ADC Therapeutics Announces Evolution of Board of Directors
Strengthens the Board with the election of Robert W. Azelby as director
Board will be comprised of nine directors; gratitude expressed for contributions of outgoing directors
LAUSANNE, Switzerland, June 15, 2023 (GLOBE NEWSWIRE) -- ADC Therapeutics SA (NYSE: ADCT) today announced the election of Robert W. Azelby to its Board of Directors. Mr. Azelby brings more than 30 years of biopharmaceutical leadership and commercial experience to ADC Therapeutics’ Board.
“We’re delighted to welcome Bob to our Board. He brings with him a wealth of experience and a strong track record in building successful biotech companies. This expertise will be invaluable at this time as we execute on the updated corporate strategy outlined during our most recent earnings call,” said Ron Squarer, Chairman of ADC Therapeutics’ Board of Directors.
Most recently, Mr. Azelby served as President and Chief Executive Officer of Eliem Therapeutics. Prior to Eliem, he served as the Chief Executive Officer of Alder BioPharmaceuticals, Inc. from June 2018 until its acquisition by H. Lundbeck in 2019. Mr. Azelby previously served as Executive Vice President, Chief Commercial Officer of Juno Therapeutics, Inc. from 2015 through its acquisition by Celgene in 2018. Earlier in his 15 years at Amgen, Mr. Azelby served in commercial roles including Vice President and General Manager of Amgen Oncology, Vice President of Oncology Sales, Vice President of the Commercial Effectiveness Unit and General Manager of Amgen Netherlands. He has also served on the Board of Directors of Immunomedics and Cascadian Therapeutics.
“I believe ADC Therapeutics is well positioned to unlock the full value of ZYNLONTA® while advancing a pipeline of high-potential, clinical-stage ADCs,” said Mr. Azelby. “As the ADC space continues to gain positive momentum, I look forward to helping ADC Therapeutics leverage its strengths to achieve its objectives and drive growth.”
Mr. Azelby currently serves on the Board of Directors of Clovis Oncology, Inc. and Chinook Therapeutics. He holds a B.A. in Economics and Religious Studies from the University of Virginia and an M.B.A. from Harvard Business School.
In addition to the appointment of Mr. Azelby, ADC Therapeutics announced the planned departure of four Board members. Stephen Evans-Freke, Michael Forer, Chris Martin and Jacques Theurillat are stepping down, with Mr. Forer transitioning to a Board Observer. With these changes, ADC Therapeutics’ Board will now have nine directors, the majority of whom are independent under NYSE listing standards.
“On behalf of my fellow Board members and ADC Therapeutics’ employees, I’d like to thank Stephen, Michael, Chris and Jacques for their dedication and invaluable contributions to ADC Therapeutics since its inception,” said Mr. Squarer. “Their work will have a lasting impact on the lives of patients around the world.”
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs). The Company is advancing its proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.
ADC Therapeutics’ CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple ADCs in ongoing clinical and preclinical development.
ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit and follow the company on and .
ZYNLONTA® is a registered trademark of ADC Therapeutics SA.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the success of the Company’s updated corporate strategy including operating efficiencies, capital deployment and portfolio prioritization; the Company’s ability to achieve the 2023 net product sales guidance for ZYNLONTA® and the decrease in total operating expenses for 2023 and 2024, the expected cash runway into the middle of 2025, the effectiveness of the new commercial go-to-market strategy and the Company’s ability to continue to commercialize ZYNLONTA® in the United States and future revenue from the same; Swedish Orphan Biovitrum AB (Sobi®) ability to successfully commercialize ZYNLONTA® in the European Economic Area and market acceptance, adequate reimbursement coverage, and future revenue from the same; our strategic partners’, including Mitsubishi Tanabe Pharma Corporation and Overland Pharmaceuticals, ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions, and the timing and amount of future revenue and payments to us from such partnerships; the Company’s ability to market its products in compliance with applicable laws and regulations; the Company’s expectations regarding the impact of the Infrastructure Investment and Jobs Act; the timing and results of the Company’s or its partners’ research projects or clinical trials including LOTIS 5, 7 and 9, ADCT 901, 601 and 602, the timing and outcome of regulatory submissions and actions by the FDA or other regulatory agencies with respect to the Company’s products or product candidates; projected revenue and expenses; the Company’s indebtedness, including Healthcare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company’s activities by such indebtedness, the ability to repay such indebtedness and the significant cash required to service such indebtedness; the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “would”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “future”, “continue”, or “appear” or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company's Annual Report on Form 20-F and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. The Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
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ADC Therapeutics
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ADC Therapeutics
