Fred Hassan, Former CEO of Schering-Plough and Former Chairman of Bausch & Lomb, Joins Prometheus Biosciences Board

Monday, 17. May 2021 14:00

SAN DIEGO, May 17, 2021 (GLOBE NEWSWIRE) -- Prometheus Biosciences, Inc. (Nasdaq: RXDX), a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases, starting first with inflammatory bowel disease (IBD), today announced the appointment of Fred Hassan to its Board of Directors.

“We’re honored to have a highly accomplished industry titan like Fred join our Board at this pivotal time,” said Mark McKenna, President and CEO of Prometheus. “Fred’s wealth of experience over the last thirty years as an investor, board member, and executive of global pharmaceutical corporations, will strengthen our board as we advance our pipeline of precision therapies for immune-mediated diseases. On behalf of the Board, I welcome Fred and we are eager to benefit from his insights and acumen.”

Mr. Hassan joined Warburg Pincus LLC, a global private equity investment institution, in 2009 and currently serves as Director. Previously, Mr. Hassan served as Chairman and Chief Executive Officer of Schering-Plough from 2003 to 2009. Before assuming these roles, from 2001 to 2003, Mr. Hassan was Chairman and Chief Executive Officer of Pharmacia Corporation, a company formed through the merger of Monsanto Company and Pharmacia & Upjohn, Inc. He joined Pharmacia & Upjohn, Inc. as Chief Executive Officer in 1997.

Mr. Hassan has been a director of Amgen, Inc. since 2015 and of Precigen Corporation, a synthetic biology company, since 2016. He was a director of Time Warner Inc. from 2009 until its acquisition by AT&T Inc. in 2018 and a director of Avon Products, Inc. from 1999 until 2013, where he served as Chairman of the Board between January and April 2013. He was Chairman of the Board of Bausch & Lomb from 2010 until its acquisition by Valeant Pharmaceuticals International, Inc. in 2013 and served on the board of Valeant Pharmaceuticals from 2013 to 2014. Mr. Hassan received an undergraduate degree from Imperial College of Science and Technology, University of London and a master’s degree in business administration from Harvard Business School.

Mr. Hassan added, “Prometheus has great potential to disrupt the immune-mediated disease space and industry as a whole. I’m impressed with their clinical-stage pipeline, the Prometheus360TM platform, as well as their strong financial position following their recent IPO. I look forward to working closely with the Prometheus leadership and board as they transform patients’ lives by applying their precision approach to IBD and beyond.”

About Prometheus Biosciences

Prometheus Biosciences, Inc. is a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment and diagnosis of immune-mediated diseases, starting first with IBD. The Company’s precision medicine platform, Prometheus360TM, combines proprietary bioinformatics discovery methods with one of the world’s largest gastrointestinal bioinformatics databases to identify novel therapeutic targets and develop therapeutic candidates to engage those targets. Prometheus is headquartered in San Diego, CA.

Forward Looking Statements

Prometheus cautions readers that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to statements regarding Prometheus’ pipeline, the Prometheus360 platform, and the company’s potential in IBD and the broader immune-mediated disease space. The inclusion of forward-looking statements should not be regarded as a representation by Prometheus that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: Prometheus’ approach to the discovery and development of precision medicines based on Prometheus360 is unproven; Prometheus’ ability to develop companion diagnostics for its therapeutic product candidates; potential delays in the commencement, enrollment and completion of clinical trials and preclinical studies; Prometheus’ dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; unexpected adverse side effects or inadequate efficacy of its product candidates that may limit their development; Prometheus’ ability to maintain undisrupted business operations due to the COVID-19 pandemic, including delaying or otherwise disrupting its clinical trials, manufacturing and supply chain; and other risks described in the company’s prior press releases and filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Prometheus’ most recent quarterly report on Form 10-Q and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Prometheus undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investors:
Noel Kurdi
VP Investor Relations and Communications
(646) 241-4400
nkurdi@prometheusbiosciences.com

Media:
Juniper Point
Amy Conrad
(858) 914-1962
media@prometheusbiosciences.com


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