Oncolytics Biotech® Announces Matt Coffey, Ph.D. Will Not Return to CEO Role Following Medical Leave of Absence
Rhea-AI Summary
Oncolytics Biotech Inc. (NASDAQ: ONCY) announced that CEO and President Matt Coffey, Ph.D., will not return following his medical leave of absence due to ongoing health concerns. Coffey, who served the company for 25 years and was a co-founder, officially stepped down from his positions as CEO and Director.
Wayne Pisano, Chair of Oncolytics' Board of Directors and current Interim CEO, will maintain his temporary role until a new CEO is appointed. The company has initiated an immediate search for a new Chief Executive Officer to continue leading the development of pelareorep, their novel therapeutic agent for cancer treatment.
Under Coffey's leadership, pelareorep progressed from pre-clinical stages through successful Phase 2 studies for metastatic breast cancer and pancreatic cancer.
Positive
- Successful completion of Phase 2 studies for pelareorep in metastatic breast cancer and pancreatic cancer
- Immediate leadership transition plan in place with interim CEO
Negative
- Unexpected departure of long-term CEO and co-founder
- Potential disruption in company leadership during critical drug development phase
Insights
This unexpected leadership transition at Oncolytics Biotech warrants careful analysis, particularly given the company's current stage of development. Dr. Coffey's departure after 25 years of service - including his pivotal role in advancing pelareorep through critical clinical milestones - creates both challenges and opportunities that deserve investor attention.
The timing is particularly sensitive as Oncolytics is in the midst of important clinical developments for its lead candidate pelareorep in metastatic breast cancer and pancreatic cancer. While the appointment of Board Chairman Wayne Pisano as interim CEO provides immediate stability, the search for a permanent CEO will be important in determining the company's future trajectory.
Several key considerations emerge for stakeholders:
- The new CEO's background will be critical - whether they prioritize someone with strong clinical development expertise to shepherd pelareorep through late-stage trials, or someone with commercial experience to prepare for potential market entry
- Leadership transitions in clinical-stage biotech companies can impact ongoing trial execution, regulatory interactions and partnership discussions
- The relatively small market cap of
$59.3 million may affect the company's ability to attract top-tier biotech leadership talent
The selection of the next CEO will signal the board's strategic priorities - whether to maintain the current clinical development focus or potentially explore strategic alternatives. For a clinical-stage company of this size, maintaining momentum in ongoing trials while managing this transition will be paramount.
Search for Chief Executive Officer to commence immediately
"While we are saddened by his departure, we fully understand, respect, and support his decision. For the past 25 years, Matt has been invaluable to the organization and has led the development of pelareorep from pre-clinical through successful Phase 2 studies for metastatic breast cancer and pancreatic cancer. First as a co-founder and most recently as CEO, he has left an indelible fingerprint on the company and its employees. On behalf of the Board of Directors and all the dedicated employees of Oncolytics, we wish Matt good health and success, both now and in the future," said Wayne Pisano, Chair of Oncolytics' Board of Directors and Interim CEO. "We will now initiate a search for a Chief Executive Officer to lead the team as we work to bring Matt's vision of developing and making available a novel therapeutic agent (pelareorep) that addresses unmet needs in people undergoing cancer treatment." Wayne Pisano will remain Interim CEO until the new CEO is hired.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype -- turning "cold" tumors "hot" -- through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
jpatton@oncolytics.ca
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
tim@lifesciadvisors.com
Media Contact for Oncolytics
Michael Rubenstein
LifeSci Communications
mrubenstein@lifescicomms.com
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SOURCE Oncolytics Biotech® Inc.
FAQ
Why did Matt Coffey step down as CEO of Oncolytics Biotech (ONCY)?
Who is currently serving as interim CEO of Oncolytics Biotech (ONCY)?
What are the main achievements of Matt Coffey during his tenure at ONCY?
What is the current development status of ONCY's pelareorep?
