VYNE Therapeutics Announces Appointment of Subhashis Banerjee, M.D. as Senior Vice President of Clinical Development

Rhea-AI Summary

VYNE Therapeutics has appointed Dr. Subhashis Banerjee as Senior Vice President of Clinical Development, effective July 8, 2024. Dr. Banerjee brings over 25 years of drug development experience, having worked on notable immunological therapies at Bristol Myers Squibb, Eli Lilly, Pfizer, and AbbVie. His expertise will be instrumental in advancing VYNE's strategy of developing BET inhibition treatments for immuno-inflammatory conditions. The company also announced the issuance of stock options to Dr. Banerjee and other employees as part of their 2024 Inducement Award Plan, with options priced at $1.96 per share.

Positive

• Appointment of Dr. Banerjee, a seasoned immunologist with 25+ years of experience, to enhance R&D capabilities.
• Stock options granted as incentives, aligning employee interests with company performance.

Negative

• Stock options may lead to shareholder dilution.

Dr. Banerjee previously served as Vice President & Disease Area Head, Rheumatology and Dermatology at Bristol Myers Squibb

BRIDGEWATER, N.J., July 09, 2024 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) (“VYNE” or the “Company”), a clinical-stage biopharmaceutical company developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced the appointment of Subhashis Banerjee, M.D., as Senior Vice President of Clinical Development, effective as of July 8, 2024. Dr. Banerjee is a trained immunologist and rheumatologist with over 25 years of drug development experience at large pharmaceutical companies, including with the development of therapies for psoriasis and arthritic conditions.

“We are pleased to welcome Dr. Banerjee to the VYNE team. His strong combination of drug development expertise and industry leadership experience will undoubtedly enhance our R&D capabilities and contribute to our growing clinical portfolio,” said David Domzalski, President and CEO of VYNE. “Dr. Banerjee is joining VYNE at an exciting time for our clinical programs, and his extensive experience will be integral as we look to execute on our strategy of establishing BET inhibition as a treatment for a variety of immuno-inflammatory conditions.”

Prior to joining VYNE, Dr. Banerjee served as Vice President & Disease Area Head, Rheumatology and Dermatology at Bristol Myers Squibb (“BMS”) where he played a key role in the development strategy of immunology assets across multiple platforms for several immune-mediated diseases. During his tenure at BMS, Dr. Banerjee served as the global lead for mid- to late-stage clinical development of SOTYKTU^® (deucravacitinib), ORENCIA^® (abatacept) and clazakizumab (anti-IL-6 antibody) for the treatment of a variety of immunological conditions. Prior to working at BMS, Dr. Banerjee served as a global clinical program lead at Eli Lilly on the clinical development of TALTZ^® (ixekizumab, anti-IL-17 antibody) in rheumatoid arthritis, psoriasis, psoriatic arthritis and ankylosing spondylitis that led to marketing authorizations in the latter three indications. Earlier in his career, Dr. Banerjee supported the clinical development of XELJANZ^® (tofacitinib) at Pfizer and preclinical and translational activities in the development of HUMIRA^® (adalimumab) at AbbVie. Dr. Banerjee received his medical degree from Christian Medical College in Vellore, India, and he completed his residency in internal medicine at St. Vincent Hospital in Worcester, Massachusetts.

“This is a unique opportunity to establish a new therapeutic class for the treatment of immune-mediated diseases,” said Dr. Banerjee. “I am excited to work with the team to shape the clinical development programs for VYNE and positively impact the lives of patients suffering from chronic inflammatory conditions with potential first-in-class therapies.”

Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
On June 25, 2024, VYNE’s independent Compensation Committee of the Board of Directors approved the grants of stock options to purchase an aggregate of 130,000 shares of common stock of VYNE, with a grant date of July 8, 2024, to three non-executive employees, including Dr. Banerjee, as equity inducement awards under the VYNE Therapeutics Inc. 2024 Inducement Award Plan (the “2024 Plan”). The stock options were material to each employee’s acceptance of employment with VYNE, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options were granted with a 10-year term and an exercise price equal to $1.96, the closing price per share of VYNE’s common stock as reported by Nasdaq on July 8, 2024. The options granted to each employee will vest and become exercisable as to 25% of the shares subject to the respective options on September 30, 2025, and 6.25% of the shares subject to the respective options will vest and become exercisable quarterly thereafter, in each case, subject to the employee’s continuous service with VYNE through the applicable vesting dates. The stock options are subject to the terms of the 2024 Plan and related plan documents.

About VYNE Therapeutics Inc.
VYNE’s mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions. The Company’s unique and proprietary bromodomain & extra-terminal (BET) domain inhibitors, which comprise its InhiBET™ platform, include a locally administered pan-BD BET inhibitor (VYN201) and an orally available BD2-selective BET inhibitor (VYN202) that were licensed from Tay Therapeutics Limited. 

For more information about VYNE Therapeutics Inc. or its product candidates, visit www.vynetherapeutics.com. VYNE may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor VYNE’s website in addition to following its press releases, filings with the U.S. Securities and Exchange Commission (“SEC”), public conference calls, and webcasts.

Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to the potential of BET inhibitors as a therapeutic option for immuno-inflammatory conditions and Dr. Banerjee’s contributions. All statements in this press release which are not historical facts are forward-looking statements. Any forward-looking statements are based on VYNE’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those set forth or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: VYNE’s ability to enroll patients in its clinical trials and successfully develop its product candidates; VYNE’s ability to complete and receive favorable results from, clinical trials of its product candidates; VYNE’s ability to obtain additional funding, either through equity or debt financing transactions or collaboration arrangements; and VYNE’s ability to comply with various regulations applicable to its business. For a discussion of other risks and uncertainties, and other important factors, any of which could cause VYNE’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in VYNE’s Annual Report on Form 10-K for the year ended December 31, 2023 and VYNE’s other filings from time to time with the SEC. Although VYNE believes these forward-looking statements are reasonable, they speak only as of the date of this announcement and VYNE undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Given these risks and uncertainties, you should not rely upon forward-looking statements as predictions of future events.

Third-party products and company names mentioned herein may be the trademarks of their respective owners.

Investor Relations:
John Fraunces
LifeSci Advisors, LLC
917-355-2395
jfraunces@lifesciadvisors.com

Tyler Zeronda
VYNE Therapeutics Inc.
908-458-9106
Tyler.Zeronda@vynetx.com

Media Relations:
Mike Beyer
Sam Brown Inc.
312-961-2502
mikebeyer@sambrown.com

FAQ

Who is the new Senior Vice President of Clinical Development at VYNE?

VYNE has appointed Dr. Subhashis Banerjee as the new Senior Vice President of Clinical Development, effective July 8, 2024.

What is Dr. Subhashis Banerjee's background?

Dr. Banerjee has over 25 years of drug development experience and has worked at Bristol Myers Squibb, Eli Lilly, Pfizer, and AbbVie.

What significant therapies has Dr. Banerjee worked on before joining VYNE?

Dr. Banerjee has contributed to the development of SOTYKTU, ORENCIA, clazakizumab, TALTZ, XELJANZ, and HUMIRA.

What are the details of the stock options granted by VYNE?

VYNE granted stock options to purchase 130,000 shares at an exercise price of $1.96, with a 10-year term, to three non-executive employees, including Dr. Banerjee.

When will the granted stock options vest?

The options will vest 25% on September 30, 2025, with 6.25% vesting quarterly thereafter, subject to continuous service with VYNE.