborations.

What impact might Porges' appointment have on Schrödinger's stock value?

Porges' appointment could positively impact Schrödinger's stock value by enhancing investor confidence through strong leadership in financial strategy and potential growth in collaborative programs.

What past experience does Geoffrey Porges bring to his role as CFO at Schrödinger?

Geoffrey Porges has over 30 years of experience in executive, advisory, and investment roles in the biopharmaceutical sector, including positions at SVB Securities and Alliance Bernstein.

How does Schrödinger's software platform influence its market position?

Schrödinger's physics-based software platform is pivotal in transforming drug discovery, enabling faster and more cost-effective development of therapeutics, thereby strengthening its market position.