Tarsus Appoints Jeff Farrow as Chief Financial Officer and Chief Strategy Officer

Rhea-AI Summary

Tarsus Pharmaceuticals (NASDAQ: TARS) has appointed Jeff Farrow as Chief Financial Officer and Chief Strategy Officer, effective immediately. Farrow succeeds Leo Greenstein, who left to pursue other interests. Jeff brings over 20 years of experience in finance and corporate strategy within the life sciences sector, notably serving as CFO at Global Blood Therapeutics and holding similar roles at ZS Pharma and Hyperion Therapeutics. CEO Bobak Azamian expressed confidence in Farrow's leadership to drive Tarsus' transition into a commercial organization, particularly in developing therapies for eye care. Tarsus is advancing its lead candidate, TP-03, for treating Demodex blepharitis, which could potentially benefit millions of patients. The New Drug Application for TP-03 has been submitted to the FDA, with a target decision date of August 25, 2023. Tarsus is focused on addressing unmet needs in eye care and other therapeutic areas.

Positive

• Appointment of Jeff Farrow as CFO and Chief Strategy Officer adds leadership depth.
• Farrow has a proven track record in finance and corporate strategy in life sciences.
• TP-03 shows promising clinical results, with plans for FDA approval.
• Potential to address a significant market need with TP-03.

Negative

• Transition of leadership may cause temporary disruptions.
• Departure of Leo Greenstein may create gaps in experience.

IRVINE, Calif., April 24, 2023 (GLOBE NEWSWIRE) -- Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS), whose mission is to focus on unmet needs and apply proven science and new technology to revolutionize treatment for patients, starting with eye care, today announced the appointment of Jeff Farrow as Chief Financial Officer and Chief Strategy Officer, effective immediately. Mr. Farrow succeeds Leo Greenstein who served as CFO since 2020 and will be leaving Tarsus to pursue other professional interests.

Mr. Farrow is a seasoned finance and corporate strategy executive with more than two decades of experience successfully leading teams in the life science industry, including several publicly traded commercial biotech companies. Most recently, Jeff served as Chief Financial Officer at Global Blood Therapeutics, Inc., where he was an integral part of the leadership team that secured regulatory approval and successfully commercialized Oxbryta for the treatment of sickle cell disease. Prior to that, he held other CFO roles at ZS Pharma and Hyperion Therapeutics, Inc., where he provided strategic and financial leadership for product development and the commercialization of category-creating therapies for disease areas with large unmet needs.

“I’m delighted to welcome Jeff to Tarsus and look forward to his leadership as we enter the next stage of growth and transition into a commercial organization,” said Bobak Azamian, M.D., Ph.D., Chief Executive Officer and Chairman of Tarsus. “Jeff’s robust experience in finance, corporate strategy and business development – as well as his proven track record in supporting companies as they evolve into successful commercial enterprises – will help position us to transform into a leading eye care company.”

“I’m excited to join Tarsus at this very important and exciting time in the company’s evolution, where we have the opportunity to create and build an entirely new category in eye care and potentially help millions of patients suffering from Demodex blepharitis,” said Mr. Farrow. “I am enthusiastic about joining this extremely talented and motivated team to help take Tarsus to the next level and deliver value to patients and shareholders.”

“We are extremely grateful for Leo’s commitment and contributions to Tarsus. With his leadership, Tarsus secured multiple rounds of funding, completed a successful IPO, and executed a significant partnership in China for our lead candidate, TP-03,” added Dr. Azamian. “Leo played an important role in helping Tarsus establish a strong finance team and public company foundation that will serve the organization well as we prepare to commercialize our first therapy. On behalf of the entire company, we extend Leo our well wishes and tremendous success in his future professional endeavors.”

About TP-03
TP-03 (lotilaner ophthalmic solution, 0.25%) is a novel, investigational therapeutic designed to resolve the signs of Demodex blepharitis by targeting and eradicating the root cause of the disease – Demodex mite infestation. Lotilaner is a well-characterized anti-parasitic agent that paralyzes and eradicates Demodex mites by selectively inhibiting the GABA-Cl channels. It is a highly lipophilic molecule, which may promote its uptake in the oily sebum of the eye lash follicles where the mites reside. TP-03 was evaluated in two pivotal trials collectively involving more than 800 patients. Both trials met the primary endpoint and all secondary endpoints, with statistical significance and no serious treatment-related adverse events. Both trials also demonstrated that TP-03 was generally safe and well-tolerated. If approved, TP-03 may offer treatment for millions of patients with Demodex blepharitis. TP-03 is now also being studied for the treatment of MGD in patients with Demodex mites.

About Demodex Blepharitis
Blepharitis is a common lid margin disease that is characterized by eyelid margin inflammation, redness and ocular irritation. Demodex blepharitis is caused by an infestation of Demodex mites, the most common ectoparasite found on humans and accounts for over two-thirds of all blepharitis cases. Demodex blepharitis may affect as many as 25 million Americans based on an extrapolation from the Titan study indicating 58% of patients presenting to U.S. eye care clinics have collarettes, a pathognomonic sign of Demodex infestation, and that at least 45 million people annually visit an eye care clinic. Demodex blepharitis can have a significant clinical burden and negative impact on patients’ daily lives. The Titan study also showed that current management tools, such as tea tree oil and lid wipes, are ineffective at treating Demodex blepharitis. Currently, there are no FDA-approved treatments for Demodex blepharitis.

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 three 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 the New Drug Application for TP-03 has been accepted by the U.S. Food & Drug Administration (FDA) with a PDUFA target action date of August 25, 2023. TP-03 is also being developed for the treatment of Meibomian Gland Disease. In addition, Tarsus is developing TP-04 for the potential treatment of papulopustular rosacea and TP-05, an oral, non-vaccine therapeutic for the prevention of Lyme disease. TP-04 and TP-05 are both currently being studied in Phase 2a clinical trials to evaluate safety, tolerability, and proof-of activity.

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 potential market size for TP-03, future events and Tarsus’ plans for and the anticipated benefits of its product candidates including TP-03, the timing, anticipated regulatory and development milestones, including the potential commercialization of the Company’s products, and the quotations of Tarsus’ management. 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, 2022 filed on March 17, 2023 with the SEC, 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

Who is the new CFO of Tarsus Pharmaceuticals?

Jeff Farrow has been appointed as the new CFO and Chief Strategy Officer of Tarsus Pharmaceuticals.

What is Jeff Farrow's background before joining Tarsus?

Jeff Farrow has over 20 years of experience in finance and corporate strategy, having served as CFO at Global Blood Therapeutics and other biotech firms.

What is TP-03 and why is it significant?

TP-03 is an investigational therapeutic designed to treat Demodex blepharitis, addressing a significant unmet need in eye care.

When is the FDA decision date for TP-03?

The FDA's target action date for TP-03 is August 25, 2023.

What impact might the management change have on Tarsus?

The management change may initially cause disruptions, but it is expected to provide fresh leadership and direction for Tarsus.