Alligator brings in new CFO ahead of phase III
As Alligator Bioscience approaches phase III with its lead cancer immunotherapy candidate mitazalimab, increasing its business development activities has been a top priority. With that goal in mind, the company has appointed Johan Giléus as new CFO. BioStock spoke to Johan to learn more about how he will contribute to the team.
During the first part of the year, Alligator Bioscience has taken important strides in its development of new cancer immunotherapies. The Swedish biotech company has several candidates in development, as well as a number of drug discovery platforms (read a general overview here). However, lead candidate mitazalimab stole the show this year after reaching proof-of-concept in a phase II trial with pancreatic cancer patients.
Proof-of-concept reached
The results from the trial, first announced at the start of the year, showed that, when combined with standard of care first-line for this indication – mFOLFIRINOX – mitazalimab led to substantial improvements in survival and durability of response. The FDA subsequently endorsed a phase III study for mitazalimab.
In June, alligator released the 18-month follow-up to the study. The results revealed a median Overall Survival (mOS) of 14.9 months – up from 14.3 months when the phase II data was originally released in January – and survival rate of 36.2 per cent, which is nearly twice as high as the 18.6 per cent previously reported for FOLFIRINOX alone. There were also improvements in Objective Response Rate (ORR) and Durability of Response (DoR), demonstrating mitazalimab’s immune-activating effects even after long-term treatment. Read the latest regarding the OPTIMIZE-1 trial here.
Preparing for phase III
In July, Alligator announced completing the enrolment of the 450 µg/kg back-fill cohort requested by FDA to enable a phase III study. This, and other key steps have been taken to prepare mitazalimab for phase III initiation, expected during H1 2025. This includes the recruitment of an experienced Chief Financial Officer able to help navigate Alligator during this important stage of development.
New CFO for Alligator
In August, Alligator welcomed Johan Giléus to the team. The new CFO brings extensive experience as a financial executive having spent more than 25 years leading financial strategy and operations across several companies and industries, including overseeing a large phase III clinical trial and outlicensing in Japan and complex financial transactions.
Most recently, Giléus served as CFO and Deputy CEO at InDex Pharmaceuticals, which was recently subject to a successful reverse merger with Flerie Invest.
– It is with great pleasure that we welcome Johan to the Alligator team, and we are looking forward to benefiting from his experience and leadership as we continue to develop Alligator as well as develop the clinical and commercial potential of our robust immuno-oncology pipeline, said Alligator’s CEO Søren Bregenholt of the Giléus’s recruitment.
CFO insights
BioStock caught up with Alligator’s new CFO to learn about what he brings to the team.
Johan, what makes you a good fit for the company?
– I believe that I will be able to add value to Alligator based on my background from both the biotech and financial service sectors, which has provided me with deep understanding of the interplay between portfolio strategy and financing strategy. Moreover, I have a lot of experience with complex strategic decision making and I understand the different perspectives between stakeholder groups, be it shareholder, patients etc.
Albeit in a different therapeutic area, my recent experience at InDex Pharmaceuticals has many parallels, such as managing phase 3 preparations, capital raising, investor relations, and out-licensing, to name a few.
Could you give us a specific example of your past experience that you believe best prepared you for this new role?
– Drug development never follows a straight line, so to be successful you need to have a well thought through plan A in place, while at the same time constantly be prepared for several other outcomes. Even if drug development requires long-term planning you may need to tweak or adapt, as new data and/or new circumstances materialize.
What are going to be your main goals as CFO?
– Creating shareholder value and transparent communication around the opportunities and risks linked to a late-stage drug development company that in parallel run a cutting-edge discovery organisation. And, of course, the goal that I share with all my colleagues; to bring new drugs to patients that suffer from hard-to-treat cancers.
Finally, what attracted you to Alligator?
– Alligator is a biotech company with an interesting pipeline, where my experience and background can make a difference. In my interaction with Søren and others I identified a common view with regards to corporate strategy and company culture, which have been further confirmed during my first weeks at Alligator. On a more personal note, I recently lost my beloved mother-in-law to pancreatic cancer, and I can thereby relate to what patients and their families go through.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
