PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Tyrogenex and Xcovery, two privately held companies focused on the development of next-generation targeted therapeutics for cancer and ophthalmology, today announced the appointment of Michael D. Webb as president and CEO of both companies.
"Tyrogenex and Xcovery have built an exciting and robust pipeline of pre-clinical and clinical-stage compounds, which have the potential to offer very significant benefits to patients. I am looking forward to advancing these high impact programs."
"Mike has a breadth of leadership and fundraising experience in healthcare and life sciences that will prove to be invaluable. With several candidates in our pipeline progressing to the next stage of clinical development, Mike joins the companies at a pivotal time. We look forward to working with him to bring both Tyrogenex and Xcovery to the next level," said Chris Liang, Ph.D., scientific co-founder and chief scientific officer of Tyrogenex and Xcovery.
The boards of both companies appointed Webb, who has been CEO of four biotechnology companies as well as chairman of the MassBio industry organization, as president and CEO. Sheridan Snyder, co-founder and former president and CEO of both companies, remains chairman of the Xcovery board and a director on the Tyrogenex board.
"I am excited about joining an organization committed to leveraging outstanding science and discovery to develop the next generation of therapeutics for patients with ophthalmologic diseases and cancer," said Webb. "Tyrogenex and Xcovery have built an exciting and robust pipeline of pre-clinical and clinical-stage compounds, which have the potential to offer very significant benefits to patients. I am looking forward to advancing these high impact programs."
Tyrogenex and Xcovery share a common scientific legacy and management team. Xcovery is developing X-396, an anaplastic lymphoma kinase (ALK) inhibitor for non-small cell lung cancer entering phase 3 this year. Tyrogenex is developing X-82, an orally administered, dual VEGFR/PDGFR inhibitor for angiogenesis in oncology and wet age-related macular degeneration (AMD). Tyrogenex is planning to initiate a large phase 2 study of X-82 for both wet AMD and solid tumors in 2015.
Webb joins Tyrogenex and Xcovery with more than 25 years' experience in growing biotechnology companies and a track record that includes raising more than $350 million in private and public equity markets. Most recently, he was president and CEO of Allegro Diagnostics Corp., a venture-backed, molecular diagnostics company focused on lung cancer that was acquired by Veracyte in 2014. Prior to that, he founded and served as president and CEO of Anchor Therapeutics, Inc. During his time as president and CEO of EPIX Pharmaceuticals, he led the company from "A"-round financing to an industry leadership position in pharmaceuticals for diagnostic imaging and listing on NASDAQ.
Webb has served as chairman of the Massachusetts Biotechnology Council, founding chairman of the United Way of Massachusetts Bay's Math, Science and Technology Initiative and on several corporate boards. Mr. Webb holds an MBA from Northwestern University, a masters in international relations from Sussex University and a BA/BS in biochemistry and economics from the University of Kansas.
Tyrogenex is developing X-82, an orally administered, dual VEGFR/PDGFR inhibitor, as a targeted therapeutic for solid tumors and ophthalmological diseases. Preliminary data from a phase 1/2 pilot study shows that X-82 is well tolerated, does not exhibit any dose-limiting toxicity and demonstrates preliminary signs of anti-tumor activity. The company is initiating phase 2 studies of X-82 for both wet AMD and solid tumors in 2015.
Through innovative drug design, Xcovery has developed a comprehensive pipeline of oncology therapies with higher potency and low toxicity that target a wide range of advanced tumors. Xcovery is developing X-396, a small molecule that inhibits anaplastic lymphoma kinase (ALK), for treatment of ALK positive non-small cell lung cancer, lymphoma and neuroblastoma. Xcovery is enrolling patients in the expansion cohort portion of a phase 1/2 study of X-396 for the treatment of non-small cell lung cancer where ALK is deregulated. The company also is preparing to initiate a phase 3 registration study in 2015.
LaVoie Health Science
David Connolly, (617) 374-8800 ext. 108