Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset
clinical-stage biopharmaceutical company, focused on identifying,
developing, and commercializing treatments in high unmet need areas
involving rare diseases and multi-drug resistant (MDR) bacterial
infections, today announced the appointment of Esther Rajavelu as
Chief Financial Officer and Chief Business Officer. Ms. Rajavelu
will succeed Stephen DiPalma, who has served as the company’s
Interim CFO since August 1, 2023.
“We are thrilled to welcome Esther to the
executive leadership team as our new CFO and CBO. Esther brings a
proven track record in corporate finance, from both industry and
Wall Street, bringing expertise in life science growth strategies,
investor relations, financing, and M&A,” said Sath Shukla,
Spero’s Chief Executive Officer. “This expertise will play an
important role in the company’s success, as we advance our pipeline
and prepare Spero for multiple important upcoming clinical,
regulatory and financial milestones.”
Esther Rajavelu commented, “I am honored to join
Spero Therapeutics and its experienced team, dedicated to
developing therapies for patients suffering from serious rare
orphan diseases and life-threatening infections. With a
differentiated clinical pipeline in areas of high unmet need, Spero
Therapeutics is well positioned to achieve its vision of bringing
innovative medicines to patients and driving shareholder value. At
this pivotal time, I look forward to working with Sath, the Board
of Directors, and the entire team at Spero Therapeutics to further
the strategic growth of the Company.”
Ms. Rajavelu brings to Spero Therapeutics more
than two decades of life sciences sector experience combining
equities research, investment banking, strategy consulting, and
most recently CFO operating experience. She has deep expertise in
strategy, investor relations, financing, and M&A in the
pharmaceuticals and biotechnology sectors. Most recently, serving
as the CFO at Fulcrum Therapeutics, a clinical stage
biopharmaceutical company focused on rare genetic diseases she led
equity financings, and developed and executed a strategic plan to
realign internal investments and operations to prioritize capital
deployment towards key near-term value drivers and extend cash
runway. Prior to her transition as a biotech operating executive,
Ms. Rajavelu had a successful career on Wall Street, serving as a
Senior Equities Research Analyst covering SMID-cap biotechnology
companies at UBS, Oppenheimer, and Deutsche Bank. Prior to her
career in sell-side equities research, she spent several years as a
healthcare investment banker at Bank of America Merrill Lynch and
EY Capital Advisors executing on M&A and financing
transactions. Prior to investment banking, Ms. Rajavelu was a
strategy consultant at Towers Perrin focused on U.S. large
pharmaceutical companies. The breadth of her company experiences
includes Fortune 500, mid-cap companies, and startups in the life
sciences sector. Ms. Rajavelu holds an MBA in Finance and Health
Care Management from The Wharton School at the University of
Pennsylvania, and a BA from Wesleyan University.
Spero’s Interim CFO, Steve DiPalma, will
continue to serve in his capacity as Principal Financial Officer
through the filing of the Form 10-Q for the quarter ended September
30, 2023. Ms. Rajavelu will formally assume the role of Principal
Financial Officer on the day after the filing of such
Form 10-Q.
Inducement Award
In connection with Ms. Rajavelu joining Spero,
the Compensation Committee of Spero’s Board of Directors authorized
the grant to Ms. Rajavelu on November 13, 2023 (the “Grant Date”)
of 300,000 restricted stock units (“RSUs”) under the Spero
Therapeutics, Inc. 2019 Inducement Equity Incentive Plan, as
amended (the “2019 Inducement Plan”). The RSUs are being granted as
an inducement material to Ms. Rajavelu becoming an employee of
Spero in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs
will vest in four equal annual installments beginning on November
6, 2024, subject to Ms. Rajavelu’s continued employment with Spero
on such vesting dates. The RSUs are subject to the terms and
conditions of the 2019 Inducement Plan and the terms and conditions
of the RSU agreement covering the grant.
About Spero
TherapeuticsSpero Therapeutics, headquartered in
Cambridge, Massachusetts, is a multi-asset, clinical-stage
biopharmaceutical company focused on identifying, developing, and
commercializing novel treatments for bacterial infections,
including multi-drug resistant bacterial infections and rare
diseases.
- Spero Therapeutics is developing
SPR720 as a novel oral therapy candidate for the treatment of a
rare, orphan pulmonary disease caused by non-tuberculous
mycobacterial infections.
- Tebipenem HBr is an investigational
drug in the United States being developed for the treatment of
cUTI, including pyelonephritis, caused by certain bacteria, in
adult patients who have limited treatment options; tebipenem HBr is
not FDA-approved.
- Spero Therapeutics also has an
IV-administered next generation polymyxin product candidate,
SPR206, developed from its potentiator platform, which is in
development to treat MDR Gram-negative infections in the hospital
setting.
For more information, visit
www.sperotherapeutics.com
Forward Looking Statements
This press release may contain forward-looking statements. These
statements include, but are not limited to, statements about the
design, initiation, timing, progress and results of Spero's
preclinical studies and clinical trials and its research and
development programs, as well as the regulatory path forward for
tebipenem HBr and potential FDA approval, and management's
assessment of the results of such preclinical studies and clinical
trials. In some cases, forward-looking statements can be identified
by terms such as "may," "will," "should," "expect," "plan," "aim,"
"anticipate," "could," "intent," "target," "project,"
"contemplate," "believe," "estimate," "predict," "potential" or
"continue" or the negative of these terms or other similar
expressions. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including whether tebipenem HBr, SPR720 and
SPR206 will advance through the clinical trial process on a timely
basis, or at all, taking into account the effects of possible
regulatory delays, slower than anticipated patient enrollment,
manufacturing challenges, clinical trial design and clinical
outcomes; whether the results of such trials will warrant
submission for approval from the FDA or equivalent foreign
regulatory agencies; whether the FDA will ultimately approve
tebipenem HBr and, if so, the timing of any such approval; whether
the FDA will require any additional clinical data or place labeling
restrictions on the use of tebipenem HBr that would delay approval
and/or reduce the commercial prospects of tebipenem HBr; whether a
successful commercial launch can be achieved and market acceptance
of tebipenem HBr can be established; whether results obtained in
preclinical studies and clinical trials will be indicative of
results obtained in future clinical trials; Spero's reliance on
third parties to manufacture, develop, and commercialize its
product candidates, if approved; Spero’s need for additional
funding; the ability to commercialize Spero's product candidates,
if approved; Spero's ability to retain key personnel; Spero’s
ongoing leadership transitions; whether Spero's cash resources will
be sufficient to fund its continuing operations for the periods
and/or trials anticipated; and other factors discussed in the "Risk
Factors" set forth in filings that Spero periodically makes with
the SEC. The forward-looking statements included in this press
release represent Spero's views as of the date of this press
release. Spero anticipates that subsequent events and developments
will cause its views to change. However, while Spero may elect to
update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Spero's views as of any date subsequent to the date of
this press release.
Investor Relations Contact:Ted JenkinsVice
President, Investor Relations and Strategic
FinanceIR@sperotherapeutics.com(617) 798-4039
Media Inquiries: Lora Grassilli, Health Media
RelationsZeno Grouplora.grassilli@zenogroup.com646-932-3735
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