SAN DIEGO, May 04, 2023 (GLOBE NEWSWIRE) -- Ambrx Biopharma Inc., or Ambrx (NASDAQ: AMAM), today announced the appointment of Andrew P. Aromando as Chief Operating Officer. Mr. Aromando brings over 30 years of experience across numerous functional areas in the biopharmaceutical industry, serving in senior executive roles focused on corporate development, clinical operations, and commercial strategy. He will be responsible for leading certain operational functions, as well as the Company’s business development activities.  

Mr. Aromando has served in C-level roles for 15 years across multiple oncology-focused biopharmaceutical companies. He has also held senior executive positions at IQVIA, Syneos Health and WCG focusing on the development of clinical and commercial programs for early and late-stage clinical product candidates, new products, and mature brands across many therapeutic areas.

"Andrew is an outstanding addition to Ambrx,” said Daniel J. O’Connor, President and Chief Executive Officer of Ambrx. “He brings extensive experience at biopharmaceutical companies with an oncology focus and a strong track record in corporate development, clinical drug development, partnerships, and overall operational excellence. We are confident that Andrew’s work be highly impactful in the continued development of our proprietary ADC product candidates, ARX788 and ARX517.”  

"Ambrx is moving to the forefront of innovation in the ADC space, and I am both excited and grateful to be joining the company at this moment,” said Mr. Aromando. “I look forward to working with our team to continue to effectively develop ARX788 and ARX517 in our ongoing and future clinical trials for the benefit of cancer patients that are in need of new treatment alternatives."

Mr. O’Connor continued, “I would also like to thank Sonja Nelson for serving as both Chief Financial Officer and Chief Operating Officer over the past several months. The addition of Andrew as our COO allows Sonja to again focus her talents exclusively on her role as our CFO.”

In connection with his appointment, Andrew Aromando received a one-time inducement award of 2,600,000 ordinary share options, or the equivalent of 371,428 American Depository Shares, which vest over 4 years. The Company approved the award as an inducement material to Mr. Aromando entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

About Ambrx Biopharma Inc.

Ambrx is a clinical stage biopharmaceutical company using an expanded genetic code technology platform to discover and develop next generation antibody drug conjugates (ADCs) and other engineered therapies to modulate the immune system. Ambrx is advancing a focused portfolio of clinical and preclinical programs designed to optimize efficacy and safety in multiple cancer indications, including ARX517, its proprietary antibody-drug conjugates (ADC) targeting the prostate-specific membrane antigen (PSMA) and ARX788, its proprietary ADC targeting HER2. In addition, Ambrx has preclinical and clinical collaborations with multiple partners on drug candidates generated using Ambrx technology. Ambrx spun out of The Scripps Research Institute in 2003 and has several other product candidates involving ADCs and other aspects of Ambrx’s protein engineering technology. For more information, please visit www.ambrx.com. Ambrx routinely posts information that may be important to investors on its website.

Forward-Looking Statements

This press release includes certain “forward-looking statements” intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements may be identified by the words “intend,” “plan,” and similar expressions. Forward-looking statements are based on Ambrx’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with: the continuing impact of the COVID-19 pandemic and other public health-related risks and events on Ambrx’s business, operations, strategy, goals and anticipated milestones; Ambrx’s ability to execute on its strategy including with respect to the timing of its R&D efforts, initiation of clinical trials and other anticipated milestones; risks associated with development and marketing approval of novel therapeutics, including potential delays in clinical trials and regulatory submissions and the fact that future clinical trial results/data may not be consistent with interim, initial or preliminary results/data or results/data from prior preclinical studies or clinical trials; Ambrx’s ability to fund operations as anticipated; and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Ambrx’s Annual Report on Form 10-K filed with the SEC on March 30, 2023, and elsewhere in Ambrx’s filings and reports with the SEC. Forward-looking statements contained in this press release are made as of this date, and Ambrx undertakes no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Contacts

INVESTORS
Mike Moyer
LifeSci Advisors
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MEDIA
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