Abpro Statement on the Departure of Former CEO Ian Chan
Rhea-AI Summary
Abpro Holdings (Nasdaq:ABP) announced the departure of CEO Ian Chan, with Board Chairman Miles Suk assuming the CEO position. The company emphasized that this leadership transition will not impact their strategic direction or stability.
The company reaffirmed its commitment to ABP 102/CT-P72, their joint development project with Celltrion. Chief Medical Officer Robert J. Markelewicz highlighted that initial data indicates ABP-102/CT-P72 could be potentially best-in-class for HER2-positive cancers, which affect up to 30% of breast, gastric, pancreatic, and other cancer cases. Additional data will be presented at an upcoming scientific meeting in spring.
Positive
- Initial data suggests ABP-102/CT-P72 could be best-in-class for HER2-positive cancers
- Strategic partnership with Celltrion remains stable
Negative
- Unexpected CEO departure signals potential internal management issues
- Leadership transition creates uncertainty in company direction
News Market Reaction 1 Alert
On the day this news was published, ABP gained 0.93%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
WOBURN, Mass., March 10, 2025 (GLOBE NEWSWIRE) -- Abpro Holdings, Inc. (Nasdaq:ABP) ("Abpro"), a biotechnology company dedicated to advancing next-generation antibody therapies for severe and life-threatening diseases announced today the departure of Chief Executive Officer Ian Chan.
Commenting on the leadership change, Abpro Board Chairman and CEO Miles Suk, said, “As disclosed in our regulatory filing on Friday, the Board has decided to part ways with Ian Chan. I want to thank Ian for his service and wish him well. This leadership transition, however, does not affect our stability or direction. Instead, it marks the first step toward a stronger, more promising future. We remain fully committed to ABP 102/CT-P72, our joint development with Celltrion, and the other key initiatives driving our growth.”
Abpro Chief Medical Officer Robert J. Markelewicz, Jr., M.D., M.M.Sc., added, “ABP-102/CT-P72 is an extremely exciting development candidate. Initial data presented to date suggest it has a potentially best in class profile in HER2-positive cancers which represent up to 30 percent of all cases of breast, gastric, pancreatic, and other forms of cancer. Along with our partners at Celltrion, we look forward to presenting additional data later this spring at an upcoming scientific meeting.”
Miles Suk, concluded by saying, “Dr. Markelewicz and the rest of our focused and determined team will continue to work tirelessly to ensure that our efforts lead to meaningful success. We are dedicated to our mission and confident in delivering lasting value to our partners, investors, and the scientific community."
About ABP-102/CT-P72
CT-P72 is an investigational HER2 x CD3 bispecific T-cell engager designed using Abpro’s proprietary DiversImmune® platform to selectively target HER2-overexpressing tumor cells while reducing activity in HER2-low expressing normal tissues. Its tetravalent IgG1-[L]-scFv format enables bivalent HER2 binding with functionally monovalent CD3 engagement and is designed to optimize tumor selectivity and reduce cytokine-related toxicity.
About Abpro
Abpro’s mission is to improve the lives of mankind facing severe and life-threatening diseases with next-generation antibody therapies. Abpro is advancing a pipeline of next-generation antibody therapies, for HER2+ breast, gastric, and colorectal cancers, non-HER2+ gastric and liver cancer, wet age-related macular degeneration (AMD) and diabetic macular edema (DME), and infectious diseases. These antibodies are developed using Abpro's proprietary DiversImmune® platform. Abpro has partnered with Celltrion, which is a leading South Korean biotechnology company, ranked top 25 in the world by market capitalization, in an exclusive collaboration to further advance ABP 102, a T-cell engager, which is being developed for the treatment of HER2+ breast, gastric, and pancreatic cancer. Abpro is located in Woburn, Massachusetts. For more information, please visit www.abpro.co.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Abpro’s ability to raise additional capital; the outcome of judicial proceedings to which Abpro or its subsidiaries is, or may become a party; failure to realize the anticipated benefits of the Business Combination, including difficulty in, or costs associated with, integrating the businesses of ACAB and Abpro; risks related to the rollout of Abpro’s business and the cost and timing of expected business milestones; the effects of competition on Abpro’s future business; and those factors discussed in Abpro’s public filings under the heading “Risk Factors,” and other documents of Abpro filed, or to be filed, with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of Abpro’s public filings and other documents to be filed by Abpro from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Abpro may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Abpro does not give any assurance that Abpro will achieve its expectations. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control.
Abpro Contacts Investors: ir@abpro.co Media: pr@abpro.co
FAQ
What prompted the CEO change at Abpro Holdings (ABP)?
How does the CEO departure affect Abpro's (ABP) partnership with Celltrion?
What is the potential market impact of Abpro's (ABP) ABP-102/CT-P72 drug candidate?
When will Abpro (ABP) release new data for ABP-102/CT-P72?
