Precision BioSciences (DTIL) Announces CEO Transition Plan
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Precision BioSciences Inc. (Nasdaq: DTIL), a clinical stage biotechnology company developing allogeneic CAR T and in vivo gene correction therapies with its ARCUS® genome editing platform, today announced a Chief Executive Officer transition plan and the initiation of a public search for a new CEO. Matt Kane, Co-Founder and Chief Executive Officer, is expected to continue in his current leadership capacity and as a board member until his successor has been identified. Mr. Kane will also serve as an advisor for a period of time after the next CEO is hired ensuring a smooth transition.
During the transition period, Mr. Kane will continue to lead operational activities and the Precision BioSciences Board of Directors will continue to provide strategic guidance and oversight to the company. The management team and the board are committed to these near-term priorities: deliberately advancing the CAR T programs including the stealth cell technology, ensuring directed research efforts against the Eli Lilly designated gene targets, achieving further validation of the in vivo gene editing programs, securing an exit for the Elo Life Systems business, and exploring other development opportunities.
“On behalf of the board of directors, shareholders, and the colleagues who have joined Precision BioSciences since its founding, I want to thank Matt for the essential contributions he made in building Precision into a public company with multiple clinical stage programs,” said Kevin Buehler, Chair, Precision BioSciences Board of Directors. “By embarking on the search for Precision’s next CEO now, while our lead programs are progressing in early clinical development, we seek to identify the person who will lead Precision through the next phase of growth and maximize the opportunities for the ARCUS platform.”
“I’m fortunate to have worked alongside two of the true pioneers in the field of genome editing – Derek Jantz and Jeff Smith – as we formed and grew Precision BioSciences into the company it is today,” said Matt Kane. “The last 15 years have been tremendously rewarding, and I am most proud of the Precisioneers who have overcome scientific, business, and personal challenges to develop our class-leading genome editing platform and demonstrate the vast potential of our ARCUS-enabled programs. I believe now, more than ever, that we are well positioned to make a positive difference for patients who suffer from cancer and genetic diseases and to create greatly needed products that enhance the nutrition of and secure the global food supply. While I look forward to new and equally rewarding challenges in the future, I remain fully committed to the success of Precision BioSciences as we begin the search for my successor.”
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