The following excerpt is from the company's SEC filing.
Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Newton, Mass., February
Allena Pharmaceuticals, Inc. (NASDAQ: ALNA), a late-stage, biopharmaceutical company
dedicated to developing and commercializing
oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders, today
announced the appointment of Richard D. Katz, M.D., as Chief Financial Officer (CFO), effective immediately. Dr. Katz succeeds Edward Wholihan, whose planned departure was announced by the Company in November 2020.
Rich is a terrific addition to Allena. He is a strategic leader with deep experience guiding corporate and business strategy for public biotechnology
companies, and a proven track record of building well-funded, sustainable organizations, said Louis Brenner, M.D., President and Chief Executive Officer of Allena Pharmaceuticals. Richs integrated perspective as a physician and
seasoned financial professional will bring great value as we continue to invest in our growing pipeline of oral enzyme therapeutics, with the goal of advancing reloxaliase from pivotal Phase 3 trials to commercialization, while also devoting
increased resources to
and our next wave of therapeutic candidates.
Dr. Katz brings more than
20 years of experience in healthcare finance and corporate development to Allena. Most recently, he served as CFO at Liquidia Technologies, Inc., a late-stage clinical biopharmaceutical company. Prior to Liquidia, Dr. Katz served as CFO at
several biopharmaceutical companies, including Argos Therapeutics, Viamet Pharmaceuticals and Icagen, Inc. At Icagen, Dr. Katz played a key role in facilitating the companys initial public offering and subsequent financings, the formation
of several strategic collaborations and the companys sale to Pfizer. Dr. Katz began his career as a vice president in the healthcare investment banking group at Goldman, Sachs & Company, where he executed a broad range of
transactions, including equity and debt financings, mergers and acquisitions and corporate restructurings. He holds his B.A. from Harvard University, his M.D. from Stanford University School of Medicine and his M.B.A. from Harvard Business School.
I am thrilled to join Allena, especially at this exciting time for the company, said Richard Katz, M.D. Based on the scientific and
clinical data presented
I believe that reloxaliase has the potential to provide a
medicine for people
with enteric hyperoxaluria, a substantial population for whom current treatment options are extremely limited, and that
may address the unmet needs of patients living with both hyperuricemia and
chronic kidney disease. I am excited to work with the team to advance these programs through clinical studies and toward successful launches. Moreover, I believe the companys proprietary enzyme technology could fuel a broader pipeline of
novel, orally delivered medicines and I look forward to working with my new colleagues to harness its full potential to address a range of rare and severe metabolic and kidney disorders.
In connection with Dr. Katz joining Allena, Allenas Board of Directors approved, effective as of February 1, 2021, the grant of a
stock option awarded to purchase 400,000 shares of its common stock to Dr. Katz under the Allena Pharmaceuticals 2021 Inducement Equity Plan. The stock option will be granted as an inducement
material to Dr. Katz becoming an employee of Allena in accordance with Nasdaq Listing Rule 5635(c)(4). The option will have an exercise price equal to $1.67, which was the closing price of Allenas common stock on The Nasdaq Global Select
Market on February 1, 2021. The option will vest over a
period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following
subject to Dr. Katzs continued employment with Allena on such vesting dates. The option is subject to the terms and conditions of the Inducement Plan and the terms and conditions of a
stock option agreement covering the grant.
About Allena Pharmaceuticals
Allena Pharmaceuticals, Inc. is a late-stage biopharmaceutical company dedicated to developing and commercializing
oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders. Allenas lead product candidate, reloxaliase, is currently being evaluated in a pivotal
Phase 3 clinical program for the treatment of enteric hyperoxaluria, a metabolic disorder characterized by markedly elevated urinary oxalate levels and commonly associated with kidney stones, chronic kidney disease and other serious kidney
disorders. Allena is also developing
for the treatment of hyperuricemia in the setting of gout and advanced chronic kidney disease, with Phase 1b multiple-ascending dose and Phase 2
studies planned for 2021.
Forward Looking Statements:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without
limitation, statements concerning the future clinical, regulatory and commercial potential of
reloxaliase, statements regarding the Allenas development of
regarding Allenas financial position and need for capital. Any forward-looking statements in this press release are based on managements current expectations of future events and are subject to a number of risks and uncertainties that
could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: market and other conditions,
timing for completion of Allenas clinical trials of its product candidates,
risks associated with obtaining, maintaining and protecting intellectual property; risks associated with Allenas ability to enforce its
patents against infringers and defend its patent portfolio against challenges from third parties; the risk of competition from other companies developing products for similar uses; risk associated with Allenas financial condition and its need
to obtain additional funding to support its business activities, including the future clinical development of reloxaliase and its ability to continue as a going concern; risks associated with Allenas dependence on third parties; and risks
related to the
coronavirus. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Allenas actual results to differ from those contained in
forward-looking statements, see the section entitled Risk Factors in Item 1A of Part I of Allenas Quarterly Report
for the quarter ended
September 30, 2020, as well as discussions of potential risks, uncertainties and other important
factors in Allenas subsequent filings with the
Securities and Exchange Commission. All information in this press release is as of the date of the release, and Allena undertakes no duty to update this information unless
required by law.
Stern Investor Relations, Inc.
Berry & Company Public Relations
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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