On September 7, 2021 Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which is designed to address a fundamental biologic mechanism of immune suppression in cancer, reported the appointment of Robert Ilaria, Jr., M.D. as Chief Medical Officer (Press release, Infinity Pharmaceuticals, SEP 7, 2021, View Source [SID1234587319]). In addition, Brian Schwartz, M.D., will be transitioning from his role as Consulting Chief Physician to the Infinity Board of Directors.
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"Robert’s deep expertise in oncology drug development, with a focus in immuno-oncology – most recently leading the Celgene/BeiGene PD-1 inhibitor collaboration and Bristol Myers Squibb’s CTLA-4 program, will be a tremendous asset to Infinity at this exciting point in the trajectory of eganelisib’s development," said Adelene Perkins, Chief Executive Officer and Chair, Infinity Pharmaceuticals. "Robert’s extensive experience in drug development will be critically important as we build upon the compelling eganelisib data presented over the last year and initiate future studies to maximize eganelisib’s considerable potential."
Dr. Ilaria said, "I’m thrilled to join Infinity at this important time in the development of eganelisib given the strength of the data generated to date across multiple indications and treatment settings which provide strong evidence that eganelisib has the potential to be a transformative therapy in immuno-oncology. These eganelisib data underscore the importance of reprogramming macrophages in the tumor microenvironment to improve outcomes for patients with some of the greatest unmet needs in solid tumors. I look forward to working to advance eganelisib in registration enabling studies to leverage the benefit shown for patients with urothelial cancer and triple negative breast cancer, including in patients who are PD-L1 negative for whom treatment options are limited."
Dr. Schwartz said, "During my time leading eganelisib’s development, I have been extremely encouraged by the data generated from MARIO-275, MARIO-3 and MARIO-1, which demonstrate notable improvements in overall survival and progression free survival in bladder cancer and initial evidence of durable clinical activity in triple negative breast cancer. These data, along with the demonstrated ability to overcome resistance to checkpoint inhibition in patients with melanoma and squamous cell cancer of the head and neck cancer, show consistent patient benefit and on-mechanism immune modulation with eganelisib across some of the most challenging patient populations and clinical settings. I’m thrilled to continue contributing to the development of eganelisib in the capacity of a board member and look forward to working with Robert to ensure a seamless transition as he takes the helm of clinical development at Infinity."
Ms. Perkins added, "We are tremendously grateful for Brian’s impactful contributions across our clinical programs through key data readouts that pave the way for future development and are delighted he will be joining the Infinity Board of Directors to provide continued strategic insight as we plan for a registration study in bladder cancer and determine the best path forward in triple negative breast cancer based on maturing data to be presented by year end."
Dr. Ilaria joins Infinity from Bristol Myers Squibb where he was most recently the CTLA-4 Development Program Leader. He was previously Executive Medical Director, Global Clinical Research and Development at Celgene and Program Lead Physician for the PD-1 inhibitor tislelizumab partnership with BeiGene. Dr. Ilaria progressed through increasingly senior leadership roles in the global clinical development of over 20 drug candidates during 12 years at Eli Lilly and Company, resulting in Fast Track and Breakthrough Designations and accelerated approvals, and provided medical support for global regulatory submissions as well as launch and post-launch activities. Dr. Ilaria received his MD at University of Texas Southwestern Medical School, Dallas, Texas followed by internship/residency in internal medicine at Brigham and Women’s Hospital, a research post-doctoral fellowship at Harvard Medical School and a hematology and medical oncology fellowship at Brigham and Women’s Hospital and the Dana Farber Cancer Institute.
Dr. Schwartz has over 25 years of experience as a drug development expert in pharmaceutical and biotechnology industries and has served as Infinity’s consulting Chief Physician since early 2020. He was previously at ArQule for 10 years where he served as CMO prior to the acquisition by Merck & Co. of ArQule in late 2019. In senior leadership roles at ArQule, Ziopharm Oncology, Inc., Bayer AG, and LeoLabs, Inc., Dr. Schwartz has accumulated a number of successful new drug applications (NDAs), numerous investigational new drug (IND) applications, preclinical and clinical drug development programs. During his time in biotech, Dr. Schwartz acquired knowledge of investors relations, partnering and capital raising. Currently, in addition to the Infinity Board of Directors, Dr. Schwartz is a board member of Mereo Biopharma, Enlivex and Cyclacel pharmaceuticals and an advisor in different capacities to numerous biotech companies. Dr. Schwartz qualified as a medical doctor in South Africa followed by additional fellowship training in Canada.
Company Reports Inducement Grant to Chief Medical Officer under Nasdaq Listing Rule 5635(c)(4)
In accordance with Dr. Ilaria’s employment offer letter for the position of Chief Medical Officer, the Company further announces the grant of an inducement stock option award to Dr. Ilaria. This grant was approved by the Company’s Compensation Committee of the Board of Director’s and was made as a material inducement to Dr. Ilaria’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation. The inducement stock option award consists of an option to purchase a total of 300,000 shares of the Company’s common stock with an exercise price of $3.59, equal to the closing price of the Company’s common stock on September 1, 2021, the date of grant. The stock option has a 10-year term and vests over four years with 12/48 of the original number of shares vesting on the first anniversary of the date of grant and 1/48 of the original number of shares vesting monthly thereafter, subject to Dr. Ilaria’s continued service with the Company through the vesting dates. The inducement stock option award is subject to the terms and conditions of the inducement stock option award agreement covering the grant of the inducement stock options.