Proven Leader in Building Financial Organizations to Prepare Company for Successful Commercialization
Planning for Seladelpar Launch as it Completes Development and Regulatory Submissions
NEWARK, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced that seasoned biopharma executive Harish Shantharam, CFA has joined the company as Chief Financial Officer. Mr. Shantharam brings nearly 20 years of biotech experience leading financial functions with a very strong emphasis on setting strategy and building financial planning and accounting operations to prepare companies for commercial drug launch.
Mr. Shantharam’s career has been highlighted by a variety of progressive commercial planning, operations, FP&A, and commercial finance roles, both domestically and globally. Mr. Shantharam was most recently the Senior Finance Adviser to the CFO at Eikon Therapeutics. Prior to joining Eikon, Harish spent eleven years at Gilead, last serving as Vice President and Head of Global Commercial Finance. In this role, he supported a $20-30 billion revenue business and multibillion-dollar budget across North America, Europe, Asia, and emerging markets. Prior to Gilead, Mr. Shantharam served in various roles of increasing responsibility driving forecasting, commercial analytics and business development at Amgen. Throughout his career, he has supported multiple product launches, leading financial and commercial operations. Harish holds an MBA in finance from UCLA Anderson School of Management and a graduate degree in Industrial Engineering from the University of Texas. He is also a CFA charter holder.
“We are delighted to welcome Harish to the CymaBay team. His addition marks the start of a critical growth phase for the company as we plan for the completion of our phase 3 study, regulatory filing and commercialization of seladelpar for patients with PBC. His operational leadership capabilities as well as his strong strategic, finance and commercial experience will be critical as we embark on a transformation to becoming a fully integrated commercial biotech company,” said Sujal Shah, CymaBay President and Chief Executive Officer. “It is our good fortune to recruit an accomplished biotechnology executive such as Harish with his record of successfully leading commercial finance in a world-class, global company.”
“It’s very exciting to join the CymaBay team at this pivotal time, as the company completes its phase 3 trial of seladelpar and looks ahead to the therapy’s potential market launch,” said Mr. Shantharam. “I was drawn to the company because of its patient-care focus, deep clinical expertise, scientific integrity, strong investor and shareholder focus, and its skilled and passionate leadership team.”
About CymaBay
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on improving the lives of people with liver and other chronic diseases that have high unmet medical need through a pipeline of innovative therapies. Our deep understanding of the underlying mechanisms of liver inflammation and fibrosis, and the unique targets that play a role in their progression, have helped us receive breakthrough therapy designation (U.S. Food and Drug Administration), PRIority MEdicines status (European Medicines Agency) and orphan drug status (U.S. and Europe) for seladelpar, a first-in-class investigational treatment for people with primary biliary cholangitis (PBC). Our evidence-based decision-making and commitment to the highest quality standards reflect our relentless dedication to the people, families and communities we serve. To learn more, visit www.cymabay.com and follow us on Twitter and Linkedin.
Cautionary Statements
Any statements made in this press release regarding the potential approval, launch and commercialization of seladelpar or timing or plans in regard thereto, as well as statements regarding the completion of ongoing clinical trials and subsequent regulatory submissions are forward looking statements that are subject to risks and uncertainties. Actual results and the timing of events regarding the further development of seladelpar could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, which include, without limitation, risks related to: the success, cost and timing of any of CymaBay's product development activities, including clinical trials; effects observed in trials to date that may not be repeated in the future; any delays or inability to obtain or maintain regulatory approval of CymaBay's product candidates in the United States or worldwide; and the ability of CymaBay to obtain sufficient financing to complete development, regulatory approval and commercialization of its product candidates in the United States and worldwide. Additional risks relating to CymaBay are contained in CymaBay's filings with the Securities and Exchange Commission, including without limitation its most recent Annual Report on Form 10-K and other documents subsequently filed with or furnished to the Securities and Exchange Commission. CymaBay disclaims any obligation to update these forward-looking statements except as required by law.
Public Relations Contact:
Glenn Silver
Lazar-FINN Partners
(973) 818-8198
Glenn.silver@finnpartners.com
Investor Relations Contact:
Hans Vitzthum
LifeSci Advisors, LLC
(617) 430-7578
Hans@LifeSciAdvisors.com
