Company founder Robert Coates becomes Executive Chairman
HOUSTON, March 17, 2020 (Newswire.com) - Memgen, a private biotechnology company developing innovative immuno-oncology drugs, announced today that its Board of Directors has appointed Gregory B. Brown, MD, as Chief Executive Officer. He currently serves and will remain on the Memgen board of directors. The company also announced that Robert Coates, PhD, founder and prior Chief Executive Officer, will become Executive Chairman.
"Having seen the scientific capability and execution at Memgen advance over the past four years, I am excited to assume the CEO role at such an important time in the company's growth," said Gregory B. Brown, Chief Executive Officer of Memgen. "As Memgen prepares to advance its lead program into clinical trials this year, based on consistently outstanding preclinical data, we have the opportunity to further develop a therapeutic that could provide meaningful benefit to cancer patients who currently have few effective options. I want to thank Bob Coates for his visionary and passionate leadership in Memgen's early years and look forward to continuing to work closely with him in his new role as Executive Chairman."
Dr. Coates added, "I am delighted to have someone of Greg's caliber and experience take on the role as CEO of Memgen. The Board and I are highly confident that Greg will provide exceptional leadership to successfully advance our drug candidates and continue to propel Memgen forward."
Dr. Brown assumes his position as CEO with a track record of success in the biotechnology, pharmaceutical and finance sectors. He was a founder and remains Vice Chairman and a member of the Senior Advisor Board of Healthcare Royalty Partners ("HCR Partners"), a private investment firm which purchases royalties and uses debt-like structures to invest in commercial or near-commercial stage biopharmaceutical assets, with $5.5 billion in cumulative capital commitments. Prior to HCR Partners, Dr. Brown was a Partner at Paul Capital Partners following a successful career in healthcare investment banking at Adams, Harkness and Hill and Vector Securities International. He began his career as a practicing thoracic and vascular surgeon in a community setting and has founded several healthcare businesses. He has served on the boards of directors of close to 20 private and public life science companies and currently serves on the boards of Aquestive Therapeutics (NASDAQ:AQST), Caladrius Biosciences, Inc. (NASDAQ:CLBS), and Faron Pharmaceuticals, Oy (LSE:FARN). He earned an MBA at Harvard Business School, an MD at SUNY Upstate Medical Center, and a BA at Yale University.
Memgen is a cancer immunotherapy company focused on creating drugs that harness the power of the immune system to cure cancer. Its first-in-class immune-oncology therapeutics are designed for the treatment of patients who do not respond to currently available therapeutic options. The Company's lead product, MEM-288, is engineered to both selectively target cancer cells and supercharge the immune system through expression of two unique and powerful immune modulators: CD40 ligand (CD40L) and the powerful cytokine interferon beta. MEM-288 has been demonstrated to generate a strong, systemic anti-tumor immune response, following intra-tumoral vaccination in multiple tumors. The Company expects to begin clinical testing with MEM-288 in the current year. The Company's pipeline products all utilize its proprietary CD40L transgene, MEM40, which has already been tested in human subjects and has demonstrated the ability to elicit powerful, antigen-specific anti-tumor immune responses across a broad range of tumor types.