CORRECTING and REPLACING Penrose TherapeuTx Appoints Pharmaceutical Leader David Sherris, Ph.D., as President and Chief Executive Officer

Veteran industry executive will spearhead the clinical development and commercialization of oncology treatments leveraging Penrose’s novel mitochondrial modifying agent (MMA) technology

ANN ARBOR, Mich. & BOSTON–(BUSINESS WIRE)–First paragraph, first sentence of release should read: Penrose TherapeuTx, a privately held preclinical stage small molecule drug development company … (instead of Penrose TherapeuTx, a privately held clinical stage small molecule drug development company …).

The updated release reads:

PENROSE THERAPEUTX APPOINTS PHARMACEUTICAL LEADER DAVID SHERRIS, PH.D., AS PRESIDENT AND CHIEF EXECUTIVE OFFICER

Veteran industry executive will spearhead the clinical development and commercialization of oncology treatments leveraging Penrose’s novel mitochondrial modifying agent (MMA) technology

Penrose TherapeuTx, a privately held preclinical stage small molecule drug development company committed to improving patient lives through innovative oncology therapies, today announced the appointment of David Sherris, Ph.D. as President and Chief Executive Officer. Dr. Sherris has over 30 years of experience in translational medicine involving basic research, pharmaceuticals, and diagnostics, and has held numerous senior roles at prominent pharmaceutical companies including Serono, Centocor, Unilever Research and Mateon Therapeutics (formerly OXiGENE).

Penrose TherapeuTx, through unprecedented tissue-driven pharmacologic insights, has pioneered a next-generation class of MMAs which create a selective mitochondrial vulnerability that ultimately leads to cancer cell metabolic collapse. The platform has shown promising preclinical results and the company has developed a lead candidate, RP-0320, which is set to advance into clinical research in the coming year.

“With Dr. Sherris’s drug development skills, his experience in business development and securing funding for biotechnology companies, we feel confident that he will bring Penrose TherapeuTx to its next phase of success,” said Mark de Souza, Chief Executive Officer and Board Member of parent company Tribar Healthcare Partners. “We are pleased to bring on such an accomplished scientist and biotech entrepreneur.”

Dr. Sherris is a proven serial entrepreneur having developed biotechnology companies from the ground up, devising corporate strategy, enacting programs, successfully established partnerships within the pharmaceutical industry and carrying companies through funding and acquisition. Holding senior positions in public and private companies, Dr. Sherris has led the development of novel therapies from the bench to the clinic. He has published multiple scientific papers and holds patents in a wide range of therapeutic areas including oncology, ophthalmology, dermatology, neurology, gene therapy and infectious disease.

“I’m excited to lead such an innovative biotechnology company and work with the talented team dedicated to advancing Penrose’s mitochondrial modifying agents. A first-in-class, small molecule drug technology attacking tumor cells leading to their necrotic death is an exciting and novel means to tackle cancer,” said Dr. Sherris, Chief Executive Officer and President of Penrose TherapeuTx. “I am grateful for the excellent work Mr. de Souza has done in his role establishing a solid foundation for the company. I’m committed to working with the Penrose team, the U.S. Food & Drug Administration and other global regulatory agencies to bring this technology into the next stage of clinical development and ultimately to the market.”

Prior to Penrose TherapeuTx, Dr. Sherris was President and Chief Executive Officer of GenAdam Therapeutics, Paloma Pharmaceuticals and VasculoMedics, private biotech companies. The former of which was acquired by PrimeCell and the latter two by RestorGenex, now Diffusion Pharmaceuticals. Dr. Sherris also had senior leadership positions at public biotech companies as Chief Operating Officer and Vice President of Research and Development at OXiGENE, along with Serono, Centocor and Unilever Research.

Dr. Sherris received his Ph.D. in Biochemistry and Molecular Genetics from the University of Utah, held a postdoctoral position in cellular immunology at the Jackson Laboratory and a faculty position in the Department of Medicine, Division of Clinical Immunology at the Mt. Sinai Medical Center, New York, NY.

About Penrose TherapeuTx

Penrose TherapeuTx is a U.S.-based pharmaceutical company focused on developing innovative small-molecule therapies for the treatment of advanced cancers. Penrose has pioneered the development of a novel Mitochondrial Modifying Agent therapeutic platform designed to generate therapies for difficult to treat cancers through a unique cooperative mechanism of action. Our approach has potential broad applicability across both hematologic and solid tumors. Learn more at www.penrosetherapeutx.com.

Contacts

Media

Chad Hyett

MCS Healthcare

917-204-7917

[email protected]