The PYC Therapeutics Ltd (ASX: PYC) share price has risen 170% in a year and 13% this month, following promising results in the development of a new lead drug, and the appointment of U.S. Biopharma Executive Jason Haddock to its board.
PYC announced Haddock will join its board of directors as the company seeks to access the US biopharmaceuticals industry. Haddock currently serves as a Board Director of Codiak BioSciences (NASDAQ: CDAK), a biotech company developing precision exosome therapeutics.
Haddock's appointment at 'critical time' for PYC
Sahm Nasseri, U.S. Chief Executive Officer of PYC Therapeutics, said that Haddock's appointment would assist PYC in a range of fundamental areas.
As we look to set up PYC to access the important U.S. biotech capital markets, Jason brings a wealth of valuable industry experience, having served as a financial, operations and strategic leader at a range of biotech companies.
We welcome him as our second independent U.S. member of PYC's Board of Directors and part of the growing U.S.-based leadership team as we continue to transform into a clinical stage biotechnology company. Jason's unique expertise will play an important role in shaping our strategic path forward as we continue to enable corporate development in the U.S. and move our pipeline closer to clinical development.
Haddock said he was excited to join PYC at a critical time in the company's expansion into the US market.
It is an honor to join PYC at such a critical time for the company and partner with the growing PYC executive team as it develops and executes on roadmaps that advance its pipeline of multiple candidates towards the clinic and engages key stakeholders in the U.S.
I look forward to contributing my insights gained from a career dedicated to the development of therapies that can change the lives of patients, as PYC works to address unmet needs for ocular and other inherited diseases.
PYC Therapeutics share price rises after drug development
PYC is focused on developing treatments for inherited diseases, most of which are very rare. Its share price has risen 13% this month after it announced its lead investigational drug, VP-001, for the treatment of retinitis pigmentosa, has restored function of the Retinal Pigment Epithelium.
Rp-11, as the disease is referred, kills off healthy cells in the retina in the human eye. VP-001, the drug that PYC manufactures, restores the target cells for the therapy, in patient-derived models of the disease.
The past year has seen a notable growth trajectory for the Australian drug researchers. PYC Therapeutics' share price has risen by more than $1 per share since April 2020.
