SAN DIEGO, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that Jim Beitel, MBA, has joined the company as its Chief Business Officer ("CBO").
Following recent transactions, Cidara is focused exclusively on advancing its Cloudbreak DFC pipeline, which provides numerous partnering and licensing opportunities, and a dedicated CBO will be a vital resource for the organization. Preetam Shah, Ph.D., MBA, who has held the roles of both Chief Financial Officer ("CFO") and CBO for Cidara since 2021, will continue as the CFO and principal accounting officer overseeing the finance, accounting, and investor relations functions.
"We welcome Jim to Cidara's executive team during an important time of corporate transformation," said Jeffrey Stein, Ph.D., President and Chief Executive Officer of Cidara. "Jim's extensive expertise in biopharma business development and partnerships will be extremely valuable given the expansive partnering opportunities created by our Cloudbreak pipeline starting with CD388, our universal influenza preventative, entering a Phase 2b trial this fall. I am confident that he will be a tremendous asset to the Company."
Mr. Beitel added, "I'm pleased to join the company at this pivotal time. With its Cloudbreak platform and promising pipeline of novel DFCs, Cidara is poised to make significant strides in treating serious diseases such as influenza. I look forward to leveraging my decades of experience to enhance our business development efforts and build strategic partnerships that will help unlock the full potential of these groundbreaking treatment options."
Mr. Beitel has over 20 years of experience in life science corporate development including strategy, business development, commercialization, finance, and other roles for a variety of companies including biotech, commercial-stage specialty pharma, early-stage venture-backed companies, and multi-national pharmaceutical companies. Most recently, Mr. Beitel was Senior Vice President of Corporate Development at Fate Therapeutics where his record includes strategic partnering in oncology and autoimmune diseases. During Mr. Beitel's career in business development, he has successfully sourced and executed partnering activities which significantly expanded company pipelines, generated over $4 billion in upfront payments and collaboration revenues, and contributed to the ability to raise over $1 billion in equity financings.
Mr. Beitel earned his bachelor's degree from the University of Kansas and holds a Master of Business Administration from Harvard Business School.
About Cidara Therapeutics
Cidara Therapeutics is using its proprietary Cloudbreak® platform to develop novel drug-Fc conjugates (DFCs). These targeted immunotherapies offer the unique opportunity to create "single molecule cocktails" comprised of targeted small molecules and peptides coupled to a human antibody fragment (Fc). DFCs are designed to save lives and improve the standard of care for patients facing serious diseases by inhibiting specific disease targets while simultaneously engaging the immune system. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.
Inducement Awards
In connection with the foregoing appointment, Cidara's Compensation Committee of its Board of Directors granted a non-qualified stock option award and restricted stock units (RSUs) for an aggregate of 71,000 shares of its common stock, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, with a grant date of August 19, 2024. The stock option has an exercise price of $12.96 per share, which is equal to the closing price of Cidara's common stock on the grant date. The shares subject to the option will vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter. All RSUs vest in four equal annual installments, with 1/4 vesting on each of the first, second, third and fourth anniversaries of the Quarterly Vesting Date that occurs during the calendar quarter that includes the Date of Grant. Quarterly Vesting Date means March 10, June 10, September 10 or December 10. The awards are subject to the award holder's continuous service through each vesting date and to the terms and conditions of Cidara's 2020 Inducement Incentive Plan and its standard forms of grant agreements thereunder.
The foregoing equity award was granted as an inducement material to the employee entering into employment with Cidara, in accordance with Nasdaq Listing Rule 5635(c)(4). The Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Cidara, or following a bona fide period of non-employment, as an inducement material to such individual's entering into employment with Cidara, pursuant to Nasdaq Listing Rule 5635(c)(4).
Forward-Looking Statements of Cidara
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates," "expect," "may," "plan" or "will". Forward-looking statements in this release include, but are not limited to, statements related to whether we will start a Phase 2b clinical trial for CD388 in 2024, whether any Cloudbreak oncology candidates will advance, and whether any license, collaboration of other transaction related to a Cloudbreak asset will be completed. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as unanticipated delays in or negative results from Cidara's preclinical or clinical trials, delays in action by regulatory authorities, and other obstacles on the enrollment of patients or other aspects of CD388, or other DFC development. These and other risks are identified under the caption "Risk Factors" in Cidara's most recent Quarterly Report on Form 10-Q and other filings subsequently made with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com
MEDIA CONTACT:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com
