- Current President & CEO Stanley
C. Erck will retire effective January
23 with plans to support the leadership transition in an
advisory capacity
- Novavax is well-positioned to execute on its strategy, with
global authorizations for its COVID-19 vaccine and continued
clinical pipeline development
GAITHERSBURG, Md., Jan. 9, 2023
/PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a biotechnology
company dedicated to developing and commercializing next-generation
vaccines for serious infectious diseases, today announced that
John C. Jacobs will succeed
Stanley C. Erck as President and
Chief Executive Officer and a member of the Board of Directors. The
transition will be effective as of January
23, 2023. Mr. Erck will serve as an advisor to the Company
for the next fifteen months to enable a smooth transition.
"As we prepare for Stan's retirement, the Board reflects on the
incredible legacy he leaves behind," said James F. Young, PhD, Chairman of the Board of
Directors. "Stan led Novavax from a clinical development
organization to a global commercial vaccines company during a
worldwide pandemic. This foundation puts Novavax in a strong
position to execute on its long-term strategy, and we look forward
to supporting Stan and John through the transition. John is a
seasoned industry leader who will bring a fresh perspective and
deep industry expertise to Novavax."
Mr. Jacobs brings more than 25 years of commercial, operations,
business and leadership experience across multiple therapeutic
areas. He will join Novavax from Harmony Biosciences, where he has
served as President and Chief Executive Officer and a member of the
Board of Directors since June 2018,
and Executive Vice President and Chief Commercial Officer from
October 2017 to June 2018. Notably, Mr. Jacobs led the company
through a successful IPO and led its first product through FDA
review, approval and commercialization. Prior to joining Harmony,
Mr. Jacobs held leadership roles at Teva Pharmaceuticals beginning
in 2014, including Senior Vice President and General Manager of the
Respiratory Business Unit, Senior Vice President of Commercial
Operations in North America and
General Manager of Teva in Canada.
Mr. Jacobs has also held positions of increasing scope and
responsibility at major pharmaceutical companies including
Cephalon, Wyeth and Pfizer. He received a B.S. in business from
State University of New York College at
Plattsburgh and an M.B.A. from The State University of New York at Binghamton.
"I am grateful to Stan for the foundation that he has built and
am honored to join Novavax in advancing its important global and
public health mission," said Mr. Jacobs. "I look forward to working
with the team and helping to build on the accomplishments and
business foundation that have been established over the past
several years."
Mr. Jacobs will work in close partnership with Mr. Erck during
the transition. Mr. Erck was named President and CEO in
April 2011 and was responsible for
bringing the company's COVID-19 vaccine, its first commercial
product, to market in over 40 countries around the world and for
achieving Emergency Use Listing with the World Health Organization.
Under his leadership, Novavax created a manufacturing and supply
network to support global distribution of its COVID-19 vaccine and
advanced its late-stage pipeline with both stand-alone influenza
and COVID-19-influenza combination vaccine candidates. His efforts
transformed the company into a truly global organization with a
footprint in the Americas, Europe
and Asia Pacific
regions.
"My experience at Novavax, especially leading the company in the
global pandemic response, has been the highlight of my 40-year
career as a biotechnology leader," said Mr. Erck. "I'm grateful for
the tireless efforts of our employees, the support of the Board and
the continued commitment from our key partners in our quest to
protect the health of people everywhere. I look forward to
supporting John and the company during the leadership
transition."
About Novavax
Novavax, Inc. (Nasdaq: NVAX) is a
biotechnology company that promotes improved health globally
through the discovery, development, and commercialization of
innovative vaccines to prevent serious infectious diseases. The
company's proprietary recombinant technology platform harnesses the
power and speed of genetic engineering to efficiently produce
highly immunogenic nanoparticles designed to address urgent global
health needs. The Novavax COVID-19 vaccine has received
authorization from multiple regulatory authorities globally,
including the U.S. Food and Drug Administration, the European
Commission, and the World Health Organization. The vaccine is
currently under review by multiple regulatory agencies worldwide,
including for additional indications and populations such as
adolescents and as a booster. In addition to its COVID-19 vaccine,
Novavax is also currently evaluating its COVID-19-Influenza
Combination (CIC) vaccine candidate, its quadrivalent influenza
investigational vaccine candidate, and an Omicron strain-based
vaccine (NVX-CoV2515) as well as a bivalent format Omicron-based /
original strain-based vaccine. These vaccine candidates incorporate
Novavax' proprietary saponin-based Matrix-M adjuvant to enhance the
immune response and stimulate high levels of neutralizing
antibodies.
Forward-Looking Statements
Statements herein relating
to the future of Novavax and its leadership transition, Novavax'
mission and ability to execute on its strategy, and the ongoing
development of Novavax' COVID-19 vaccine and other vaccine
candidates are forward-looking statements. Novavax cautions that
these forward-looking statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. These risks and
uncertainties include, without limitation, whether Novavax'
leadership transition will be successful; challenges satisfying,
alone or together with partners, various safety, efficacy, and
product characterization requirements, including those related to
process qualification and assay validation, necessary to satisfy
applicable regulatory authorities; unanticipated challenges or
delays in conducting clinical trials; difficulty obtaining scarce
raw materials and supplies; resource constraints, including human
capital and manufacturing capacity, on the ability of Novavax to
pursue planned regulatory pathways; challenges meeting contractual
requirements under agreements with multiple commercial,
governmental, and other entities; the emergence of variants of the
SARS-CoV-2 virus that may negatively impact market acceptance or
anticipated sales of NVX-CoV-2373; and those other risk factors
identified in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
of Novavax' Annual Report on Form 10-K for the year ended
December 31, 2021 and subsequent
Quarterly Reports on Form 10-Q, as filed with the Securities and
Exchange Commission ("SEC"). We caution investors not to place
considerable reliance on forward-looking statements contained in
this press release. You are encouraged to read our filings with the
SEC, available at www.sec.gov and www.novavax.com, for a discussion
of these and other risks and uncertainties. The forward-looking
statements in this press release speak only as of the date of this
document, and we undertake no obligation to update or revise any of
the statements. Our business is subject to substantial risks and
uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
Contacts:
Investors
Erika Schultz | 240-268-2022
ir@novavax.com
Media
Ali Chartan | 240-720-7804
media@novavax.com
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SOURCE Novavax, Inc.