Scholar Rock, a late-stage biopharmaceutical company, has announced a significant change in its leadership team as it prepares for the global launch of apitegromab for spinal muscular atrophy (SMA). David L. Hallal, who has served as the Chairman of the Board of Directors since 2017, has been appointed as the Chief Executive Officer, succeeding Jay Backstrom, M.D.
As part of the planned transition, Jay Backstrom, M.D., will continue to work closely with the executive team and board of directors in a strategic advisor role. Additionally, three key leaders have been added to the team:
- Akshay Vaishnaw, M.D., Ph.D., has been appointed to the newly created role of President of R&D. He was formerly the President of Alnylam.
- R. Keith Woods has been appointed as the Chief Operating Officer, focusing on evolving the organization into a fully integrated global enterprise. He was previously the COO of argenx.
- Vikas Sinha has joined as the Chief Financial Officer. He was formerly the CFO of Alexion and ElevateBio.
These changes come as Scholar Rock continues to advance innovative treatments for neuromuscular diseases, cardiometabolic disorders, and other serious diseases. The company is deeply grateful to Jay Backstrom for his leadership over the past three years, particularly in driving the successful apitegromab global Phase 3 program and guiding the company towards becoming a commercial entity.
Apitegromab, an investigational fully human monoclonal antibody inhibiting myostatin activation, has shown promising results in a pivotal Phase 3 trial for SMA. The U.S. Food and Drug Administration (FDA) has granted fast track, orphan drug, and rare pediatric disease designations to apitegromab for the treatment of SMA. Additionally, the European Medicines Agency (EMA) has granted priority medicines (PRIME) and orphan medicinal product designations to apitegromab for the treatment of SMA.
Spinal Muscular Atrophy (SMA) is a rare, genetic neuromuscular disease characterized by the loss of motor neurons, voluntary muscle atrophy, and progressive muscle weakness. Scholar Rock aims to address the high unmet need for therapies that directly target the progressive muscle weakness associated with SMA.
As Scholar Rock prepares for the global launch of apitegromab, these leadership changes and additions are expected to further accelerate the company’s evolution as a global biotech leader. The company remains committed to bringing apitegromab to SMA patients around the world, with the anticipated launch later this year. Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $32.52. If you want to know more, read the company's complete 8-K report here.
