Vericel Announces Appointment of Joe Mara as Chief Financial Officer

Rhea-AI Summary

Vericel Corporation (NASDAQ:VCEL) has appointed Joe Mara as its new Chief Financial Officer, effective immediately. With over 20 years of experience, including significant roles in the biotech sector at Biogen, Mara is expected to enhance Vericel's financial strategies. His background includes leadership in global financial planning and operations. Nick Colangelo, CEO, expressed confidence that Mara's expertise will support the company's growth in advanced therapies for sports medicine and severe burn care. Mara highlighted his excitement about Vericel's innovative product potential and growth opportunities.

Positive

• Appointment of Joe Mara as CFO brings over 20 years of financial and biotech experience.
• Mara's previous role as VP of Finance and Investor Relations at Biogen adds valuable insights.
• CEO expresses strong confidence in Mara's ability to drive growth and financial results.

Negative

• Potential concerns about continuity during the transition period to a new CFO.
• Experience gaps, as Mara shifts from Biogen to Vericel, could pose risks.

CAMBRIDGE, Mass., Jan. 25, 2021 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, announced the appointment of Joe Mara as Chief Financial Officer of the Company, effective today.

Mr. Mara joins Vericel with over 20 years of financial, strategic and operational experience, including more than 14 years of experience in the biotech industry. Most recently, Mr. Mara served as Vice President, Finance and Head of Investor Relations at Biogen Inc. During his tenure at Biogen, Mr. Mara held several finance leadership roles, including Vice President, Global Financial Planning and Analysis and Strategic Corporate Finance and Vice President, U.S. Finance and Operations. Prior to joining Biogen, Mr. Mara held finance and strategy roles in the financial services and technology industries, including at Thomson Reuters Corporation and Fidelity Investments. Mr. Mara earned a B.A. degree in Economics and International Studies from Northwestern University and an M.B.A. from the Sloan School of Management at M.I.T.      

“Joe is a proven finance and business leader with a track record of success in operational and strategic finance roles across U.S. and global organizations,” said Nick Colangelo, President and Chief Executive Officer of Vericel. “I am very pleased that Joe is joining the Vericel executive team at a time when his extensive experience will help drive continued strong growth and financial results for the Company in the years ahead.”

“I am very excited to join Vericel given its leadership position in cell therapy and the sports medicine and severe burn care markets, its innovative product portfolio, and the Company’s significant growth potential,” said Mr. Mara. “I look forward to working with the Vericel team to continue to provide important products to patients, execute on the Company’s long-term growth strategy, and drive continued value for our shareholders.”

About Vericel Corporation
Vericel is a leader in advanced therapies for the sports medicine and severe burn care markets. The company markets two cell therapy products in the United States. MACI^® (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel^® (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to 30% of total body surface area. The company also holds an exclusive license for North American rights to NexoBrid^®, a registration-stage biological orphan product for debridement of severe thermal burns. For more information, please visit the company’s website at www.vcel.com.

Epicel^® and MACI^® are registered trademarks of Vericel Corporation. NexoBrid^® is a registered trademark of MediWound Ltd. and is used under license to Vericel Corporation. © 2021 Vericel Corporation. All rights reserved.

Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are subject to risks and uncertainties such as those described in Vericel’s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

Investor Contacts:
Chad Rubin
Solebury Trout
crubin@troutgroup.com
+1 646-378-2947

FAQ

Who is Joe Mara, the new CFO of Vericel Corporation?

Joe Mara is the newly appointed Chief Financial Officer of Vericel, with over 20 years of experience, including leadership roles in the biotech industry.

What previous experience does Joe Mara bring to Vericel Corporation?

Joe Mara previously held senior finance roles at Biogen, including Vice President of Finance and Head of Investor Relations.

What is the expected impact of Joe Mara's appointment on Vericel Corporation?

Mara's extensive experience in finance is anticipated to drive growth and enhance financial strategies for Vericel.

When was Joe Mara appointed as CFO of Vericel Corporation?

Joe Mara was appointed Chief Financial Officer effective January 25, 2021.