Company Update (NASDAQ:KBIO): KaloBios Pharmaceuticals Inc Appoints Ronald A. Martell Executive Chairman
KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) today announced the appointment of Ronald A. Martell, to the position of Executive Chairman. Mr. Martell currently serves as a member of the KaloBios Board of Directors. In this new role, he will work directly with the company’s senior management team to refine and execute on the strategic plan to transition KaloBios to a focused monoclonal antibody company developing therapeutics for orphan oncology indications with high unmet medical need. Mr. Martell will assume the duties of Board Chairman currently held by Ted W. Love, MD, who will continue to act as lead independent director on the KaloBios Board.
“Having someone with Ronald’s expertise and biotech industry experience in the development and commercialization of oncology therapeutics working with our team on a daily basis, as we work to refine our strategic plan in oncology going forward, will be invaluable,” said Herb Cross, Interim Chief Executive Officer and Chief Financial Officer. “In addition to our efforts to advance our development programs and operating plans, Ron will also be supporting our ongoing search for a permanent CEO, working closely with myself and the executive search and leadership advisory firm Spencer Stuart which is assisting with that national search process. We are very pleased that Ted will continue to act as lead independent director as a member of the Board, given his unique background and expertise in oncology therapeutics.”
“I am very pleased to take on this expanded role with KaloBios as we continue to develop our oncology strategy and profile,” commented Mr. Martell. “I look forward to working closely with Herb and the management team to progress KB004 and potentially expand its possible uses, while exploring further the opportunity in CMML for KB003.”
Mr. Martell has more than 25 years’ experience building and managing unique businesses in the biotech industry, and most recently served as Chief Executive Officer at Sevion Therapeutics, prior to which he held similar roles at NeurogesX and atPoniard Pharmaceuticals. Earlier in his career Mr. Martell served as Senior Vice President of Commercial Operations atImClone Systems, where he built ImClone Systems’ worldwide commercial operations and field sales force to market and commercialize Erbitux® with partners Bristol-Myers Squibb and Merck KGaA. Prior to joining ImClone Systems, Mr. Martellworked for more than 10 years at Genentech in a variety of leadership positions, the last of which was Group Manager, Oncology. At Genentech, he was responsible for building the company’s oncology franchise including the launch of Herceptin® for metastatic HER-2 positive breast cancer and Rituxan® for non-Hodgkin’s lymphoma. (Original Source)
Shares of KaloBios Pharmaceuticals Inc closed today at $0.531, up 0.009 or 1.72%. KBIO has a 1-year high of $2.45 and a 1-year low of $0.36. The stock’s 50-day moving average is $0.52 and its 200-day moving average is $0.89.
KaloBios Pharmaceuticals Inc is a biopharmaceutical company. The Company is engaged in the development of monoclonal antibody therapeutics for diseases that burdens the society and to patients and their families.