Martin Møller for a comment.
The goal for the Danish biotech company Scandion Oncology is to develop a combination treatment for drug-resistant cancers. The lead candidate SCO-101 evaluated in phase II and Ib studies CHORUS and PANTAX in metastatic colon and pancreatic cancer, indications in which drug resistance is found in approximately 90 percent of patients. The company hopes that SCO-101 will make today's standard treatment work for a longer period of time and thereby provide a greater clinical effect.
A period of positive news
Recently, several positive news have been announced by the company. At the end of October, Scandion announced that the company's founder and former CEO Nils Brünner had been elected as a board member, which was well received by shareholders. Read more hereBrünner followed up his newly assumed position by signaling his confidence in the company by increasing his shareholding by 23 shares on November 38,393 to a total of 304,944.
Another piece of news that is by all accounts positive concerns the company's management, more specifically its CEO, who has been acting CFO since the end of August this year. Johnny StilouThe answer to who will take over the position in the Copenhagen-based company became known to the public at the end of last week, when it was announced that the board had appointed Francois Martelet to the mission.
Francois Martelet takes over as CEO
In addition to an academic background in both medicine and business, Francois Martelet's track record includes over 30 years of experience in the global pharmaceutical and biotechnology industry. This includes a total of over two decades of experience in various CEO roles in biotech companies, the most recent of which is Swedish VivestoFurthermore, Martelet has held leading positions in large pharmaceutical companies such as Roche, Eli Lilly, MSD and NovartisThis has given him knowledge and experience in clinical development in oncology in both early and late phases, as well as business and partnership development – all important aspects for a company like Scandion. Martelet will assume the position as the company's CEO on January 2, 2023.
The news did not go unnoticed by the market and led to a surge in Scandions share price of at most almost 30 percent. In total, the latest positive news since November 23rd to the time of writing has led to a price increase of just over 50 percent.
Chairman of the Board comments on the CEO change
BioStock contacted the Chairman of the Board Martin Moller to get a comment on the appointment of Martelet as new CEO, as well as his hopes for developments in 2023.
Martin, Scandion recently appointed Francois Martelet as Scandion's new CEO. What specifics led you to this choice?
- The Board of Directors has been through a diligent international search for the new CEO and are delighted that Francois accepted to become the CEO of Scandion. He is experienced in all of the disciplines required to lead a company like Scandion. He has experience in oncology (both clinically and commercially), in drug development, in business development – including partnerships and licensing agreements – and in raising capital, all of which are important in developing Scandion and creating long-term value.
What do you believe will be Francois' biggest strengths in his capacity as the new CEO?
- Besides understanding each of the disciplines, Francois also has the ability to combine them and see the full picture. You can add to that his broad international network and long experience in the business.
What are your hopes that 2023 will entail for the company?
– We have an exciting 12-15 months ahead of us at Scandion with data expected from both our clinical trials with our lead asset, SCO-101, as combination therapy; PANTAX data are expected in the first half of 2023 and CORIST data are expected in the third quarter.
– We also expect to secure additional financing sometime during 2023. Our current cash funds the company into 2024.