Imara Appoints Chief Financial & Chief Operating Officer

Life Sciences Executive Michael P. Gray Brings Strong Background in
Biotechnology Capital Markets, Business Operations, Business Development
and Alliance Management

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Imara Inc., a clinical-stage biopharmaceutical company focused on sickle
cell disease and other hemoglobinopathies, today announced it has
appointed Michael P. Gray as Chief Financial and Chief Operating
Officer. Mr. Gray brings nearly two decades of experience at both public
and private biotechnology companies, where he developed strong
investment community relationships and an in-depth understanding of
capital markets, with a broad background in strategic corporate finance,
business operations, business development and investor relations. He
most recently served as President, Chief Executive Officer and Chief
Financial Officer at public, global biotechnology company, Arsanis,
Inc., leading a strategic process that consummated with the closing in
March 2019 of a merger between Arsanis and X4 Pharmaceuticals (NASDAQ:
XFOR) following a futility outcome of Arsanis’ lead clinical asset. Mr.
Gray previously served as Arsanis’ Chief Operating and Chief Financial
Officer from March 2016 until November 2018. In that capacity, he built
the business and finance infrastructure of Arsanis’ U.S. global
headquarters and successfully raised over $130 million, including
completing two private financings and an initial public offering (IPO).

“Mike’s breadth of strategic business and financial operations expertise
in both public and private settings is a rare combination and will be
immensely important as we enter this next phase of growth for Imara,”
said Rahul D. Ballal, Ph.D., Chief Executive Officer of Imara. “Mike
will play an important role in creating key partnerships, building an
internal infrastructure, and putting us on secure financial footing, as
we build out the clinical program for IMR-687 and other pipeline
efforts.”

“Rahul and the existing Imara team and board of directors bring a deep
scientific and business acumen to the company and are also able to
intimately understand what’s at stake for patients lacking effective
treatments for rare diseases such as sickle cell disease,” said Michael
P. Gray, Chief Financial and Chief Operating Officer of Imara. “With the
recently completed $63 million Series B cross-over financing with
top-tier healthcare investors, promising early data on the ongoing Phase
2a clinical trial of IMR-687, and Imara’s overall growth trajectory,
this is an exciting time to join the company and I look forward to
building the company across several important functional areas.”

Prior to Arsanis, Mr. Gray spent over a decade at Curis, Inc. (NASDAQ:
CRIS), a publicly-traded oncology company, including 13 years as its
Chief Financial Officer, while also holding dual roles as either Chief
Operating Officer or Chief Business Officer during most of his tenure.
At the company, he was responsible for financial strategy and business
operations, business development, alliance management, corporate legal
as well as all other administrative functions. Mr. Gray raised
approximately $200 million in equity capital through a variety of
transactions, including public offerings, at-the-market (ATM) offerings,
registered direct offerings, PIPEs and other structures. He was the
business development and finance lead for a potentially transformative
collaboration agreement with Aurigene and led the 2012 in-licensing of a
clinical-stage compound from Genentech and simultaneous $30 million
structured debt transaction. Mr. Gray was also instrumental in Curis’
entry into and subsequent management of its collaboration with Genentech
(Roche) that was focused on the Hedgehog signaling pathway, which
resulted in a commercially approved drug for the treatment of advanced
basal cell carcinoma. Previously, Mr. Gray was Controller and de Facto
Chief Financial Officer at Reprogenesis, Inc., where he participated in
various financings and managed all preclinical and clinical development
financial activities. He began his career as an audit professional with
Ernst & Young, LLP.

Mr. Gray earned his BS in Business Administration, Accounting
Concentration from Bryant College in Smithfield, R.I., and his MBA,
Finance and Entrepreneurial Management Concentration, from Babson
College in Wellesley, Mass. He is a certified public accountant and a
member of the American Institute of Certified Public Accountants (AICPA)
and the Association of Biotech Financial Officers (ABFO).

About Sickle Cell Disease

Sickle cell disease is a rare, genetically inherited condition that
alters hemoglobin, the protein in red blood cells that transports oxygen
throughout the body. The altered hemoglobin distorts red blood cells
into a sickle, or crescent, shape. Painful episodes can occur when
sickled red blood cells, which are stiff and inflexible, get stuck in
small blood vessels. These episodes deprive tissues and organs of
oxygen-rich blood and can lead to vaso-occlusive crisis (VOC), acute
chest syndrome (ACS), and permanent damage to organs including the
liver, spleen, kidney and brain.

About IMR-687

IMR-687 was designed to address the underlying pathology of sickle cell
disease. An orally-administered, highly potent and selective
phosphodiesterase 9 (PDE9) inhibitor, IMR-687 is a potentially
disease-modifying therapeutic for sickle cell disease as well as other
hemoglobinopathies. Pre-clinical data demonstrate IMR-687 reduces both
the sickling of red blood cells and blood vessel occlusion that cause
debilitating pain, organ damage, and early mortality in affected
patients. A Phase 1 clinical trial in healthy volunteers showed IMR-687
to be safe and well-tolerated.

IMR-687 has been granted both U.S. Orphan Drug Designation and U.S. Rare
Pediatric Designation by the Food and Drug Administration (FDA).

About Imara

Imara
Inc. is dedicated to developing novel therapeutics for patients with
sickle cell disease and other hemoglobinopathies. Imara is currently
developing IMR-687, a highly selective, potent small molecule inhibitor
of PDE9, to treat patients with sickle cell disease. IMR-687 was
specifically designed to treat patients with sickle cell disease by both
reducing red blood cell sickling and blockage of blood vessels that are
underlying causes of the pathology of sickle cell disease. IMR-687
successfully completed a Phase 1 study in healthy volunteers and is
currently being evaluated in a multi-national Phase 2a study in adult
patients with sickle cell disease.

Contacts

Imara Media:
Courtney Heath
617-872-2462
[email protected]

Imara Company:
Michael Gray
857-320-4636
[email protected]