Stealth BioTherapeutics Announces the Appointment of Mark P. Colonnese as Chief Financial Officer
Stealth BioTherapeutics(formerly Stealth Peptides), a clinical-stage biopharmaceutical company developing investigational drugs for the treatment of diseases involving mitochondrial dysfunction,today announced the appointment of Mark P. Colonnese as Chief Financial Officer. Mr. Colonnese brings nearly 30 years of experience in senior management roles leading business growth and financial strategies for life sciences companies. In this role at Stealth, Mr. Colonnese will lead the Company's financial and capital markets strategy, as well as advise on business development and transactional activities.
"Mark has considerable financial and transactional experience that we feel will be instrumental to our corporate growth as we look to broaden our visibility," said Travis Wilson, Chief Executive Officer of Stealth. "Further, Mark's deep experience in biotech, across many therapeutic areas, will provide us with valuable insight as we foster and manage our pipeline in both common and rare diseases. We welcome him to our growing Stealth team."
Prior to joining Stealth, Mr. Colonnese most recently served as Executive Vice President and Chief Financial Officer at Transgenomic, Inc., a NASDAQ-listed company focused on diagnostics and personalized medicine, including those for rare genetic mitochondrial diseases. At Transgenomic, Mr. Colonnese executed four financing transactions to help fund the company's growth strategies. Previously, he served as Executive Vice President, Commercial Operations and Chief Financial Officer at Salutria Pharmaceuticals, LLC, a privately held, clinical development-stage pharmaceutical company. Prior to that, Mr. Colonnese served as Executive Vice President, Commercial Operations at AtheroGenics, Inc., a clinical development-stage pharmaceutical company, where he raised $450 million in debt and equity capital, led the company through the initial public offering and helped negotiate a worldwide partnership agreement. Prior to joining AtheroGenics, Mr. Colonnese held executive positions at Applied Analytical Industries, Inc. and Schering-Plough Corporation. Mr. Colonnese holds an M.B.A. from Fairleigh Dickinson University, a B.S. magna cum laude from Ithaca College and is a Certified Public Accountant.
Mr. Colonnese commented: "I am very excited to join the Stealth team, given the tremendous opportunities presented by its mitochondrial platform and development programs with Bendavia and Ocuvia. I hope to help Stealth with developing and executing strategies to both fund our clinical and pipeline programs, and to accelerate shareholder value creation."
Stealth's lead candidates, Bendavia and Ocuvia, are investigational drugs with the potential to modify disease through mitoprotection—the ability to preserve energetics and restore normal energy production in mitochondria, while decreasing oxidative stress. These clinical candidates are being developed for both common and rare diseases including mitochondrial diseases where there are no FDA-approved treatments. Bendavia and Ocuvia's underlying science is confirmed by more than 100 independent, peer-reviewed publications and abstracts. These mitochondrial-targeted candidates are a novel therapeutic approach with the potential to address a wide variety of diseases having unmet treatment needs.
Stealth BioTherapeutics is a privately held biopharmaceutical company committed to bringing mitochondria therapies to patients to treat both common and rare diseases.As a key common element in a variety of serious, debilitating diseases, mitochondria – the cell's energy source – offer a promising, and yet untapped target to modify diseases with significant unmet treatment needs. Stealth is expanding its clinical development program to additional therapeutic areas, including cardio-renal diseases, ophthalmic disorders and orphan mitochondrial diseases. By defining the broad potential of its mitochondrial platform and therapies, Stealth is leading mitochondrial medicine.
More information regarding Stealth and its pipeline is available at .
Kaitlyn Darr, 212-445-8335
Beth DelGiacco, 212-362-1200