Coherus BioSciences Announces CFO Transition Plans
REDWOOD CITY, Calif., Dec. 07, 2023 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS), today announced that McDavid Stilwell, Chief Financial Officer (CFO), has resigned from the company to pursue other opportunities. Mr. Stilwell’s last day of employment with Coherus will be December 31, 2023, with ongoing service provided beyond that date by mutual agreement. Coherus will appoint a new interim Principal Financial Officer in late December 2023 or early January 2024 while it conducts a search for a new Chief Financial Officer and Principal Financial Officer.
“McDavid has been a strategic partner and a valuable member of our management team during these last three years of rapid product portfolio growth at Coherus,” said Denny Lanfear, Chairman and Chief Executive Officer of Coherus. “During McDavid’s tenure, the finance and accounting department at Coherus grew and developed to support the breadth of the company’s product portfolio. The fundamental strength of Coherus’ finance function positions us well to achieve the goals set for 2024 and beyond. We plan to conduct an expeditious search to fill the CFO position and look forward to announcing the outcome of that search when ready.”
“It has been a privilege to work with Denny and the Coherus team during this period of growth and strategic transformation. Coherus is well positioned to create significant shareholder value in the years ahead, with multiple new product launches expected to generate strong topline growth, and as it realizes the full potential of its immuno-oncology pipeline,” said Mr. Stilwell.
About Coherus BioSciences
Coherus is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. Coherus is developing an innovative immuno-oncology pipeline that will be synergistic with its proven commercial capabilities in oncology.
Coherus’ immuno-oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust immunologic response and enhance outcomes for patients with cancer. Casdozokitug is a novel anti-IL-27 antibody currently being evaluated in two on-going clinical studies: a Phase 1/2 study in advanced solid tumors and a Phase 2 study in hepatocellular carcinoma. CHS-114 is a highly selective, competitively positioned, ADCC-enhanced anti-CCR8 antibody currently in a Phase 1/2 study as a monotherapy in patients with advanced solid tumors.
Coherus’ earlier-stage immuno-oncology pipeline targets immune-suppressive mechanisms, including CHS-006, a TIGIT-targeted antibody, being evaluated in a Phase 1/2 clinical trial in combination with LOQTORZI in patients with advanced solid tumors, and CHS-1000, a preclinical program targeting the novel pathway ILT4.
Coherus markets UDENYCA® (pegfilgrastim-cbqv), a biosimilar of Neulasta®, CIMERLI® (ranibizumab-eqrn), a biosimilar of Lucentis®, YUSIMRY™ (adalimumab-aqvh), a biosimilar of Humira® and expects to launch LOQTORZI™ (toripalimab-tpzi), a novel next generation PD-1 inhibitor, in the U.S. in January 2024.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Coherus’ ability to find synergies between its I-O pipeline and its commercial operations; expectations for the launch date of LOQTORZI™; and Coherus’ expectations about achieving its goals and delivering future shareholder value and revenue growth.
Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks related to realizing the anticipated benefits of the acquisition of Surface; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review, international aspects of Coherus’ business and the timing of Coherus’ regulatory filings; the risk of FDA review issues; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus’ products and product candidates; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023 filed with the Securities and Exchange Commission on November 6, 2023, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission.
UDENYCA®, CIMERLI® YUSIMRY™ and LOQTORZI™ whether or not appearing in large print or with the trademark symbol, are trademarks of Coherus, its affiliates, related companies or its licensors or joint venture partners unless otherwise noted. Trademarks and trade names of other companies appearing in this press release are, to the knowledge of Coherus, the property of their respective owners.
Coherus Contact Information
Investors:
Jami Taylor, Head of Investor Relations
Jodi Sievers, VP Corporate Communications
