BOSTON, September 30, 2022 /PRNewswire/ — Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, announced today that Robert Weiskopfchief financial officer of Stealth, leaves the company with effect September 30, 2022. Mr. Weiskopf joined Stealth in 2019 following the company’s IPO to lead its public financial reporting activities and grow the company’s finance team.
“On behalf of the entire team and board, we thank Rob for his significant contributions to Stealth over the past few years, and wish him the best in his future endeavours,” said Reenie McCarthy, CEO of Stealth. “Rob has been instrumental in building the infrastructure to support Stealth as a public company and in developing its accounting and reporting capabilities. Rob leaves the company with a solid foundation of accounting and reporting finance as well as a talented finance and accounting team,” Ms. McCarthy said. On August 1, 2022the Company announced that it has entered into a definitive agreement to be acquired by a consortium of investors led by Morningside Venture (I) Investments Ltd. for itself and on behalf of its affiliates and J. Wood Capital Advisors LLC in an all cash transaction. goes private transaction.
Mr. Weiskopf said, “It has been an honor to serve as Chief Financial Officer of Stealth for the past three years. I have confidence in the company’s finance and management team to guide the company through its next stage of development. I look forward to seeing the company continue to advance its strategy of developing new therapies for patients with high unmet needs due to diseases involving mitochondrial dysfunction. »
About Stealth
We are a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction. Mitochondria, found in almost every cell in the body, are the body’s main source of energy production and are essential for the normal functioning of organs. Dysfunctional mitochondria characterize a number of rare genetic diseases and are implicated in many common age-related diseases, typically involving energy-intensive organ systems such as the eye, neuromuscular system, heart, and brain. brain. We believe that our lead product candidate, elamipretide, has the potential to treat ophthalmic diseases resulting in mitochondrial dysfunction, such as age-related macular degeneration, rare neuromuscular disorders, such as primary mitochondrial myopathy and dystrophy Duchenne muscle, and rare cardiomyopathies, such as Barth’s disease. syndrome. We are evaluating our second-generation clinical-stage candidate, SBT-272, for rare neurological disease indications, such as amyotrophic lateral sclerosis and frontotemporal dementia, following promising preclinical data. We have optimized our discovery platform to identify novel mitochondria-targeting compounds that can be designated as drug candidates or used as mitochondria-targeting vectors to deliver other compounds to mitochondria.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include those regarding Stealth BioTherapeutics’ expectations regarding its financial and accounting functions and the company’s ability to achieve drug discovery. development and marketing goals. Statements that are not historical facts, including statements about Stealth BioTherapeutics’ beliefs, plans and expectations, are forward-looking statements. The words “anticipate”, “expect”, “hope”, “plan”, “potential”, “possible”, “will”, “believe”, “estimate”, “intend”, ” may”, “predict”, “project”, “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Stealth BioTherapeutics may not achieve the plans, intentions or expectations disclosed in such forward-looking statements, and you should not place undue reliance on such forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements due to known and unknown risks, uncertainties and other important factors, including: Stealth BioTherapeutics’ ability to obtain additional financing and to continue a business as a going concern; the impact of the COVID-19 pandemic; the ability to successfully demonstrate the efficacy and safety of Stealth BioTherapeutics’ product candidates and future product candidates; preclinical and clinical results of Stealth BioTherapeutics’ product candidates, which may not support further development and marketing approval; the potential benefits of Stealth BioTherapeutics’ product candidates; the content and timing of decisions made by the FDA, EMA or other regulatory authorities, research review boards at clinical trial sites and publication review bodies, which may affect the launch , the timing and progress of preclinical studies and clinical trials of Stealth BioTherapeutics’ product candidates; Stealth BioTherapeutics’ ability to obtain and maintain required regulatory approvals and enroll patients in its planned clinical trials; unforeseen cash requirements and expenditures; competitive factors; Stealth BioTherapeutics’ ability to obtain, maintain and enforce patent and other intellectual property protections for any product candidates it develops; and general economic and market conditions. These and other risks are described in greater detail under the heading “Risk Factors” included in Stealth BioTherapeutics’ most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”), as well as in any future filings with the SEC. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, Stealth BioTherapeutics undertakes no obligation to update any forward-looking statements we have made to reflect subsequent events or circumstances.
Investor Relations
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SOURCE Stealth BioTherapeutics Inc.