BRIDGEWATER, N.J., July 09, 2024 (GLOBE NEWSWIRE) — VYNE Therapeutics Inc. (Nasdaq: VYNE), a clinical-stage biopharmaceutical company developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced the appointment of Subhashis Banerjee, M.D., as Senior Vice President of Clinical Development, effective as of July 8, 2024. Dr. Banerjee is a trained immunologist and rheumatologist with over 25 years of drug development experience at large pharmaceutical companies, including with the development of therapies for psoriasis and arthritic conditions.
“We are pleased to welcome Dr. Banerjee to the VYNE team. His strong combination of drug development expertise and industry leadership experience will undoubtedly enhance our R&D capabilities and contribute to our growing clinical portfolio,” said David Domzalski, President and CEO of VYNE. “Dr. Banerjee is joining VYNE at an exciting time for our clinical programs, and his extensive experience will be integral as we look to execute on our strategy of establishing BET inhibition as a treatment for a variety of immuno-inflammatory conditions.”
Prior to joining VYNE, Dr. Banerjee served as Vice President & Disease Area Head, Rheumatology and Dermatology at Bristol Myers Squibb (“BMS”) where he played a key role in the development strategy of immunology assets across multiple platforms for several immune-mediated diseases. During his tenure at BMS, Dr. Banerjee served as the global lead for mid- to late-stage clinical development of SOTYKTU® (deucravacitinib), ORENCIA® (abatacept) and clazakizumab (anti-IL-6 antibody) for the treatment of a variety of immunological conditions. Prior to working at BMS, Dr. Banerjee served as a global clinical program lead at Eli Lilly on the clinical development of TALTZ® (ixekizumab, anti-IL-17 antibody) in rheumatoid arthritis, psoriasis, psoriatic arthritis and ankylosing spondylitis that led to marketing authorizations in the latter three indications. Earlier in his career, Dr. Banerjee supported the clinical development of XELJANZ® (tofacitinib) at Pfizer and preclinical and translational activities in the development of HUMIRA® (adalimumab) at AbbVie. Dr. Banerjee received his medical degree from Christian Medical College in Vellore, India, and he completed his residency in internal medicine at St. Vincent Hospital in Worcester, Massachusetts.
“This is a unique opportunity to establish a new therapeutic class for the treatment of immune-mediated diseases,” said Dr. Banerjee. “I am excited to work with the team to shape the clinical development programs for VYNE and positively impact the lives of patients suffering from chronic inflammatory conditions with potential first-in-class therapies.”
Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
On June 25, 2024, VYNE’s independent Compensation Committee of the Board of Directors approved the grants of stock options to purchase an aggregate of 130,000 shares of common stock of VYNE, with a grant date of July 8, 2024, to three non-executive employees, including Dr. Banerjee, as equity inducement awards under the VYNE Therapeutics Inc. 2024 Inducement Award Plan (the “2024 Plan”). The stock options were material to each employee’s acceptance of employment with VYNE, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options were granted with a 10-year term and an exercise price equal to $1.96, the closing price per share of VYNE’s common stock as reported by Nasdaq on July 8, 2024. The options granted to each employee will vest and become exercisable as to 25% of the shares subject to the respective options on September 30, 2025, and 6.25% of the shares subject to the respective options will vest and become exercisable quarterly thereafter, in each case, subject to the employee’s continuous service with VYNE through the applicable vesting dates. The stock options are subject to the terms of the 2024 Plan and related plan documents.
About VYNE Therapeutics Inc.
VYNE’s mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions. The Company’s unique and proprietary bromodomain & extra-terminal (BET) domain inhibitors, which comprise its InhiBET™ platform, include a locally administered pan-BD BET inhibitor (VYN201) and an orally available BD2-selective BET inhibitor (VYN202) that were licensed from Tay Therapeutics Limited.
For more information about VYNE Therapeutics Inc. or its product candidates, visit www.vynetherapeutics.com. VYNE may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor VYNE’s website in addition to following its press releases, filings with the U.S. Securities and Exchange Commission (“SEC”), public conference calls, and webcasts.
