Tarsus Announces Transition Plans for Board of Directors

Rhea-AI Summary

Tarsus Pharmaceuticals (NASDAQ: TARS) announced significant board transitions, with co-founder Michael Ackermann planning to step down from the Board of Directors. Wendy Yarno is set to become Lead Independent Director, while CEO Bobak Azamian will take on the role of Chairman upon Ackermann's departure. Ackermann, who contributed greatly to Tarsus' success, will focus on early-stage biotech ventures. The company advances its pipeline, particularly with TP-03, aimed at treating Demodex blepharitis and Meibomian Gland Disease, with a New Drug Application submitted to the FDA.

Positive

• Wendy Yarno's appointment as Lead Independent Director could strengthen board leadership.
• Continued advancement of TP-03 may drive future revenue growth if commercialized.

Negative

• Michael Ackermann's departure raises concerns about continuity in leadership and vision.

Co-founder and Chairman Michael Ackermann plans to transition off Board of Directors

Wendy Yarno will become Lead Independent Director and CEO Bobak Azamian will become Chairman upon Dr. Ackermann’s expected transition

IRVINE, Calif., Oct. 11, 2022 (GLOBE NEWSWIRE) -- Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS), whose mission is to address patient needs, starting with eye care, through the application of proven science and new technology, today announced several expected upcoming transitions to its Board of Directors by year-end. Tarsus Co-Founder and Chairman, Michael Ackermann, Ph.D., plans to transition off the Board of Directors. Upon Dr. Ackermann’s planned transition, Wendy Yarno, industry veteran and current member of the Board, will be appointed Lead Independent Director, and CEO Bobak Azamian, M.D., Ph.D., will assume the role of Chairman.

Dr. Ackermann has made immeasurable contributions to the company’s development, growth and current success since its founding. He plans to pursue his passion of early-stage biotech formation and leadership in new opportunities, in addition to his new role as Director of Biotechnology at the Stanford Byers Center for Biodesign.

“I am sincerely honored and humbled to be a part of the remarkable Tarsus story, and it’s with mixed emotions that I plan to transition away from the Company to pursue my passions for early company creation in the biotech community,” said Dr. Ackermann. “I am forever grateful to Bobby and the rest of the Tarsus leadership team for making the original vision for the Company a reality. I look forward to watching Tarsus advance TP-03 into commercialization, if approved, to help as many patients as possible and am confident that this is just the beginning of a remarkable future for the Company.”

“It has been the opportunity of a lifetime to partner with Michael, both personally and professionally, including his vision and leadership in building Tarsus to solve complex problems and improve the lives of patients. I can’t wait to see what he creates and the impact he has in his next roles,” said Bobak Azamian, M.D., Ph.D., President and CEO of Tarsus. “I am delighted and grateful for Wendy to plan to step into the Lead Independent Director role, and I look forward to continuing to benefit from her deep knowledge and experience working with companies at our stage.”

“I’m pleased to move into this important role on the Tarsus board and am excited to partner more closely with the other board members and the Tarsus management team as the company moves into a new chapter of development and growth,” said Ms. Yarno. “I am hopeful I can continue to provide meaningful support and leadership to the company as it progresses toward commercialization and advances its pipeline.”

About Tarsus Pharmaceuticals, Inc.
Tarsus Pharmaceuticals, Inc. applies proven science and new technology to revolutionize treatment for patients, starting with eye care. Tarsus is advancing its pipeline to address several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention. Tarsus is studying two investigational medicines in clinical trials. Its lead product candidate, TP-03, is a novel therapeutic which has demonstrated positive results in two pivotal trials for the treatment of Demodex blepharitis, and of which a New Drug Application has been submitted to the U.S. Food & Drug Administration (FDA). TP-03 is also being developed for the treatment of Meibomian Gland Disease, and currently being studied in a Phase 2a clinical trial. In addition, Tarsus is developing TP-05, an oral, non-vaccine therapeutic for the prevention of Lyme disease, which is currently being studied in a Phase 1b clinical trial.

Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include statements regarding the expected Board transition, Tarsus’ plans for and the anticipated benefits of its product candidates including TP-03 and TP-05, the benefits and value added by the planned director transition, the timing, objectives and results of the clinical trials, anticipated regulatory and development milestones, and the quotations of Tarsus’ management and board members. The words, without limitation, “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Further, there are other risks and uncertainties that could cause actual results to differ from those set forth in the forward-looking statement and they are detailed from time to time in the reports Tarsus files with the Securities and Exchange Commission, including Tarsus’ Form 10-K for the year ended December 31, 2021 filed on March 14, 2022 and the most recent Form 10-Q quarterly filing filed with the SEC on August 11, 2022, each of which Tarsus incorporates by reference into this press release, copies of which are posted on its website and are available from Tarsus without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements contained in this press release are based on the current expectations of Tarsus’ management team and speak only as of the date hereof, and Tarsus specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts:
Media Contact:
Adrienne Kemp
Sr. Director, Corporate Communications
(949) 922-0801
akemp@tarsusrx.com

Investor Contact:
David Nakasone
Head of Investor Relations
(949) 620-3223
DNakasone@tarsusrx.com

FAQ

What changes are happening to Tarsus Pharmaceuticals' Board of Directors?

Michael Ackermann plans to step down as co-founder and Chairman of Tarsus Pharmaceuticals. Wendy Yarno will become Lead Independent Director, and Bobak Azamian will assume the Chairman role.

How might the transition in Tarsus' board affect the company?

The transition could impact leadership continuity, though it may also bring fresh perspectives and strengthen governance under new leadership.

What is the significance of TP-03 in Tarsus Pharmaceuticals' pipeline?

TP-03 is the lead product candidate designed to treat Demodex blepharitis, with positive trial results and a New Drug Application submitted to the FDA, which could enhance the company's market position.