NewAmsterdam Pharma Announces Appointment of Ian Somaiya as Chief Financial Officer
October 23 2023 - 8:00AM
NewAmsterdam Pharma Company N.V. (Nasdaq: NAMS or “NewAmsterdam” or
the “Company”), a clinical-stage biopharmaceutical company
developing oral, non-statin medicines for patients at high risk of
cardiovascular disease with residual elevation of low-density
lipoprotein cholesterol (“LDL-C”), for whom existing therapies are
not sufficiently effective or well-tolerated, today announced the
appointment of Ian Somaiya as Chief Financial Officer (“CFO”). Mr.
Somaiya is an established healthcare executive with extensive
financial and operational expertise, including over two decades of
experience on Wall Street as a prominent biotechnology research
analyst.
“We are thrilled to welcome Ian as CFO. Ian is a proven leader,
who possesses a breadth of industry experience, as well as deep
relationships within the financial community,” said Michael
Davidson, M.D., Chief Executive Officer of NewAmsterdam. “Ian will
provide strategic financial leadership as we continue to invest in
obicetrapib’s clinical development and related pre-launch
activities and execute on our mission to deliver an effective,
convenient LDL-lowering therapy to the millions of dyslipidemia
patients in need. We look forward to his many contributions.”
Mr. Somaiya joins NewAmsterdam Pharma with over twenty-five
years’ experience in senior leadership roles in the
biopharmaceutical industry. Mr. Somaiya most recently served as CFO
and Chief Business Officer of Elucida Oncology and, before that, as
CFO of TCR2 Therapeutics, where he guided the company through its
initial public offering and two subsequent follow-on offerings, as
well as led the company’s finance, reporting, business development
and investor relations functions. Prior to joining TCR2, Mr.
Somaiya was managing director and head of biotechnology research at
BMO Capital Markets. He also served as managing director and equity
analyst at Nomura Securities, Piper Jaffray, and Thomas Weisel
Partners. He started his career on Wall Street as a research
analyst at Morgan Stanley and Prudential Securities. Throughout his
20-year tenure on Wall Street, Mr. Somaiya was a highly esteemed
industry equity analyst who conducted comprehensive research on
more than 100 biotechnology companies across diverse therapeutic
areas, technology platforms, and stages of development. He was
recognized for several consecutive years as the “Best on the
Street” by The Wall Street Journal for his research coverage in the
biotech sector. Mr. Somaiya received a B.A. in Biology and
Neuroscience from New York University.
“I am delighted to join such an impressive team of leaders and
proven drug developers committed to transforming the standard of
care for people at high-risk of cardiovascular disease,” said Mr.
Somaiya. “I believe NewAmsterdam is well positioned to achieve this
mission in the near-term, with two pivotal readouts for obicetrapib
expected next year, and efforts underway to build a commercial
organization that can effectively deliver this oral, low-dose,
once-daily CETP inhibitor, if approved, to millions of patients
globally. I am eager to collaborate with my colleagues to transform
NewAmsterdam into a commercial company with the potential to
deliver tremendous value to patients and their families, as well as
our shareholders.”
About NewAmsterdam
Based in the Netherlands, NewAmsterdam (Nasdaq: NAMS) is a
clinical-stage biopharmaceutical company whose mission is to
improve patient care in populations with metabolic diseases where
currently approved therapies have not been sufficiently adequate or
well tolerated. We seek to fill a significant unmet need for a
safe, cost-effective
and convenient LDL-lowering therapy as an adjunct to
statins, a class of lipid-lowering medications that are the current
standard of care for high-risk CVD patients with high
cholesterol. NewAmsterdam is investigating obicetrapib, an
oral, low-dose and once-daily CETP inhibitor, as the preferred
LDL-C lowering therapy to be used as an adjunct to maximally
tolerated statin therapy for high-risk cardiovascular disease
patients.
Forward-Looking Statements
Certain statements included in this document that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding the Company’s business and strategic plans,
the Company’s commercial opportunity, the therapeutic and curative
potential of the Company’s product candidate, the Company’s
clinical trials and the timing for enrolling patients, the timing
and forums for announcing data, the achievement and timing of
regulatory approvals, and plans for commercialization. These
statements are based on various assumptions, whether or not
identified in this document, and on the current expectations of the
Company’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as and must not be
relied on as a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and may differ
from assumptions. Many actual events and circumstances are beyond
the control of the Company. These forward-looking statements are
subject to a number of risks and uncertainties, including changes
in domestic and foreign business, market, financial, political, and
legal conditions; risks related to the approval of the Company’s
product candidate and the timing of expected regulatory and
business milestones, including potential commercialization; ability
to negotiate definitive contractual arrangements with potential
customers; the impact of competitive product candidates; ability to
obtain sufficient supply of materials; global economic and
political conditions, including the Russia-Ukraine conflict; the
effects of competition on the Company’s future business; and those
factors described in the Company’s public filings with the
Securities Exchange Commission. Additional risks related to the
Company’s business include, but are not limited to: uncertainty
regarding outcomes of the Company’s ongoing clinical trials,
particularly as they relate to regulatory review and potential
approval for its product candidate; risks associated with the
Company’s efforts to commercialize a product candidate; the
Company’s ability to negotiate and enter into definitive agreements
on favorable terms, if at all; the impact of competing product
candidates on the Company’s business; intellectual property related
claims; the Company’s ability to attract and retain qualified
personnel; ability to continue to source the raw materials for its
product candidate. If any of these risks materialize or the
Company’s assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that the Company does not
presently know or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company’s expectations,
plans, or forecasts of future events and views as of the date of
this document and are qualified in their entirety by reference to
the cautionary statements herein. The Company anticipates that
subsequent events and developments may cause the Company’s
assessments to change. These forward-looking statements should not
be relied upon as representing the Company’s assessment as of any
date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements. Neither the Company nor any of its affiliates
undertakes any obligation to update these forward-looking
statements, except as may be required by law.
Company Contact
Matthew Philippematthew.philippe@newamsterdampharma.com
Media Contact
Spectrum Science on behalf of NewAmsterdamJenn GordonP:
1-202-957-7795jgordon@spectrumscience.com
Investor Contact
Stern Investor Relations on behalf of NewAmsterdamHannah
DeresiewiczP: 1 212-362-1200hannah.deresiewicz@sternir.com
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