Full Press Release Details
NEW HAVEN, Conn., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biotechnology company creating a new class of drugs based on targeted protein degradation, today announced that Jared Freedberg, J.D., has joined the company as General Counsel.
“We are thrilled to welcome Jared to Arvinas. His extensive background in both legal and commercial functions will help provide a unique and invaluable perspective to our team," said John Houston, Ph.D., Arvinas Chairperson, Chief Executive Officer, and President. “Jared's wealth of experience will be instrumental in steering us through our first potential product commercialization while simultaneously helping to advance our pipeline of earlier stage assets driven by our innovative PROTAC® protein degrader platform.”
Mr. Freedberg has over 20 years of legal and commercial experience. Most recently he served as General Counsel at Intercept Pharmaceuticals, where he was responsible for managing all legal activities, including compliance, securities, corporate and board governance, contracting, IP strategy and management, mergers and acquisitions, business development and litigation management. Previously, Mr. Freedberg was General Counsel, Corporate Secretary at Immunomedics, Inc., and also served as General Counsel, Specialty Generics and Vice President, Legal, Business Development and Licensing at Mallinckrodt Pharmaceuticals.
“Arvinas is at the forefront of pioneering scientific advancements in protein degradation, and I am excited to support the company's mission to improve the lives of patients with serious diseases,” said Mr. Freedberg. “I look forward to collaborating with a talented team as we navigate an exciting journey ahead, driving innovation, and achieving new milestones together.”
In connection with the commencement of Mr. Freedberg’s employment, Arvinas granted Mr. Freedberg an option to purchase 67,314 shares of common stock and a restricted stock unit award with respect to 45,504 shares of common stock on January 16, 2024, as an inducement material to entering into employment with Arvinas. The option and restricted stock units were granted in accordance with Nasdaq Listing Rule 5635(c)(4) and not pursuant to Arvinas’ stock incentive plan.
The option has a 10-year term and an exercise price of $38.10 per share, which is equal to the closing price per share of Arvinas’ common stock on the grant date. The option vests over four years, with 25% of the original number of shares underlying the option vesting on the one-year anniversary of the date of grant and 1/48th of the original number of shares vesting monthly thereafter, and the restricted stock unit award vests in four equal installments on each one-year anniversary of Mr. Freedberg’s employment start date until the fourth anniversary of Mr. Freedberg’s start date, subject to his continued service with Arvinas through the applicable vesting dates.
Arvinas is a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development, and commercialization of therapies that degrade disease-causing proteins. Arvinas uses its proprietary PROTAC Discovery Engine platform to engineer proteolysis targeting chimeras, or PROTAC targeted protein degraders, that are designed to harness the body’s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. In addition to its robust preclinical pipeline of PROTAC protein degraders against validated and “undruggable” targets, the company has three investigational clinical-stage programs: vepdegestrant (ARV-471) for the treatment of patients with locally advanced or metastatic ER+/HER2- breast cancer; and ARV-766 and bavdegalutamide for the treatment of men with metastatic castration-resistant prostate cancer. For more information, visit www.arvinas.com.
Arvinas Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding the potential advantages and therapeutic benefits of vepdegestrant (ARV-471) and potential product commercialization. All statements, other than statements of historical facts, contained in this press release are forward-looking statements. The words “believe,” “expect,” “may,” “plan,” “potential,” “will,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make as a result of various risks and uncertainties, including but not limited to: our and Pfizer Inc.’s (“Pfizer”) performance of our respective obligations with respect to our collaboration with Pfizer; whether we and Pfizer will be able to successfully conduct and complete clinical development for vepdegestrant and obtain marketing approval for and commercialize vepdegestrant on our current timelines or at all; whether our cash and cash equivalent resources will be sufficient to fund our foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other important factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent other reports on file with the Securities and Exchange Commission. The forward-looking statements contained in this press release reflect our current views with respect to future events, and we assume no obligation to update any forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this release.