bluebird bio, Inc. (Nasdaq: BLUE) today announced that O.
James Sterling, has been appointed chief financial officer (CFO),
effective June 10, 2024. Mr. Sterling most recently served as chief
financial officer of Renalytix plc, a diagnostics company focused
on clinical management of kidney disease.
“We are thrilled to welcome James to bluebird bio. We are
confident that his extensive experience in the healthcare sector
and knowledge of the capital markets will position us well as we
work to prove the commercial gene therapy model, and demonstrate
progress on our path to profitability,” said Andrew Obenshain,
chief executive officer, bluebird bio.
“It is an honor to be joining bluebird bio, a company that has
pioneered gene therapy development over the past decade, and today
is at the forefront of gene therapy commercialization,” said O.
James Sterling. “I look forward to working alongside others in the
flock to drive growth, realize value for shareholders, and most
importantly, support bluebird in its mission to bring
transformative gene therapies to patients and their families.”
Mr. Sterling was previously managing partner at Renwick Capital
LLC, and managing director at investment banks Brock Capital Group
LLC and Aleutian Capital Group. He also serves as a board director
for a fund managed by Star Mountain Capital. Mr. Sterling has
experience as a management consultant at Booz Allen Hamilton. He
received his B.A. from Boston University and an MBA from Columbia
Business School.
Mr. Sterling succeeds Chris Krawtschuk, who joined bluebird bio
as chief financial officer in 2022. The transition will be
effective June 10, 2024.
“I’d like to thank Chris for his contributions to the company
over the past two years. We are particularly appreciative of his
leadership role in accelerating critical cash flow into the
company, as well as the completion of two equity raises and a debt
agreement, which significantly extended the Company’s cash runway
and strengthened our financial position during his tenure,” said
Obenshain.
On March 26, 2024, bluebird announced that it will restate its
consolidated financial statements for the first three quarters and
full-year 2022, as well as the first three quarters of 2023. As a
result, the Company’s Annual Report Form 10-K for 2023 and its Q1
2024 Form 10-Q have been delayed. The Company is continuing to work
expeditiously to complete these filings. Consistent with previous
updates, the restatement is not expected to impact the Company’s
cash position or revenue. Mr. Sterling will transition to oversee
the restatement process upon his start date.
About bluebird bio, Inc. bluebird bio is pursuing
curative gene therapies to give patients and their families more
bluebird days. Founded in 2010, bluebird has been setting the
standard for gene therapy for more than a decade—first as a
scientific pioneer and now as a commercial leader. bluebird has an
unrivaled track record in bringing the promise of gene therapy out
of clinical studies and into the real-world setting, having secured
FDA approvals for three therapies in under two years. Today, we are
proving and scaling the commercial model for gene therapy and
delivering innovative solutions for access to patients, providers,
and payers.
With a dedicated focus on severe genetic diseases, bluebird has
the largest and deepest ex-vivo gene therapy data set in the field,
with industry-leading programs for sickle cell disease,
β-thalassemia and cerebral adrenoleukodystrophy. We custom design
each of our therapies to address the underlying cause of disease
and have developed in-depth and effective analytical methods to
understand the safety of our lentiviral vector technologies and
drive the field of gene therapy forward.
bluebird continues to forge new paths as a standalone commercial
gene therapy company, combining our real-world experience with a
deep commitment to patient communities and a people-centric culture
that attracts and grows a diverse flock of dedicated birds.
Forward-Looking Statements This press release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements that are
not statements of historical facts are, or may be deemed to be,
forward-looking statements, such as statements regarding the chief
financial officer transition; proving the gene therapy model;
realizing value for stockholders; path to profitability; and
expectations regarding the Company’s restatement of certain
historical financial statements and the timing for filing of its
2023 Form 10-K and Q1 2024 Form 10-Q. Such forward-looking
statements are based on historical performance and current
expectations and projections about bluebird’s future goals, plans
and objectives and involve inherent risks, assumptions and
uncertainties, including internal or external factors that could
delay, divert or change any of them in the next several years, that
are difficult to predict, may be beyond bluebird’s control and
could cause bluebird’s future goals, plans and objectives to differ
materially from those expressed in, or implied by, the statements.
No forward-looking statement can be guaranteed. Forward-looking
statements in this press release should be evaluated together with
the many risks and uncertainties that affect bluebird bio’s
business, particularly those identified in the risk factors
discussion in bluebird bio’s Annual Report on Form 10-K for the
year ended December 31, 2022, as updated by its subsequent
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other filings with the Securities and Exchange Commission,
including our Prospectus Supplement, dated December 22, 2023. These
risks and uncertainties include, but are not limited to: delays and
challenges in bluebird’s commercialization and manufacturing of its
products, including challenges in manufacturing vector for ZYNTEGLO
and SKYSONA to meet current demand; the internal and external costs
required for bluebird’s ongoing and planned activities, and the
resulting impact on expense and use of cash, has been, and may in
the future be, higher than expected which has caused bluebird, and
may in the future cause bluebird, to use cash more quickly than it
expects or change or curtail some of its plans or both; substantial
doubt exists regarding bluebird’s ability to continue as a going
concern; bluebird’s expectations as to expenses, cash usage and
cash needs may prove not to be correct for other reasons such as
changes in plans or actual events being different than bluebird’s
assumptions; risks related to bluebird's loan agreement, including
the risk that operating restrictions could adversely affect
bluebird's ability to conduct its business, the risk that bluebird
will not achieve milestones required to access future tranches
under the agreement, and the risk that bluebird will fail to comply
with covenants under the agreement, including with respect to
required revenue levels, which could result in an event of default;
the risk that the efficacy and safety results from bluebird’s prior
and ongoing clinical trials will not continue or be seen in the
commercial context; the risk that bluebird is not able to activate
QTCs on the timeframe that it expects; the risk that the QTCs
experience delays in their ability to enroll or treat patients; the
risk that bluebird experiences delays in establishing operational
readiness across its supply chain following approval to support
treatment in the commercial context; the risk that there is not
sufficient patient demand or payer reimbursement to support
continued commercialization of the Company’s therapies; the risk of
insertional oncogenic or other safety events associated with
lentiviral vector, drug product, or myeloablation, including the
risk of hematologic malignancy; and the risk that bluebird’s
products, including LYFGENIA, will not be successfully
commercialized. The forward-looking statements included in this
document are made only as of the date of this document and except
as otherwise required by applicable law, bluebird bio undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240529060961/en/
Investors: Courtney O’Leary, 978-621-7347
coleary@bluebirdbio.com
Media: Jess Rowlands, 857-299-6103
jess.rowlands@bluebirdbio.com
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