BOSTON, April 13, 2021 (GLOBE NEWSWIRE) — Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage rare liver disease company developing novel bile acid modulators, today announced the appointment of Joan Connolly as Chief Technology Officer and key member of the Albireo Enterprise Team. In this new role, Connolly will be responsible for overseeing drug substance and product development, clinical supply distribution, commercial supply chain and quality.
“Joan joins Albireo at an exciting time, bringing expertise that spans from early drug development through product launches, which is key as we prepare for a potential launch of odevixibat, while progressing clinical programs for Alagille syndrome, biliary atresia and adult liver diseases,” said Ron Cooper, President and Chief Executive Officer of Albireo. “As we continue to progress our pipeline and prepare for the market, Joan’s deep expertise and experience in end-to-end drug development and commercialization is invaluable for Albireo and the patients we serve.”
Connolly’s career spans more than 25 years of experience in manufacturing management, regulatory filings (CMC), and product commercialization, as well as supply chain, logistics and sourcing and procurement. Most recently, Connolly was the Senior Vice President, Technical Operations at Stemline Therapeutics where she was responsible for taking their lead product from the IND stage through to commercialization. Previously, Connolly held senior roles at ImClone Systems and Bristol-Myers Squibb.
“I am excited to join Albireo at this pivotal time, as the company is transitioning from a clinical-stage biotech to a fully commercialized global company,” said Connolly. “With the potential of an upcoming launch and an entire clinical program of drug candidates that could impact the lives of patients and families managing the burden of life-threatening cholestatic liver diseases, I am eager to join Albireo in their mission as we prepare for a potential launch and expand into adult cholestatic liver diseases.”
Ms. Connolly will receive inducement grants of stock options exercisable for an aggregate of 23,000 shares of Albireo’s common stock and restricted stock units representing the opportunity to acquire 5,000 shares of Albireo’s common stock. The exercise price for the inducement grants will be the closing price of Albireo’s common stock as of April 12, 2021 and were granted as inducements material to Ms. Connolly’s acceptance of employment with Albireo in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants have a 10-year term and vest over a four-year period, subject to Ms. Connolly’s continued service with Albireo through the applicable vesting dates. The vesting schedule for the inducement grants is 25 percent on the one-year anniversary of Ms. Connolly’s start date with Albireo and 75 percent in 12 equal quarterly installments thereafter. The inducement grants are subject to the terms and conditions of Albireo’s 2020 Inducement Equity Incentive Plan.
About Albireo
Albireo Pharma is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases. Albireo’s lead product candidate, odevixibat, is being developed to treat rare pediatric cholestatic liver diseases with Phase 3 trials in PFIC, Alagille syndrome and biliary atresia. For PFIC, the FDA recently granted Priority Review and set a PDUFA goal date of July 20, 2021. In Europe, the EMA validated MAA. Odevixibat is the only IBATi granted accelerated assessment by the EMA. The Company has also initiated a Phase 1 clinical trial for A3907 to advance development in adult cholestatic liver disease, with IND-enabling studies moving ahead with A2342 for viral and cholestatic liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden. The Boston Business Journal named Albireo one of the 2020 Best Places to Work in Massachusetts for the second consecutive year. For more information on Albireo, please visit www.albireopharma.com.
