Axovant Strengthens Management Team and Completes Organizational Restructuring in Preparation for Pipeline Expansion
Gavin Corcoran, current Chief Medical Officer of Allergan plc, to join Axovant as EVP of R&D Michael Hayden, former Chief Scientific Officer and President of Global R&D at Teva, to serve as Chairman of Axovant’s Scientific Advisory Board
- Organizational restructuring completed in preparation for new business development
“I am pleased to welcome Gavin and Michael to the Axovant team,” said Pavan Cheruvu, MD, Chief Executive Officer of Axovant. “Since starting as CEO in February, I have been focused on transforming Axovant into a leaner organization, introducing heightened standards of quality and excellence throughout the business, and establishing a new pipeline strategy. We are now poised for growth, and I am excited to have Gavin and Michael join us as we look toward expanding our pipeline in the coming months.”
“I am very excited to join Axovant at this turning point,” said Dr. Corcoran. “I look forward to working closely with Pavan and the senior management team to bring new investigational medicines into the portfolio as we build upon Axovant’s capabilities in research and development. We have a wonderful opportunity to develop life-changing medicines for patients with CNS diseases. I am also eager to leverage the Roivant platform to accelerate the development of Axovant’s pipeline.”
“I share Pavan’s vision of rebuilding the company on a foundation of transformative science and I look forward to expanding Axovant’s
Organizational restructuring completed
As part of the restructuring plan, Axovant enhanced its capabilities in clinical research and business development, while reducing the size of its global commercial team. Overall, internal headcount has decreased by approximately 43%, and Axovant has increased its use of the Roivant platform to supplement internal capabilities. Forward-looking G&A expenses are expected to decrease in the current fiscal year. Most of the affected employees were transferred to roles within the Roivant family of companies.
“Roivant supports Axovant’s plans for pipeline expansion and organizational transformation,” said
Axovant is a clinical-stage biopharmaceutical company dedicated to advancing innovative treatments for patients with serious neurologic and neuropsychiatric conditions, and turning promising therapies into lasting solutions for patients. Axovant is committed to developing and commercializing a pipeline of product candidates by identifying and developing novel treatments for unmet needs in neurology and psychiatry.
For more information, visit www.axovant.com.
About Roivant Sciences
Roivant Sciences is a global biopharmaceutical company focused on reducing the time and cost of the drug development process to improve the lives of patients and their families. Roivant partners with innovative biopharmaceutical companies and academic institutions to ensure that important medicines are rapidly delivered to patients.
For more information, please visit www.roivant.com.
This press release contains forward-looking statements, including statements regarding Axovant’s plans to advance the development of its existing product candidates and expand its pipeline, as well as statements concerning Axovant’s organizational-restructuring plans to enhance clinical research and business development capabilities, and to reduce G&A-related expenses for the remaining fiscal year 2018. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the ability to identify and in-license or acquire product candidates; the success, cost and timing of Axovant’s product development activities and any planned clinical trials; and risks and uncertainties associated with the organizational restructuring, including reliance on third-parties, primarily Roivant, for outsourced services; and risks and uncertainties associated with unexpected increases in expenses, including costs relating to higher utilization of outsourced services. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Axovant’s business in general, see the “Risk Factors” section of Axovant’s Quarterly Report on Form 10-Q filed with the
SOURCE Axovant Sciences
Source: Axovant Sciences Ltd.