ALBUQUERQUE, N.M.–(BUSINESS WIRE)–Agilvax, Inc., a biotechnology company developing targeted antibody-based therapeutics for the treatment of various types of cancers announced today that Joseph Patti, Ph.D., will join its Board of Directors as Executive Chairman.
Dr. Patti has over two decades of drug development experience in the biopharmaceutical industry and has been a successful entrepreneur and scientific leader. Dr. Patti was co-founder and Chief Scientific Officer of Inhibitex, Inc., which was acquired by Bristol Myers Squibb in a deal worth $2.5 billion. The purchase price was a 163% premium over the last trading day’s price and at that time was the largest premium ever paid for a biotech company. Most recently, Dr. Patti served as President and Chief Executive Officer of Aviragen Therapeutics, Inc. and was responsible for successfully merging the organization with Vaxart Inc. in a transaction that valued the company at a premium to its market capitalization. During his tenure in the industry, he has been directly involved in raising over $300 million in private and public capital and has spearheaded strategic transactions with both pharmaceutical and biotechnology companies.
“The addition of Dr. Patti to Agilvax reinforces our commitment to building an industry leading team and prepares us for the transition into a clinical stage company,” said Federica Pericle, Ph.D., President and Chief Executive Officer of Agilvax. “Joe is a proven executive in life sciences and he brings a wealth of relevant business and scientific expertise that will help accelerate Agilvax’s evolution.”
“I am excited to join Agilvax at a pivotal time when the company is advancing its lead product, AX09, towards the clinic,” said Dr. Patti. “I look forward to working with fellow board members, strategic partners, and this capable team in the development of cancer therapies where safe and efficacious solutions are desperately needed for thousands of patients.”
Agilvax discovers and develops target antibody-based therapeutics for the treatment of various cancers. Agilvax’s lead product, AX09, produces antibodies that specifically inhibit the function of xCT, a protein that is over expressed on many different tumor types including breast cancer, hepatocellular cancer, lung cancer, and pancreatic cancer. xCT is involved with critical metabolic functions in cancer progression, metastatic dissemination and chemotherapy resistance. Agilvax is developing AX09 initially for the adjunctive treatment of metastatic triple negative breast cancer.