Purple Biotech Appoints Dr. Yael Margolin to its Board of Directors
December 20 2023 - 8:05AM
Purple Biotech Ltd. ("Purple Biotech" or "the Company")
(NASDAQ/TASE: PPBT), a clinical-stage company developing
first-in-class therapies that harness the power of the tumor
microenvironment to overcome tumor immune evasion and drug
resistance, today announced the appointment of Dr. Yael Margolin as
an independent member of the Company’s Board of Directors.
Dr. Yael Margolin has more than 35 years of experience as senior
manager, chief executive officer and board member in venture
capital and in the pharmaceutical and biotech industries, leading
strategic and business planning, financing, team building, product
development and corporate partnerships. Since 2019, Dr. Margolin
has served as a board member to several public and private
companies in the healthtech industry, including: Point Biopharma
Global (NASDAQ: PNT), Scinai Immunotherapeutics (NASDAQ: SCNI),
Quris AI, MakeSense, Neovac, Welltech Ventures, Ramot at Tel Aviv
University and TAU Ventures by Tel Aviv University. Dr.
Margolin is a founder of mentoring@8400, a boutique voluntary
mentoring program for young CEOs in Israel. From 2005 to 2019, she
served as President, Chief Executive Officer and director of Gamida
Cell Ltd. (NASDAQ: GMDA), a clinical stage biopharmaceutical
company, leading the company from preclinical development through
phase 3 international registration studies. Prior to that, Dr.
Margolin served as Vice President of Denali Ventures LLC, a venture
capital firm focused on healthcare, and a program manager at Teva
Pharmaceuticals. Dr. Margolin holds a B.Sc. degree in biology and a
M.Sc. degree Cum Laude both from Tel Aviv University in Israel, a
Ph.D. from the Weitzman Institute of Science in Israel and was a
post-doctoral associate at the Yale University School of
Medicine.
Dr. Margolin commented, “Purple’s pipeline of oncologic drugs
that focus on harnessing the tumor microenvironment have strong
potential. I’m pleased to join this excellent group of executives,
researchers, and board members to help advance much needed
treatments for patients in need.”
“We are pleased and honored to have Dr. Margolin join our board.
She has worked on both the science and business aspects to support
a large number of healthtech companies, and we look forward to
benefitting from her industry expertise and guidance” stated Gil
Efron, CEO of Purple Biotech “Moving into 2024, Purple Biotech is
expecting multiple readouts from its clinical trials and I’m
looking forward to working with management and the board in this
exciting year”.
In addition, Purple announces that Mr. Fabien Sebille, who
served as the Company’s Chief Business Officer, resigned from such
position to pursue other opportunities as of the end of November
2023.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a
clinical-stage company developing first-in-class therapies that
seek to overcome tumor immune evasion and drug resistance. The
Company's oncology pipeline includes NT219, CM24 and IM1240. NT219
is a dual inhibitor, novel small molecule that simultaneously
targets IRS1/2 and STAT3. In a Phase 1/2 study of NT219, the
Company is currently advancing it in a dose escalation as a
monotherapy treatment of solid tumors, and in a dose escalation in
combination with cetuximab for the treatment of recurrent and
metastatic squamous cell carcinoma of the head and neck (SCCHN) or
colorectal adenocarcinoma (CRC). These studies will be followed by
an expansion phase of NT219 at its recommended Phase 2 level in
combination with cetuximab in patients with recurrent and
metastatic SCCHN. CM24 is a humanized monoclonal antibody that
blocks CEACAM1, an immune checkpoint protein that supports tumor
immune evasion and survival through multiple pathways. The Company
is advancing CM24 as a combination therapy with anti-PD-1
checkpoint inhibitors in a Phase 2 study for the treatment of
pancreatic ductal adenocarcinoma (PDAC). The Company has entered
into a clinical collaboration agreement with Bristol Myers Squibb
for the Phase 2 clinical trials to evaluate the combination of CM24
with the PD-1 inhibitor nivolumab in addition to chemotherapy.
IM1240 is a preclinical, conditionally-activated tri-specific
antibody that engages both T cells and NK cells to mount a strong,
localized immune response within the tumor microenvironment. The
third arm specifically targets the Tumor Associated Antigen (TAA)
5T4 that is expressed in a variety of solid tumors and is
correlated with advanced disease, increased invasiveness and poor
clinical outcomes. IM1240 has a cleavable capping technology that
confines the compound's therapeutic activity to the local tumor
microenvironment, and thereby potentially increases the anticipated
therapeutic window in patients. The Company's corporate
headquarters are located in Rehovot, Israel. For more information,
please visit https://purple-biotech.com/.
Forward-Looking Statements and Safe Harbor
Statement
Certain statements in this press release that
are forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements that are not statements of historical fact, and may be
identified by words such as "believe", "expect", "intend", "plan",
"may", "should", "could", "might", "seek", "target", "will",
"project", "forecast", "continue" or "anticipate" or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. You should not place undue reliance on these
forward-looking statements, which are not guarantees of future
performance. Forward-looking statements reflect our current views,
expectations, beliefs or intentions with respect to future events,
and are subject to a number of assumptions, involve known and
unknown risks, many of which are beyond our control, as well as
uncertainties and other factors that may cause our actual results,
performance or achievements to be significantly different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
or contribute to such differences include, among others, risks
relating to: the plans, strategies and objectives of management for
future operations; product development for NT219, CM24 and IM1240;
the process by which such early stage therapeutic candidates could
potentially lead to an approved drug product is long and subject to
highly significant risks, particularly with respect to a joint
development collaboration; the fact that drug development and
commercialization involves a lengthy and expensive process with
uncertain outcomes; our ability to successfully develop and
commercialize our pharmaceutical products; the expense, length,
progress and results of any clinical trials; the impact of any
changes in regulation and legislation that could affect the
pharmaceutical industry; the difficulty in receiving the regulatory
approvals necessary in order to commercialize our products; the
difficulty of predicting actions of the U.S. Food and Drug
Administration or any other applicable regulator of pharmaceutical
products; the regulatory environment and changes in the health
policies and regimes in the countries in which we operate; the
uncertainty surrounding the actual market reception to our
pharmaceutical products once cleared for marketing in a particular
market; the introduction of competing products; patents obtained by
competitors; dependence on the effectiveness of our patents and
other protections for innovative products; our ability to obtain,
maintain and defend issued patents; the commencement of any patent
interference or infringement action against our patents, and our
ability to prevail, obtain a favorable decision or recover damages
in any such action; and the exposure to litigation, including
patent litigation, and/or regulatory actions, and other factors
that are discussed in our Annual Report on Form 20-F for the year
ended December 31, 2022 and in our other filings with the U.S.
Securities and Exchange Commission ("SEC"), including our
cautionary discussion of risks and uncertainties under "Risk
Factors" in our Registration Statements and Annual Reports. These
are factors that we believe could cause our actual results to
differ materially from expected results. Other factors besides
those we have listed could also adversely affect us. Any
forward-looking statement in this press release speaks only as of
the date which it is made. We disclaim any intention or obligation
to publicly update or revise any forward-looking statement or other
information contained herein, whether as a result of new
information, future events or otherwise, except as required by
applicable law. You are advised, however, to consult any additional
disclosures we make in our reports to the SEC, which are available
on the SEC's website, https://www.sec.gov.
CONTACTS:
Company Contact: Lior Fhima Chief Financial
Officer IR@purple-biotech.com
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