REDWOOD CITY, Calif., May 31, 2023 (GLOBE NEWSWIRE) -- Ashvattha Therapeutics (“Ashvattha”), a clinical-stage company advancing a new class of nanomedicine therapeutics that traverse tissue barriers to selectively target activated cells in regions of inflammation, today announced the appointments of Paul E. Cayer as Chief Financial Officer and Omega Therapeutics President and CEO, Mahesh Karande to the Board of Directors.

“We are pleased to welcome Paul and Mahesh to Ashvattha,” said Jeff Cleland, Ph.D., CEO, co-founder, and Chairman of Ashvattha Therapeutics. “Paul brings financial and operational leadership expertise with a successful track record of strategically growing biopharma businesses through financings and collaborations, both of which are relevant as we generate results from our ongoing clinical studies this year. Mahesh’s overall leadership and strategic experience in growing biopharma businesses, raising capital and pioneering a new class of drug candidates from a therapeutic platform through the clinic will be an asset to the team as we evaluate our new class of precision nanomedicines in a broad set of indications including ALS, wet AMD and DME.”

Paul added, “I am excited to join Ashvattha’s management team as the company engages in partnering discussions and prepares for multiple Phase 2 data readouts and a Series C financing later this year. I look forward to collaborating with the team to address important unmet medical needs for patients with ophthalmic, neurological, and inflammatory diseases.”

Mahesh added, “Ashvattha’s innovative approach to solving a decades-old drug development and clinical problem – getting a drug to specific cells, crossing tissue barriers – positions the company to be a leader in precision nanomedicine. I am honored to serve on the Board and look forward to working with the team because I believe in the company’s approach and potential.”

Paul brings over 30 years of experience in the pharmaceutical, medical device and healthcare technology fields. Prior to joining Ashvattha, Paul served as Chief Financial and Business Officer at Otonomy, a company that specialized in developing therapeutics for diseases and disorders of the ear. He led the team in raising over $550 million in private and public financings and was responsible for completing multiple collaborations and asset sales. He previously served as Senior Vice President, Corporate Development for Verus Pharmaceuticals. Paul received his bachelor’s degree in biomechanical engineering from Harvard University and an MBA from the Harvard Business School.

Mahesh Karande currently serves as the President and CEO and a Director of Omega Therapeutics (Nasdaq: OMGA), pioneering the development of a new class of programmable epigenomic mRNA medicines to treat or cure a broad range of diseases. He has led the translation of completely new science into a drug development and therapeutic platform with a broad pipeline in oncology, regenerative medicine, immunology, inflammatory conditions and important monogenic conditions. He has raised ~$400 million through private rounds and a successful IPO and follow-on. Earlier, Mahesh held numerous leadership roles at Novartis Pharmaceuticals across geographies including corporate-level Vice President and US franchise head leading the Oncology solid tumors business and regional President of Africa. At Novartis, he oversaw the execution of over 50 partnership deals. He has led over 10 product launches including the U.S. and global markets. Mahesh holds an MBA from the Wharton School, University of Pennsylvania, and an MS from Georgia Institute of Technology.

About Ashvattha Therapeutics

Ashvattha Therapeutics is advancing a new class of clinical-stage nanomedicine therapeutics that traverse tissue barriers to selectively target activated cells only in regions of inflammation. Our targeted nanomedicine approach seeks to redefine precision medicine, empowering a new standard of care across ophthalmology, neurology and inflammation. For more information, visit: www.avttx.com 

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