AUSTIN, Texas, July 8, 2021 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. (NASDAQ: AGLE), a clinical-stage biotechnology company developing a new generation of human enzyme therapeutics as innovative solutions for rare metabolic diseases, today announced the appointment of Jonathan D. Alspaugh as Chief Financial Officer.
"Jonathan brings a wealth of experience and insights to Aeglea from his previous roles advising healthcare companies on strategic, financial and corporate development matters," said Anthony Quinn, M.B Ch.B, Ph.D., president and chief executive officer of Aeglea. "We are at an important stage in Aeglea's development with significant near-term milestones expected before the end of the year, including Phase 3 data from our pegzilarginase program and a clinical update from our AGLE-177 program. I am excited to welcome Jonathan to the team and to work with him as we continue to build Aeglea and shape our longer-term strategic trajectory."
Mr. Alspaugh has over a decade of experience advising healthcare companies on strategic and financial matters. He joins Aeglea from Evercore where he most recently served as a managing director in the firm's corporate advisory business and was involved in numerous mergers and acquisitions and dozens of successful equity financings to support the strategic growth of clients in the biopharma space. Prior to Evercore, Mr. Alspaugh was a member of Barclays Capital's global healthcare investment banking team. He received an S.M. from the Harvard-MIT Division of Health Sciences and Technology, an M.B.A. from the Massachusetts Institute of Technology Sloan School of Management and a B.S.E. and an M.S.E. in Nuclear Engineering and Radiological Sciences from the University of Michigan.
"I'm excited to be joining Aeglea, which has the potential to significantly impact the lives of patients. The company has exceptional people, a promising scientific platform, experience moving into late phase clinical development and is preparing for commercialization," said Mr. Alspaugh. "I am looking forward to working with Anthony and the team to execute on the company's strategic and financial objectives and to further our mission to serve patient communities that are desperately in need of treatment options."
Inducement Grants
Aeglea also announced today that the Compensation Committee of its Board of Directors has granted non-qualified options to purchase an aggregate of 290,000 shares of Aeglea's common stock to two new employees under Aeglea's 2018 Equity Inducement Plan, including an option to purchase 160,000 shares granted to Mr. Alspaugh, in connection with his appointment as Aeglea's Chief Financial Officer.
The 2018 Equity Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Aeglea (or following a bona fide period of non-employment), as an inducement material to such individual's entering into employment with Aeglea, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $7.03 per share, which is equal to the closing price of Aeglea's common stock on July 6, 2021. Each of the option awards vests as to 25% of the shares on the one-year anniversary of its grant, with the remainder of the shares vesting ratably over 36 months thereafter.
About Aeglea BioTherapeutics
Aeglea BioTherapeutics is a clinical-stage biotechnology company redefining the potential of human enzyme therapeutics to benefit people with rare and devastating metabolic diseases with limited treatment options. Aeglea's lead product candidate, pegzilarginase, is in a pivotal Phase 3 trial for the treatment of Arginase 1 Deficiency and has received both Rare Pediatric Disease and Breakthrough Therapy Designation. The Company began dosing patients in a Phase 1/2 clinical trial of AGLE-177 for the treatment of Homocystinuria in June 2021. AGLE-177 has also been granted Rare Pediatric Disease Designation. Aeglea has an active discovery platform focused on engineering small changes in human enzymes to have big impact on the lives of patients and their families. For more information, please visit http://aeglea.com.
Safe Harbor / Forward Looking Statements
This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, statements we make regarding our ability to obtain regulatory approval for, and commercialize, pegzilarginase, recognize milestone and royalty payments from our agreement with Immedica, the timing and success of our clinical trials and related data, the timing and expectations for regulatory submissions and approvals, timing and results of meetings with regulators, the timing of announcements and updates relating to our clinical trials and related data, our ability to enroll patients into our clinical trials, the expected impact of the COVID-19 pandemic on our operations and clinical trials, success in our collaborations, our cash forecasts, the potential addressable markets of our product candidates, and the potential therapeutic benefits and economic value of our lead product candidate or other product candidates. Further information on potential risk factors that could affect our business and its financial results are detailed in our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Commission (SEC), and other reports as filed with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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SOURCE Aeglea BioTherapeutics, Inc.