Albireo Pharma, Inc. (Nasdaq: ALBO), a rare liver disease company
developing novel bile acid modulators, today announced the
appointment of Constantine Chinoporos as Chief Business Officer and
a member of the Albireo Enterprise Leadership Team. Mr. Chinoporos
was most recently at Boston Pharmaceuticals where he was the Chief
Business Officer responsible for all business development, new
product planning operations and in-licensing of 20 programs over
his tenure. He brings 30 years of experience in business
development, new product planning operations, corporate
development, global licensing and divestitures. In this new role,
Mr. Chinoporos will be responsible for creating a forward
integration strategy to accelerate Albireo’s growth and maximize
the value of our opportunities.
“With recent approvals and a global launch of Bylvay, as well as
the continued progression of our pipeline assets, we have a strong
foundation with multiple opportunities. Constantine’s deep
strategic and partnering expertise in the biopharmaceutical arena
is an invaluable addition as we develop a forward integration
strategy that drives growth and value for Albireo,” said Ron
Cooper, President and Chief Executive Officer of Albireo.
In the last decade, Mr. Chinoporos also held senior strategic
roles at Sanofi, Genzyme and Eli Lilly. Most recently at Boston
Pharmaceuticals, he led all business development and new product
planning functions. Over six years, Mr. Chinoporos in-licensed 20
programs, which included a novel collaboration structure with
GlaxoSmithKline. Prior to that, Mr. Chinoporos served in various
corporate and business development leadership roles leading global
teams for 14 years at Sanofi and Genzyme, and completing notable
transactions. Before Genzyme, Mr. Chinoporos served in various
capacities at Eli Lilly, including roles in corporate finance &
investment banking and alliance management.
“I am excited to be joining Albireo at this pivotal time when
Bylvay is now globally available with the potential to become a
billion-dollar product by the end of the decade, while at the same
time, there is also great opportunity with earlier stage products
that could serve the large adult and viral disease markets,” said
Constantine Chinoporos, Chief Business Officer of Albireo. “The
corporate value of the company with a globally commercialized drug,
a strategic pipeline where partnership opportunities exist, and a
talented global team, sets Albireo up to realize the strategic
business plans through the decade and I’m thrilled to be a part of
it.”
Mr. Chinoporos will receive inducement grants of stock options
exercisable for an aggregate of 23,000 shares of Albireo’s common
stock and restricted stock units representing the opportunity to
acquire 5,000 shares of Albireo’s common stock. The exercise price
for the inducement grants will be $22.98, the closing price of
Albireo’s common stock as of December 1, 2021, and were granted as
inducements material to Mr. Chinoporos' acceptance of employment
with Albireo in accordance with Nasdaq Listing Rule 5635(c)(4). The
inducement grants have a 10-year term and vest over a four-year
period, subject to Mr. Chinoporos' continued service with Albireo
through the applicable vesting dates. The vesting schedule for the
inducement grants is 25 percent on the one-year anniversary of Mr.
Chinoporos' start date with Albireo and 75 percent in 12 equal
quarterly installments thereafter. The inducement grants are
subject to the terms and conditions of Albireo’s 2020 Inducement
Equity Incentive Plan.
About AlbireoAlbireo Pharma is a rare disease
company focused on the development of novel bile acid modulators to
treat rare pediatric and adult liver diseases. Albireo’s lead
product, Bylvay, was approved by the U.S. FDA as the first drug for
the treatment of pruritus in all types of progressive familial
intrahepatic cholestasis (PFIC), and it is also being developed to
treat other rare pediatric cholestatic liver diseases with Phase 3
trials in Alagille syndrome and biliary atresia, as well as an
Open-label Extension (OLE) study for PFIC. In Europe, Bylvay has
been approved for the treatment of PFIC and has been submitted for
pricing and reimbursement approval. The Company is progressing a
Phase 1 clinical trial for A3907 to advance development in adult
cholestatic liver disease, with IND-enabling studies moving ahead
with A2342 for viral and cholestatic liver disease. Albireo was
spun out from AstraZeneca in 2008 and is headquartered in Boston,
Massachusetts, with its key operating subsidiary in Gothenburg,
Sweden. The Boston Business Journal named Albireo one of the 2019
and 2020 Best Places to Work in Massachusetts. For more information
on Albireo, please visit www.albireopharma.com.
Forward-Looking Statements This press release
includes “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements, other than statements of historical
fact, regarding, among other things: Albireo’s commercialization
plans and expectations for commercializing Bylvay in the U.S. and
Europe; the plans for, or progress, scope, cost, initiation,
duration, enrollment, results or timing for availability of results
of, development of Bylvay, A3907, A2342 or any other Albireo
product candidate or program; the pivotal trial for Bylvay in
biliary atresia (BOLD); the pivotal trial for Bylvay in Alagille
syndrome (ASSERT); the Phase 1 trial for A3907; the IND-enabling
studies for A2342; the target indication(s) for development or
approval; the size, design, population, location, conduct, cost,
objective, enrollment, duration or endpoints of any clinical trial,
or the timing for initiation or completion of or availability or
reporting of results from any clinical trial, including the
long-term open-label extension study for Bylvay in PFIC, the BOLD
and ASSERT trials, Phase 1 trial for A3907 and the IND-enabling
studies for A2342; potential regulatory approval by and discussions
with the FDA or EMA regarding our programs; expectations that the
Company’s distribution and supply agreements will drive
availability of Bylvay in key markets globally, and potential
revenue that may be generated by such agreements; potential
regulatory approval and plans for potential commercialization of
Bylvay in countries outside of the U.S. and Europe, including
Japan; the potential benefits or competitive position of Bylvay or
any other Albireo product candidate or program or the commercial
opportunity in any target indication; the potential effects of
Bylvay of the treatment of PFIC patients and its potential to
improve the current standard of care; or Albireo’s plans,
expectations or future operations, financial position, revenues,
costs or expenses. Albireo often uses words such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “will,” “should,” “could,” “estimates,” “predicts,”
“potential,” “planned,” “continue,” “guidance,” or the negative of
these terms or other similar expressions to identify
forward-looking statements. Actual results, performance or
experience may differ materially from those expressed or implied by
any forward-looking statement as a result of various risks,
uncertainties and other factors, including, but not limited to:
there are no guarantees that Bylvay will be commercially
successful; we may encounter issues, delays or other challenges in
launching or commercializing Bylvay; whether Bylvay receives
adequate reimbursement from third-party payors; the degree to which
Bylvay receives acceptance from patients and physicians for its
approved indication; challenges associated with execution of our
sales activities, which in each case could limit the potential of
our product; challenges associated with supply and distribution
activities, which in each case could limit our sales and the
availability of our product; results achieved in Bylvay in the
treatment of patients with PFIC may be different than observed in
clinical trials, and may vary among patients; other potential
negative impacts of the COVID-19 pandemic, including on
manufacturing, supply, conduct or initiation of clinical trials, or
other aspects of our business; whether favorable findings from
clinical trials of Bylvay to date, including findings in
indications other than PFIC, will be predictive of results from
other clinical trials of Bylvay; there is no guarantee that Bylvay
will be approved in jurisdictions or for indications beyond the
jurisdictions in which or indications for which Bylvay is currently
approved; there is no guarantee that our other products candidates
will be approved; estimates of the addressable patient population
for target indications may prove to be incorrect; the outcome and
interpretation by regulatory authorities of the ongoing third-party
study pooling and analyzing of long-term PFIC patient data; the
timing for initiation or completion of, or for availability of data
from, clinical trials of Bylvay, including BOLD and ASSERT, and the
Phase 1 clinical trial of A3907, and the outcomes of such trials;
Albireo’s ability to obtain coverage, pricing or reimbursement for
approved products in the United States or Europe; delays or other
challenges in the recruitment of patients for, or the conduct of,
the Company’s clinical trials; and the Company’s critical
accounting policies. These and other risks and uncertainties that
Albireo faces are described in greater detail under the heading
“Risk Factors” in Albireo’s most recent Annual Report on Form 10-K
or in subsequent filings that it makes with the Securities and
Exchange Commission. As a result of risks and uncertainties that
Albireo faces, the results or events indicated by any
forward-looking statement may not occur. Albireo cautions you not
to place undue reliance on any forward-looking statement. In
addition, any forward-looking statement in this press release
represents Albireo’s views only as of the date of this press
release and should not be relied upon as representing its views as
of any subsequent date. Albireo disclaims any obligation to update
any forward-looking statement except as required by applicable
law.
Media Contact:Colleen Alabiso,
857-356-3905, colleen.alabiso@albireopharma.com
Investor Contact:Hans Vitzthum,
LifeSci Advisors, LLC., 857-272-6177
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