BOSTON, Sept. 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, today
announced that Robert Weiskopf,
Stealth's chief financial officer, is leaving the company effective
September 30, 2022. Mr. Weiskopf
joined Stealth in 2019 following the company's initial public
offering to spearhead its public financial reporting activities and
grow the Company's financial team.
"On behalf of the entire team and Board of Directors, we thank
Rob for his significant contributions to Stealth over the past few
years, and wish him the best in his future endeavors," said
Reenie McCarthy, Stealth's CEO. "Rob
has played a key role in building the infrastructure to support
Stealth as a public company and developing its accounting and
reporting capabilities. Rob leaves the company with a strong
accounting and financial reporting foundation as well as a talented
finance and accounting team," Ms. McCarthy said. On August 1, 2022, the Company announced that it had
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 going private transaction.
Mr. Weiskopf said, "It has been an honor to serve as CFO of
Stealth over the past three years. I have confidence in the
Company's finance and management team to guide the Company into its
next stage of development. I look forward to seeing the Company
continue to progress its strategy to develop novel 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 nearly every cell in the body, are the body's main source
of energy production and are critical for normal organ function.
Dysfunctional mitochondria characterize a number of rare genetic
diseases and are involved in many common age-related diseases,
typically involving organ systems with high energy demands such as
the eye, the neuromuscular system, the heart and the brain. We
believe our lead product candidate, elamipretide, has the potential
to treat ophthalmic diseases entailing mitochondrial dysfunction,
such as dry age-related macular degeneration, rare neuromuscular
disorders, such as primary mitochondrial myopathy and Duchenne
muscular dystrophy, and rare cardiomyopathies, such as Barth
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-targeted
compounds which may be nominated as therapeutic product candidates
or utilized as mitochondria-targeted 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. Such forward-looking statements include those
regarding Stealth BioTherapeutics' expectations for its
finance and accounting functions and the ability of the company to
achieve its drug discovery, development, and commercialization
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 these identifying words. Stealth
BioTherapeutics may not actually achieve the plans, intentions
or expectations disclosed in these forward-looking statements, and
you should not place undue reliance on these forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in the
forward-looking statements as a result of known and unknown risks,
uncertainties and other important factors, including: Stealth
BioTherapeutics' ability to obtain additional funding and to
continue 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; the preclinical and clinical results
for Stealth BioTherapeutics' product candidates, which
may not support further development and marketing approval; the
potential advantages of Stealth BioTherapeutics' product
candidates; the content and timing of decisions made by the FDA,
the EMA or other regulatory authorities, investigational review
boards at clinical trial sites and publication review bodies, which
may affect the initiation, timing and progress of preclinical
studies and clinical trials of Stealth
BioTherapeutics product candidates; Stealth
BioTherapeutics' ability to obtain and maintain requisite
regulatory approvals and to enroll patients in its planned clinical
trials; unplanned cash requirements and expenditures; competitive
factors; Stealth BioTherapeutics' ability to obtain,
maintain and enforce patent and other intellectual property
protection for any product candidates it is developing; and general
economic and market conditions. These and other risks are described
in greater detail under the caption "Risk Factors" included in
the 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 does not
undertake any obligation to update forward-looking statements made
by us to reflect subsequent events or circumstances.
Investor Relations
Kendall Investor Relations
Adam Bero, Ph.D.
abero@kendallir.com
IR@StealthBT.com
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SOURCE Stealth BioTherapeutics Inc.