Oncothyreon Inc. (NASDAQ:ONTY), a clinical-stage biopharmaceutical company dedicated to the development of therapeutic products to improve the lives and outcomes of patients with cancer, today announced the appointment of Scott D. Myers as President, Chief Executive Officer and a member of the Board of Directors, effective April 4, 2016.
Myers, 49, brings more than 20 years of industry expertise, including significant management, commercialization and business development experience in multinational pharmaceutical companies. Myers most recently served as Chief Executive Officer and President for Aerocrine AB, a life sciences company based in Stockholm, Sweden and Morrisville, NC. Aerocrine was acquired by Circassia Pharmaceuticals, a UK-based immunotherapy company, in July of 2015. Myers also served as an independent Director for Orexo, AB, a pharmaceutical company and is currently an industry advisor to EQT, a large Scandinavian investment fund.
Prior to joining Aerocrine in 2011, Myers served as Vice President, Head of European Mid-Markets for UCB, a Belgian-based, global biopharmaceutical company. In this role, Myers oversaw commercial operations and medical affairs for 32 countries in the EU. Prior to UCB, Myers served in senior roles responsible for business development, strategic marketing and pharmaceutical portfolio management at several leading companies including Johnson & Johnson. Myers received an MBA from the University of Chicago and a BA in Biology from Northwestern University.
“Scott brings a wealth of operational, business development and commercial experience that we believe will be invaluable to Oncothyreon,” said Christopher S. Henney, Ph.D., D.Sc., Chairman of the Oncothyreon Board of Directors. “His significant leadership across multiple areas in the biopharmaceutical arena will serve the company well, both in terms of product development and leveraging business development opportunities to strengthen the company.”
“I believe Oncothyreon’s product pipeline, led by ONT-380 for HER2-positive breast cancer, offers promise to impact the future of cancer treatment,” said Myers. “I look forward to leading the management team and working with the Board to guide the advancement of Oncothyreon’s innovative therapeutic products as well as pursuing opportunities to further strengthen the company and build stockholder value.”
In connection with Myers’ appointment, Oncothyreon’s Compensation Committee granted him an inducement stock option to purchase 2,848,855 shares of common stock pursuant to the NASDAQ Listing Rule 5635(c)(4). The stock option grant will be effective on April 4, 2016, the date Myers’ employment commences. The exercise price of the inducement stock option will be the closing price of Oncothyreon’s common stock on the effective date of the grant, and 25 percent of the award will vest on the first anniversary of the grant date, with the remaining portion of the option vesting monthly thereafter, subject to Myers’ continued service. (Original Source)
Shares of Oncothyreon are up nearly 3% in pre-market trading. ONTY has a 1-year high of $4.69 and a 1-year low of $0.90. The stock’s 50-day moving average is $1.09 and its 200-day moving average is $2.23.
On the ratings front, Oncothyreon has been the subject of a number of recent research reports. In a report issued on March 15, Cantor Fitzgerald analyst Mara Goldstein reiterated a Hold rating on ONTY, with a price target of $2, which implies an upside of 80.2% from current levels. Separately, on March 14, Cowen’s Boris Peaker reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mara Goldstein and Boris Peaker have a total average return of -17.4% and 10.7% respectively. Goldstein has a success rate of 26.6% and is ranked #3715 out of 3749 analysts, while Peaker has a success rate of 41.0% and is ranked #291.
Oncothyreon Inc is a clinical-stage biopharmaceutical company. It develops and commercialize synthetic vaccines & small molecules that treat the lives & outcomes of cancer patients.