Gyre Therapeutics Appoints Ping Zhang as Lead Independent Director

By Tamara Parker • Monday, January 06 10:17 • Permanent Link

Gyre Therapeutics, a biotechnology company, has recently made significant changes to its board of directors and management. The company announced the appointment of Ping Zhang as the lead independent director of the Board and a member of the Nominating and Corporate Governance Committee. Additionally, Ying Luo, Ph.D., has resigned as Chairman and a member of the Board of Directors, with Songjiang Ma being appointed as the new Chairman of the Board of Directors of Gyre Pharmaceuticals.

With a focus on financial expertise, Mr. Zhang brings his experience as a Managing Partner of String Capital Management Co., Limited, and his previous roles at AEON Life Insurance Company, Ltd., Japan Asia Investment Co., Ltd., AEA Investors LP, and Mitsubishi UFJ Securities Co., Ltd. This appointment is expected to bring deep financial insights to the company, as mentioned by Han Ying, Ph.D., CEO of Gyre Therapeutics.

Gyre Therapeutics, headquartered in San Diego, CA, is primarily focused on the development and commercialization of F351 (Hydronidone) for the treatment of MASH-associated fibrosis in the U.S. The company is also advancing a diverse pipeline in the People’s Republic of China through its indirect controlling interest in Gyre Pharmaceuticals, which focuses on the research, development, manufacturing, and commercialization of innovative drugs for organ fibrosis.

Gyre Pharmaceuticals' flagship product, ETUARY® (Pirfenidone capsule), was the first approved treatment for IPF in the PRC in 2011 and has maintained a prominent market share, with 2023 net sales of $112.1 million. Furthermore, Gyre Pharmaceuticals is evaluating F351 in a Phase 3 clinical trial in CHB-associated liver fibrosis in the PRC, with topline data expected by early 2025. F351 received Breakthrough Therapy designation by the NMPA Center for Drug Evaluation in March 2021.

These changes indicate a strategic shift in leadership and governance within the company, aimed at leveraging financial expertise and advancing clinical development programs for chronic organ diseases. As a result of these announcements, the company's shares have moved -5.9% on the market, and are now trading at a price of $10.15. Check out the company's full 8-K submission here.

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