Turning Point Therapeutics Appoints Paolo Tombesi as Executive Vice President and Chief Financial Officer

Rhea-AI Summary

Turning Point Therapeutics (NASDAQ: TPTX) has appointed Paolo Tombesi as the new executive vice president and CFO, starting July 26. Tombesi brings 30 years of experience from his previous roles in biotech, including as CFO of Epizyme, Inc., where he facilitated the launch of Tazverik. The company aims to strengthen its finance organization ahead of the potential launch of repotrectinib, a leading cancer therapy in development. Tombesi expressed enthusiasm about joining the team and contributing to the company's growth and commercialization efforts.

Positive

• Appointment of experienced CFO Paolo Tombesi, enhancing financial leadership.
• Tombesi's background includes successful product launches, potentially beneficial for upcoming repotrectinib launch.

Negative

• Concerns may arise regarding continuity and experience gaps in the finance leadership during the transition.

SAN DIEGO, June 29, 2021 (GLOBE NEWSWIRE) -- Turning Point Therapeutics, Inc. (NASDAQ: TPTX), a precision oncology company developing next-generation therapies that target genetic drivers of cancer, today named Paolo Tombesi as executive vice president and CFO, effective July 26. Mr. Tombesi brings 30 years of global financial and accounting experience to Turning Point from multiple prior financial leadership roles within biotech and pharmaceutical companies, most recently serving as CFO of Epizyme, Inc.

“Paolo brings very valuable global financial experience to our growing team, particularly in supporting commercial organizations and product launches,” said Athena Countouriotis, M.D., president and CEO. “As we build our finance organization and prepare for the potential launch of repotrectinib, we are pleased to have a veteran financial leader of Paolo’s caliber joining our team.”

As CFO of Epizyme, Mr. Tombesi supported the commercial launch of Tazverik (tazemetostat) for the treatment of relapsed or refractory follicular lymphoma, and was responsible for capital funding, treasury, tax and accounting, SEC reporting, financial planning and analysis, and procurement. Prior to Epizyme, he was CFO for Insmed, Inc., where he led financial operations and preparation for the commercial launch of Arikayce (amikacin liposome inhalation suspension). From 2006 to 2014, he served in roles of increasing responsibility for Novartis, including chief financial and administrative officer of Novartis Pharmaceuticals Corporation; managing director and CFO of Novartis Japan; and CFO of the European Oncology division. Earlier in his career, he served in financial roles for Bristol Myers Squibb in the U.S. and Europe, and Unilever and Johnson & Johnson in Italy.

“I am excited to join the Turning Point team at such an important point in the company’s evolution, with four clinical stage assets in development and as the company prepares for potential commercialization,” said Mr. Tombesi. “I am so impressed with Athena, the Turning Point leadership team and its board of directors and look forward to supporting the company’s continued growth.”

About Turning Point Therapeutics Inc.
Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of internally discovered investigational drugs designed to address key limitations of existing cancer therapies. The company’s lead drug candidate, repotrectinib, is a next-generation kinase inhibitor targeting the ROS1 and TRK oncogenic drivers of non-small cell lung cancer and advanced solid tumors. Repotrectinib, which is being studied in a registrational Phase 2 study in adults and a Phase 1/2 study in pediatric patients, has shown antitumor activity and durable responses among kinase inhibitor treatment-naïve and pre-treated patients. The company’s pipeline of drug candidates also includes TPX-0022, targeting MET, CSF1R and SRC, which is being studied in a Phase 1 trial of patients with advanced or metastatic solid tumors harboring genetic alterations in MET; TPX-0046, targeting RET, which is being studied in a Phase 1/2 trial of patients with advanced or metastatic solid tumors harboring genetic alterations in RET; and TPX-0131, a next-generation ALK inhibitor, which is being studied in a Phase 1/2 trial of previously treated patients with ALK-positive advanced or metastatic non-small cell lung cancer. Turning Point’s next-generation kinase inhibitors are designed to bind to their targets with greater precision and affinity than existing therapies, with a novel, compact structure that has demonstrated an ability to potentially overcome treatment resistance common with other kinase inhibitors. The company is driven to develop therapies that mark a turning point for patients in their cancer treatment. For more information, visit www.tptherapeutics.com.

Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans”, “will”, “believes,” “anticipates,” “expects,” “intends,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include statements regarding the potential launch and commercialization of repotrectinib and Turning Point Therapeutics’ continued growth. These forward-looking statements are based upon Turning Point Therapeutics’ current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Turning Point Therapeutics’ business in general, risks and uncertainties related to the impact of the COVID-19 pandemic to Turning Point’s business and the other risks described in Turning Point Therapeutics’ filings with the SEC, including its quarterly report on Form 10-Q filed with the SEC on May 5, 2021. All forward-looking statements contained in this press release speak only as of the date on which they were made. Turning Point Therapeutics undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contact:
Jim Mazzola
jim.mazzola@tptherapeutics.com
858-342-8272

FAQ

Who is the new CFO of Turning Point Therapeutics?

Paolo Tombesi has been named the new executive vice president and CFO, effective July 26.

What experience does Paolo Tombesi bring to Turning Point Therapeutics?

Tombesi brings 30 years of financial experience, having previously served as CFO of Epizyme and Insmed, among other roles.

What is the significance of the CFO appointment for TPTX?

The appointment is significant as it aims to strengthen the finance organization in preparation for the potential commercialization of repotrectinib.

What are the upcoming goals for Turning Point Therapeutics?

The company is preparing for the potential launch of its drug candidate, repotrectinib, alongside growing its financial capabilities.