Sierra Oncology Strengthens Management Team to Implement North American Pre-Commercialization Strategy for Momelotinib

Rhea-AI Summary

Sierra Oncology (SRRA) appointed Kevin Norrett as Chief Business Officer and William D. Turner as Chief Regulatory and Technical Operations Officer. These strategic appointments aim to strengthen the management team as the company focuses on the MOMENTUM Phase 3 trial of momelotinib, a drug targeting myelofibrosis. The SEC filings and a 2018 Equity Inducement Plan are in place, with stock options granted to both executives. Momelotinib has received Fast Track designation, potentially accelerating its path to commercialization.

Positive

• Appointment of experienced executives to strengthen management team: Kevin Norrett (CBO) and William D. Turner (CRO).
• Focus on enrolling the MOMENTUM Phase 3 trial for momelotinib, enhancing potential for successful registration.
• Momelotinib has received Fast Track designation from the FDA, indicating a smoother regulatory pathway.

Negative

• None.

- Kevin Norrett appointed Chief Business Officer –
- William D. Turner appointed Chief Regulatory and Technical Operations Officer –

VANCOUVER, BC, Aug. 6, 2020 /PRNewswire/ - Sierra Oncology, Inc. (SRRA), a late-stage drug development company focused on the registration and commercialization of momelotinib, a JAK1, JAK2 & ACVR1 inhibitor with a potentially differentiated therapeutic profile for the treatment of myelofibrosis, today announced the appointments of Mr. Kevin Norrett as Chief Business Officer and Mr. William D. Turner as Chief Regulatory and Technical Operations Officer.

"In addition to our focus on enrolling the MOMENTUM Phase 3 trial and delivering a high-quality outcome that may enable momelotinib's global registration, we are concurrently preparing for momelotinib's anticipated commercialization and taking significant steps towards the build-out of our North American pre-commercial infrastructure. To support these key elements in our strategy, I am excited to announce the strengthening of our senior management team with the addition of Kevin Norrett and Bill Turner," said Dr. Stephen Dilly, President and CEO of Sierra Oncology. "Kevin assumes strategic responsibility for our commercial, business development and corporate development related activities and will drive our strategy for transitioning into a commercial company, a task he is very familiar with. Bill will be accountable for our global regulatory affairs initiatives, quality, and technical operations, as we prepare for the regulatory submission process and potential commercial scale manufacturing of momelotinib."

About Kevin Norrett, Chief Business Officer
Mr. Kevin Norrett brings more than 20 years of experience to Sierra and over the course of his career has become an expert at helping clinical stage companies transition to full commercialization. Most recently, Kevin was Chief Commercial Officer at Angion Biomedica, a clinical stage company with a focus in acute organ injury and fibrosis. Prior to Angion, he served as Vice President of Marketing, Market Access & Commercial Operations at Aimmune Therapeutics, where he helped build the commercial department and launch strategy for the first product approved to treat peanut allergy. Prior to joining Aimmune, Kevin was Vice President, Market Access and Commercial Development at ZS Pharma (acquired by AstraZeneca), where he was instrumental in launching Lokelma®, the company's first therapeutic to treat hyperkalemia. Before ZS Pharma, he held commercial leadership roles at Exelixis and Genentech, where he launched multiple new products and line extensions in oncology and hematology. Kevin's career also includes several years of corporate finance and manufacturing experience with SG Cowen's Health Care Investment Banking Group and with SyStemix, a stem-cell therapy company acquired by Novartis. Mr. Norrett earned an M.B.A. from the Haas School of Business at the University of California, Berkeley, an M.S. in Biochemistry and Molecular Biology from University of California, Los Angeles and a B.S. in Biological Sciences from the University of California, Davis. 

About William D. Turner, Chief Regulatory and Technical Operations Officer
Mr. William Turner has more than 25 years of drug development and drug commercialization experience, leading organizations through all phases of product development including commercial drug process, method and facility validations, all phases of clinical programs, numerous drug application filings and several global approvals. William was Senior Vice President of Technical Operations and Regulatory Science at Aimmune Therapeutics for several years. Prior to that, he served as Vice President of Regulatory Affairs and Global Quality at Dynavax Technologies Corporation as well as several years in a leadership position at MedImmune (now AstraZeneca). He has significant experience in both small molecule and biologic development and has led teams in many therapeutic areas including vaccinology, oncology, hematology, allergy and respiratory. Mr. Turner holds a degree in Medical Microbiology with a minor in Chemistry from California State University at Long Beach.

Equity Inducement Plan
The Compensation Committee of Sierra Oncology's Board of Directors granted stock options to William D. Turner in connection with his appointment as Chief Regulatory and Technical Operations Officer, effective as of August 4, 2020, and Kevin Norrett in connection with his appointment as Chief Business Officer, effective as of August 10, 2020, to each purchase 100,000 shares of its common stock, respectively, under Sierra Oncology's 2018 Equity Inducement Plan.

The 2018 Equity Inducement Plan is used exclusively for the grant of equity award to individuals as an inducement material to such individual's entering into employment with Sierra, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.

The options will have an exercise price equal to the closing price of Sierra's common stock on the date of each grant. Each option will vest and become exercisable as to 25% of the shares on the first anniversary of the recipient's start date, and then will vest and become exercisable as to the remaining 75% of the shares in 36 equal monthly installments following the first anniversary, in each case, subject to each such employee's continued employment with Sierra on such vesting dates. The options are subject to the terms and conditions of Sierra's 2018 Equity Inducement Plan, and the terms and conditions of the stock option agreement covering the grant.

About Sierra Oncology
Sierra Oncology is a late stage drug development company focused on achieving the successful registration and commercialization of momelotinib, a potent, selective and orally-bioavailable JAK1, JAK2 & ACVR1 inhibitor with a differentiated mechanism of action that enables it to potentially address all three key drivers of myelofibrosis: anemia, constitutional symptoms and enlarged spleen. Momelotinib's therapeutic profile targets the underserved myelofibrosis patient population, in particular those with anemia and thrombocytopenia. More than 1,200 subjects have received momelotinib since clinical studies began in 2009, including more than 820 patients treated for myelofibrosis.

Sierra has launched MOMENTUM, a randomized double-blind Phase 3 clinical trial designed to enroll 180 myelofibrosis patients who are symptomatic and anemic, and who have been treated previously with a JAK inhibitor. The U.S. Food and Drug Administration has granted Fast Track designation to momelotinib. Momelotinib is protected by patents anticipated to provide potential exclusivity to 2040 in the United States and Europe (inclusive of potential Patent Term Extension or Supplementary Protection Certificate).

For more information, please visit www.sierraoncology.com.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Sierra Oncology's expectations from current data, anticipated clinical development activities, expected timing and success of enrollment of MOMENTUM and  potential benefits of momelotinib. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk that Sierra Oncology's cash resources may be insufficient to fund its current operating plans and it may be unable to raise additional capital when needed, the risk that disruptions and impacts of COVID-19 will be significant and lengthy, Sierra Oncology may be unable to successfully develop and commercialize momelotinib, momelotinib may not demonstrate safety and efficacy or otherwise produce positive results, Sierra Oncology may experience delays in the clinical development of momelotinib, Sierra Oncology may be unable to acquire additional assets to build a pipeline of additional product candidates, Sierra Oncology's third-party manufacturers may cause its supply of materials to become limited or interrupted or fail to be of satisfactory quantity or quality, Sierra Oncology may be unable to obtain and enforce intellectual property protection for its technologies and momelotinib and the other factors described under the heading "Risk Factors" set forth in Sierra Oncology's filings with the Securities and Exchange Commission from time to time. Sierra Oncology undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law. 

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SOURCE Sierra Oncology

FAQ

What is the significance of the new appointments at Sierra Oncology (SRRA)?

The appointments of Kevin Norrett as Chief Business Officer and William D. Turner as Chief Regulatory and Technical Operations Officer aim to strengthen the management team to support the commercialization efforts of momelotinib.

What is the MOMENTUM trial related to Sierra Oncology (SRRA)?

The MOMENTUM trial is a Phase 3 clinical trial focusing on momelotinib, aiming to enroll 180 symptomatic and anemic myelofibrosis patients previously treated with a JAK inhibitor.

Has momelotinib received any special designations from regulatory bodies?

Yes, momelotinib has received Fast Track designation from the FDA, which may expedite its regulatory review process.

What stock options were granted to new executives at Sierra Oncology (SRRA)?

Both Kevin Norrett and William D. Turner were granted stock options to purchase 100,000 shares of common stock each under the 2018 Equity Inducement Plan.