Spyre Therapeutics Appoints Accomplished Biopharma and IBD Leader Mark C. McKenna, Former Chairman, President, and CEO of Prometheus Biosciences, to its Board of Directors

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Spyre Therapeutics, Inc. (NASDAQ: SYRE) announced the appointment of Mark C. McKenna to its Board of Directors. McKenna brings a strong track record of corporate leadership and product development, particularly in Inflammatory Bowel Disease (IBD). The company aims to advance its potentially best-in-class antibodies targeting α4β7 and TL1A into clinical trials this year, with McKenna's guidance. McKenna's impressive career includes being the former President, CEO, and Chairman of the Board of Directors of Prometheus Biosciences, Inc., which was acquired by Merck & Co., Inc. for approximately $10.8 billion. Spyre had a successful 2023, raising $390M through the capital markets with top-tier biotechnology investors, positioning the company to advance their pipeline candidates into the clinic. In connection with McKenna's appointment, Alison Lawton has resigned from the Company.

WALTHAM, Mass., Feb. 5, 2024 /PRNewswire/ -- Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a development-stage biotechnology company advancing best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches for the treatment of Inflammatory Bowel Disease ("IBD"), today announced the appointment of Mark C. McKenna to its Board of Directors. Mr. McKenna's track record of corporate leadership, product development, and value creation, particularly in IBD. The Company looks forward to his guidance as it advances its potentially best-in-class antibodies targeting α4β7 and TL1A into clinical trials this year.

"Mark's extraordinary career positions him to provide Spyre with valuable guidance as we seek to build a next-generation IBD company and create novel medicines with meaningfully improved efficacy and convenience compared to today's standard of care," said Cameron Turtle, DPhil, chief executive officer of Spyre. "We look forward to incorporating Mark's insights as we seek to demonstrate the clinical features of our antibodies in healthy volunteers this year and prepare to launch studies, including both monotherapies and combination treatments, in IBD patients next year."

Mr. McKenna is the former President, Chief Executive Officer and Chairman of the Board of Directors of Prometheus Biosciences, Inc., which was acquired by Merck & Co., Inc. in June 2023 for approximately $10.8 billion. Prior to joining Prometheus, Mr. McKenna was a corporate officer of Bausch Health and served as President of the subsidiary Salix Pharmaceuticals, where he revitalized Bausch's gastroenterology business with a series of strategic acquisitions and product launches, doubling revenue to exceed $2 billion while enhancing operating margins. Prior to Salix, Mr. McKenna spent more than a decade in various roles with Bausch + Lomb, also a division of Bausch, most recently as Senior Vice President and General Manager of its U.S. Vision Care business. Mr. McKenna was Ernst & Young Entrepreneur of the Year in 2023 and holds a B.S. in marketing from Arizona State University and an MBA from Azusa Pacific University.

"Spyre had an impressive 2023, raising $390M through the capital markets with a syndicate of top-tier biotechnology investors," said Mr. McKenna. "They are now well positioned to advance their pipeline candidates into the clinic, and I am thrilled to contribute my passion and expertise to propel Spyre's vision towards groundbreaking advancements in the treatment of IBD."

In connection with Mr. McKenna's appointment to the Company's Board, Alison Lawton has resigned effective February 1, 2024. We express our heartfelt gratitude for Alison's dedicated service to the Company.

About Spyre Therapeutics

Spyre Therapeutics is a biotechnology company that aims to create next-generation inflammatory bowel disease (IBD) products by combining best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches. Spyre's pipeline includes extended half-life antibodies targeting α4β7, TL1A, and IL-23. For more information, visit Spyre's website at www.spyre.com.

Follow Spyre Therapeutics on social media: @spyretx and LinkedIn

Forward-Looking Statements

Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, concerning Spyre and other matters. These forward-looking statements include, but are not limited to, express or implied statements relating to Spyre's management team's expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, Spyre's ability to achieve the expected benefits or opportunities with respect to its pipeline of product candidates such as potential improved dosing regimens over approved product candidates, Spyre's preclinical and future clinical development activities, the potential therapeutic benefits and economic value of Spyre's product candidates, and the timing and results of preclinical studies and clinical trials, including both monotherapies and combination treatments. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "aim," "strategy," "target," "seek," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "predict," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Spyre will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Spyre's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited those uncertainties and factors described under the heading "Risk Factors" and "Note about Forward-Looking Statements" in Spyre's most recent Quarterly Report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors included in other filings by Spyre from time to time. Should one or more of these risks or uncertainties materialize, or should any of Spyre's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Spyre does not undertake or accept any duty to make any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Spyre.

 

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SOURCE Spyre Therapeutics, Inc.

FAQ

Who was appointed to Spyre Therapeutics, Inc.'s Board of Directors?

Mark C. McKenna was appointed to the Board of Directors of Spyre Therapeutics, Inc.

What is the ticker symbol for Spyre Therapeutics, Inc.?

The ticker symbol for Spyre Therapeutics, Inc. is SYRE.

What is the main focus of Spyre Therapeutics, Inc.?

Spyre Therapeutics, Inc. is focused on developing best-in-class antibody engineering and precision medicine approaches for the treatment of Inflammatory Bowel Disease (IBD).

Who was Mark C. McKenna's previous employer?

Mark C. McKenna was previously the President, CEO, and Chairman of the Board of Directors of Prometheus Biosciences, Inc., which was acquired by Merck & Co., Inc. for approximately $10.8 billion.

How much did Spyre Therapeutics, Inc. raise through the capital markets in 2023?

Spyre Therapeutics, Inc. raised $390M through the capital markets in 2023 with a syndicate of top-tier biotechnology investors.

Who resigned from Spyre Therapeutics, Inc.?

Alison Lawton has resigned from Spyre Therapeutics, Inc. effective February 1, 2024.