Company Continues to Secure Resources to Build Gene Editing/Cell Therapy Drug Development Platform
NEW YORK, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Brooklyn ImmunoTherapeutics, Inc. (Nasdaq: BTX) (“Brooklyn”), a biopharmaceutical company focused on exploring the role that cytokine and gene editing/cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases, today announces the appointment of Susan McClatchey as Vice President, Head of Quality.
“We are aggressively preparing to handle what we believe will be a rapid ramp-up of drug development activities through our gene editing/cell therapy platform, which will require specialized resources including quality assurance,” commented Howard J. Federoff, M.D., Ph.D, Brooklyn’s President and Chief Executive Officer. “Susan is highly qualified to head our quality department, having nearly 30 years of industry experience.”
Ms. McClatchey joins Brooklyn from IQVIA, a San Diego-based cell and gene therapy translation center. Previously she has held key quality positions at ViaCyte, Cosmo Bioscience, the American Red Cross National Testing Laboratory, BioAgilytix (formerly MicroConstants), GenStar Therapeutics, and IDEC Pharmaceuticals. She holds a Bachelor of Science degree in Biology from the University of California, San Marcos and a professional certification in clinical trials management from the University of California San Diego Extension.
About Brooklyn ImmunoTherapeutics
Brooklyn is focused on exploring the role that cytokine, gene editing, and cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases.
Brooklyn’s most advanced program is IRX-2, a human cell-derived cytokine therapy, studying the safety and efficacy of IRX-2 in patients with head and neck cancer in Phase 2B. In a Phase 2A clinical trial in head and neck cancer, IRX-2 demonstrated an overall survival benefit. Additional studies are either underway or planned in other solid tumor cancer indications.
Brooklyn has multiple next-generation cell and gene-editing therapies in preclinical development for various indications including acute respiratory distress syndrome, solid tumor indications, as well as in vivo gene-editing therapies for rare genetic diseases. For more information about Brooklyn and its clinical programs, please visit www.BrooklynITx.com.
Notice of Issuance of Inducement Grant
Brooklyn also announced that on November 29, 2021, Susan McClatchey was granted a non-qualified stock option covering 70,000 shares of Brooklyn’s common stock (the “Option Grant”). The Option Grant has a per share exercise price equal to the closing price of a share of Brooklyn’s common stock on The Nasdaq Global Market on November 29, 2021. Of the shares covered by the Option Grant, twenty-five percent will vest on November 29, 2022, and the remaining shares will vest in equal installments on the twenty-ninth day of each calendar month from December 29, 2022 through November 29, 2025, in each case for so long as Ms. McClatchey provides continuous service to Brooklyn through the relevant vesting date. Any unvested portion of the Option Grant will terminate upon the termination of Ms. McClatchey’s employment with Brooklyn for any reason, subject to certain vesting acceleration provisions upon a qualifying termination in connection with a change in control (as defined for purposes of Brooklyn’s 2021 Inducement Stock Incentive Plan). The Option Grant will otherwise expire on the tenth anniversary of the grant date and be subject to the terms and conditions of an option agreement approved by Brooklyn. The Option Grant is intended to constitute an “employment inducement grant” in accordance with the employment inducement grant rules set forth in Section 5635(c)(4) of the Nasdaq Listing Rules and is offered as an inducement material to Ms. McClatchey in connection with her hiring by Brooklyn. The Option Grant was granted pursuant to Brooklyn’s 2021 Inducement Stock Incentive Plan, which was not subject to stockholder approval.
The statements in the second paragraph of this release with respect to the timing and completion of Brooklyn’s ramp-up of drug development activities are not historical facts and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Those statements, which are expectations only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results could differ materially from those stated or implied in any forward-looking statement as a result of various factors, including, but not limited to, uncertainties related to: (i) the evolution of Brooklyn’s business model into a platform company focused on cellular, gene editing and cytokine programs; (ii) Brooklyn’s ability to successfully, cost-effectively and efficiently develop its technology and products; (iii) Brooklyn’s ability to successfully commence clinical trials of any products on a timely basis or at all; (iv) Brooklyn’s ability to successfully fund and manage the growth of its development activities; (v) Brooklyn’s ability to obtain regulatory approvals of its products for commercialization; and (vi) uncertainties related to the impact of the COVID-19 pandemic on the business and financial condition of Brooklyn, including on the timing and cost of its clinical trials. You should not rely upon forward-looking statements as predictions of future events. Brooklyn does not undertake any obligation to update the forward-looking statements contained herein to reflect events that occur or circumstances that exist after the date of this press release, except as may be required by applicable law or regulation. Factors that may impact Brooklyn’s success are more fully disclosed in Brooklyn’s public filings with the Securities and Exchange Commission, particularly under “Risk Factors” or similar headings.
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