Cidara Therapeutics Welcomes Jim Beitel as New Chief Business Officer
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Appointment of Jim Beitel as Chief Business Officer
Cidara Therapeutics, Inc. (NASDAQ: CDTX), a biotechnology company leveraging its innovative Cloudbreak platform to develop drug-Fc conjugate (DFC) immunotherapies with the goal of improving the treatment of serious diseases, has announced the appointment of Jim Beitel, MBA, as its Chief Business Officer. This appointment comes during a significant transition for the company, which remains committed to advancing its promising Cloudbreak DFC pipeline.
Focus on Cloudbreak Pipeline
Following recent strategic transactions, Cidara is now concentrating solely on the opportunities presented by its Cloudbreak DFC pipeline. The inclusion of a dedicated Chief Business Officer is seen as crucial for facilitating partnerships and licensing opportunities. Preetam Shah, Ph.D., MBA, who had previously held the roles of Chief Financial Officer (CFO) and CBO since 2021, will continue as the CFO, overseeing finance, accounting, and investor relations functions.
Leadership Insights
Jeffrey Stein, Ph.D., President and Chief Executive Officer of Cidara, expressed enthusiasm about Beitel's appointment, remarking, “We welcome Jim to Cidara’s executive team during an important time of corporate transformation. Jim’s extensive expertise in biopharma business development and partnerships will be extremely valuable given the expansive partnering opportunities created by our Cloudbreak pipeline.” Stein indicated that the upcoming Phase 2b trial of CD388, aimed at preventing influenza, marks a pivotal opportunity for the company.
Beitel's Background and Vision
Jim Beitel brings over 20 years of diverse experience in life sciences, encompassing corporate development, strategy, commercialization, and finance across various types of organizations, from biotech to large pharmaceutical companies. Previously, he served as the Senior Vice President of Corporate Development at Fate Therapeutics, where he was instrumental in executing strategic partnerships focusing on oncology and autoimmune diseases. Beitel commented on his new role, stating, “I’m pleased to join the company at this pivotal time. With its Cloudbreak platform and promising pipeline, Cidara is poised to make significant strides in treating serious diseases, including influenza.”
About Cidara Therapeutics
Cidara Therapeutics is innovatively using its proprietary Cloudbreak platform to construct novel drug-Fc conjugates (DFCs). These targeted immunotherapies represent a unique strategy of combining small molecules and peptides with a human antibody fragment designed to tackle specific disease targets while simultaneously enhancing immune system activity. Headquartered in San Diego, Cidara is committed to using this cutting-edge approach to improve patient care and outcomes for those battling severe diseases.
Inducement Awards for Beitel
As part of his appointment, Cidara’s Compensation Committee has granted Beitel an inducement package consisting of a non-qualified stock option award and restricted stock units (RSUs) totaling 71,000 shares of common stock under the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan. This grant features an exercise price aligned with the company’s closing stock price and outlines a structured vesting schedule over four years.
Contact Information
Investor Contact:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com
Media Contact:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com
Frequently Asked Questions
1. Who has been appointed as the new Chief Business Officer at Cidara Therapeutics?
Jim Beitel has been appointed as the Chief Business Officer at Cidara Therapeutics.
2. What is the primary focus of Cidara Therapeutics after recent transactions?
Following recent transactions, Cidara is focused primarily on advancing its Cloudbreak drug-Fc conjugate (DFC) pipeline.
3. What role will Preetam Shah continue to hold at Cidara Therapeutics?
Preetam Shah will continue as the Chief Financial Officer overseeing finance, accounting, and investor relations.
4. What is the significance of the Cloudbreak pipeline for Cidara?
The Cloudbreak pipeline is significant as it creates numerous partnering and licensing opportunities that are crucial for the company’s growth and development.
5. How is Jim Beitel’s experience relevant to his new position?
Jim Beitel brings over 20 years of experience in corporate development, focusing on strategy and partnerships, which are essential for the growth and expansion of Cidara's initiatives.
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