VectorY Strengthens Leadership Team with Appointment of Jim Scibetta as New CEO
- Former CEO, Sander van Deventer to become President of R&D
- Lead program VTx-002 for Amyotrophic Lateral Sclerosis (ALS) advances into IND-enabling studies following favorable FDA feedback of pre-clinical package
- Expansion of corporate footprint into the US (Boston)
VectorY Therapeutics, a biotech company developing innovative vectorized antibody therapies for the treatment of neurodegenerative diseases, announces the appointment of Jim Scibetta as Chief Executive Officer.
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VectorY strengthens Leadership Team with appointment of Jim Scibetta as new CEO (Photo: Business Wire)
Former CEO and founder Sander van Deventer, will become President of R&D, and will continue to drive the development of VectorY's pipeline including its lead program, VTx-002, a novel vectorized antibody targeting TDP-43 for the treatment of Amyotrophic Lateral Sclerosis (ALS), which is currently in IND-enabling studies.
Concurrent with these activities, the Company has expanded its US presence by opening an office in Boston.
Strengthening the Leadership team
Mr. Scibetta brings more than 20 years of executive leadership experience, having built earlier stage companies focused on developing novel therapeutics for high unmet medical needs into mature biotechnology companies. Mr. Scibetta will also join the VectorY's Board of Directors.
Adam Rosenberg, Chairman of VectorY Therapeutics said: "On behalf of the Board, I'm delighted to welcome Jim as our new CEO. He brings a significant degree of experience, vision and leadership which will play a critical role at this juncture of VectorY's development as we advance our lead program. Jim's experience complements and will build on the great progress that Sander and the VectorY team have achieved over the past four years. He will drive the Company towards its upcoming milestones while expanding its presence in the US."
"I am excited about Jim joining the company as CEO. His experience of taking an innovative drug development pipeline and driving it forward is immensely valuable to VectorY as we approach the clinic," added Sander van Deventer. "For VTx-002 in ALS, we recently received favorable FDA feedback regarding the sufficiency of our pre-clinical data package, our CMC requirements, and our proposed clinical protocol. It's the perfect time for Jim to join and build out our team to facilitate rapid advancement of VTx-002 as well as the rest of our pipeline targeting neurodegenerative diseases".
"I am delighted to join VectorY at such a pivotal time," said Jim Scibetta. "VectorY has impressive early data behind its technology and preclinical programs, and the Company is supported by a leading investor syndicate. There is a clear path to achieving clinical data for its lead asset, VTx-002, with considerable future potential from the pipeline emanating from the novel VectorY platform." He added: "VTx-002 was designed by Sander and his team based on a deep understanding of both the underlying pathological drivers of this devastating disease, and the advancements in science and therapeutic modalities specifically needed to attack those unique disease drivers. I look forward to working with and building on the talented team at VectorY to continue the advancement of this new treatment."
Jim has served on numerous private and public company boards at value generating biotech companies, including CEO of Maverick Therapeutics leading to its 2021 acquisition by Takeda, President of Pacira BioSciences (NASDAQ:PCRX) during its growth from a clinical stage private company to a commercial stage public company worth more than $2 billion, and CFO of BioEnvision (NASDAQ:BIVN), having been instrumental in its sale to Genzyme. He recently served as a senior consultant to Rock Springs Capital, and has also served on the Boards and in executive positions at Matinas BioPharma, ImmuneID, and Aquestive Therapeutics.
Prior to his biotech company-building career Mr. Scibetta spent 13 years in healthcare investment banking at Shattuck Hammond Partners and Paine Webber. He has an MBA from the University of Michigan.
Advancing the pipeline and expanding the team
VectorY is developing a new vectorized antibody treatment for ALS. The aim for the program, VTx-002, is to significantly delay disease progression and preserve quality of life in the majority of ALS patients by targeting the underlying TPD-43 pathology.
VTx-002, currently in IND-enabling studies, selectively clears misfolded and aggregated TDP-43 from the cytoplasm of neuronal cells. Thereby, it restores the essential function of TDP-43 in the nucleus leading to preservation of neuronal cell function and health.
The Company has recently received favorable FDA feedback regarding the sufficiency of the pre-clinical data package, CMC requirements, and the proposed clinical protocol. The aim is for the program to enter the clinic by the end of 2025.
In November 2023, VectorY completed a $138 million Series A announced, co-led by EQT Life Sciences and Forbion via its Growth Opportunities Fund, to support clinical development of the Company's lead program in ALS, and preclinical development of pipeline programs based on VectorY's broad technology platform.
The Company is headquartered in Amsterdam, the Netherlands, and recently opened an office in Boston.
About VectorY
VectorY is on a mission to provide patients with neurodegenerative diseases a longer, better life by creating transformative vectorized antibody treatments. Our platform combines the promise of precise therapeutic antibodies with one-time AAV-based delivery to the CNS. Unique in-house expertise in antibodies, AAV vectors, protein degradation, manufacturing and neuroscience drives the rapid development of much needed disease-modifying therapies for neurodegenerative diseases such as ALS. For more information, see www.VectorYtx.com.
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