Windtree Announces New Additions and Changes to Its Board of Directors

Rhea-AI Summary

Windtree Therapeutics (NASDAQ: WINT) has announced significant changes to its board of directors, effective August 13, 2024. The company has appointed Saundra Pelletier and Jed Latkin as new independent directors, bringing extensive experience in public company leadership and the biotech industry. Pelletier, currently serving as Interim Chair and CEO of Evofem Biosciences, offers over 25 years of executive leadership experience. Latkin brings nearly three decades of financial and biotech expertise, including roles at ProPhase Labs and Navidea Biopharmaceuticals.

These appointments coincide with the resignations of Daniel Geffken and Leslie Williams from the board. Additionally, Mark Strobeck has been named Lead Independent Director. The company views these changes as strategic, particularly with upcoming Phase 2b clinical trial results and potential Phase 3 entry for its cardiovascular asset, istaroxime.

Positive

• Appointment of two new independent directors with significant public company and biotech industry experience
• New directors bring expertise in drug development, licensing, and financial management
• Strategic board changes align with upcoming Phase 2b clinical trial results and potential Phase 3 entry for istaroxime
• Strengthened leadership to navigate potential deals, partnerships, and portfolio focus

Negative

• Resignation of two board members, potentially leading to a temporary loss of institutional knowledge

WARRINGTON, Pa., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Windtree Therapeutics, Inc. (“Windtree” or the “Company”) (NasdaqCM: WINT), a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases, today announced changes to its board of directors, effective August 13, 2024, which include the appointment of Saundra Pelletier and Jed Latkin as two new independent directors with significant public company director and executive leadership.

Joining the Windtree board is Saundra Pelletier, who has served as the Interim Chair since late 2021 and as Chief Executive Officer, President and Executive Director since early 2015 of Evofem Biosciences, Inc., a commercial-stage biopharmaceutical company focused on commercializing innovative products to address unmet needs in women's health. Ms. Pelletier brings more than twenty-five years of broad executive leadership experience to Windtree’s board, including successes in driving multiple, billion-dollar product launches, expanding organizational capabilities in ex-U.S. markets and advocating for women's health. Throughout her career, she has had oversight and accountability for nearly all aspects of commercialization, manufacturing and medical and business development. Saundra has also served on the board of directors for TRACON Pharmaceuticals, Inc., since early 2020, which is focused on developing novel oncology therapeutics. We believe Saundra has significant drug development and licensing and deal experience to add to Windtree’s board.

Also adding to Windtree’s board is Jed Latkin, who has nearly three decades of experience with financial and biotech companies. Jed’s experience includes serving as the Chief Operating Officer and head of Finance for ProPhase Labs, Inc. since January 2023, and as the Chief Executive Officer of Navidea Biopharmaceuticals, Inc., where he raised over $160 million and arranged a key transaction for Navidea that resulted in consideration up to $310 million. While at Navidea, he also served as the Chief Financial Officer prior to becoming the Chief Executive Officer. In connection with his role at Nagel Avenue Capital, he also served as Chief Executive Officer of Black Elk Energy Offshore in 2014. Jed started his career by spending ten years on Wall Street with a variety of investment banking organizations and funds including ING, Morgan Stanley and Citigroup Securities.

Saundra and Jed’s additions to Windtree’s board fill the opening of roles from the resignation of Daniel Geffken and Leslie Williams from Windtree’s board, also effective August 13, 2024. Neither decision to resign was the result of any disagreement with the Company on any matter relating to its operations, policies or practices and the Company greatly appreciates Dan and Leslie’s many years of service to Windtree. As part of these changes, the Company also announced Mark Strobeck, who joined the board in 2023, has become the Lead Independent Director of Windtree’s board, effective August 13, 2024.

Craig Fraser, Chairman and CEO of Windtree said, “This is an exciting time for Windtree, and it is easy to focus on the day to day progress that has set up an eventful next several months and quarters– particularly with the planned release of important Phase 2b clinical trial results. However, looking to the mid to long term, with the acquisition of the novel oncology preclinical aPKCi platform and with the expectation that our cardiovascular lead asset of istaroxime will enter into a planned Phase 3, there will be key strategic decisions to make regarding potential deals and partnerships and optimal portfolio focus. We believe Saundra and Jed have the specific experience to help us navigate these opportunities and shape our execution.”

About Windtree Therapeutics, Inc.
Windtree Therapeutics, Inc. is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. Windtree’s portfolio of product candidates includes istaroxime, a Phase II candidate with SERCA2a activating properties for acute heart failure and associated cardiogenic shock, preclinical SERCA2a activators for heart failure and preclinical precision aPKCi inhibitors that are being developed for potential in rare and broad oncology applications. Windtree also has a licensing business model with partnership out-licenses currently in place.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are based on information available to the Company as of the date of this press release and are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. Examples of such risks and uncertainties include, among other things: the Company’s ability to secure significant additional capital as and when needed; the Company’s ability to achieve the intended benefits of the aPKCi asset acquisition with Varian Biopharmaceuticals, Inc.; the Company’s risks and uncertainties associated with the success and advancement of the clinical development programs for istaroxime and the Company’s other product candidates, including preclinical oncology candidates; the Company’s ability to access the debt or equity markets; the Company’s ability to manage costs and execute on its operational and budget plans; the results, cost and timing of the Company’s clinical development programs, including any delays to such clinical trials relating to enrollment or site initiation; risks related to technology transfers to contract manufacturers and manufacturing development activities; delays encountered by the Company, contract manufacturers or suppliers in manufacturing drug products, drug substances, and other materials on a timely basis and in sufficient amounts; risks relating to rigorous regulatory requirements, including that: (i) the U.S. Food and Drug Administration or other regulatory authorities may not agree with the Company on matters raised during regulatory reviews, may require significant additional activities, or may not accept or may withhold or delay consideration of applications, or may not approve or may limit approval of the Company’s product candidates, and (ii) changes in the national or international political and regulatory environment may make it more difficult to gain regulatory approvals and risks related to the Company’s efforts to maintain and protect the patents and licenses related to its product candidates; risks that the Company may never realize the value of its intangible assets and have to incur future impairment charges; risks related to the size and growth potential of the markets for the Company’s product candidates, and the Company’s ability to service those markets; the Company’s ability to develop sales and marketing capabilities, whether alone or with potential future collaborators; the rate and degree of market acceptance of the Company’s product candidates, if approved; the economic and social consequences of the COVID-19 pandemic and the impacts of political unrest, including as a result of geopolitical tension, including the conflict between Russia and Ukraine, the People’s Republic of China and the Republic of China (Taiwan), and the evolving events in Israel and Gaza, and any sanctions, export controls or other restrictive actions that may be imposed by the United States and/or other countries which could have an adverse impact on the Company’s operations, including through disruption in supply chain or access to potential international clinical trial sites, and through disruption, instability and volatility in the global markets, which could have an adverse impact on the Company’s ability to access the capital markets. These and other risks are described in the Company’s periodic reports, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Contact Information:
Eric Curtis
ecurtis@windtreetx.com

FAQ

Who are the new board members appointed to Windtree Therapeutics (WINT)?

Windtree Therapeutics (WINT) has appointed Saundra Pelletier and Jed Latkin as new independent directors to its board, effective August 13, 2024.

What experience do the new Windtree Therapeutics (WINT) board members bring?

Saundra Pelletier brings over 25 years of executive leadership in the biotech industry, while Jed Latkin has nearly three decades of experience in finance and biotech, including roles at ProPhase Labs and Navidea Biopharmaceuticals.

Why did Windtree Therapeutics (WINT) make changes to its board of directors?

Windtree Therapeutics (WINT) made these changes to strengthen its leadership team ahead of important clinical trial results and potential strategic decisions regarding partnerships and portfolio focus.

What upcoming events are significant for Windtree Therapeutics (WINT)?

Windtree Therapeutics (WINT) is preparing for the release of important Phase 2b clinical trial results and the potential entry of its cardiovascular asset, istaroxime, into a planned Phase 3 trial.