Authored by James Sheppard
The Oxford Biotech cluster based rare disease biotech Summit plc has announced the appointment of a new Chief Financial Officer (CFO). Summit announced that Mr Erik Ostrowski will join the company as CFO with immediate effect and will be based out of the company’s Cambridge, Massachusetts office.
Prior to joining Summit Mr Ostrowski was Executive Vice President of finance at US biotech Organogenesis where he was involved in a wide range of activities from investor communications to capital raising. Previous to this Mr Ostrowski was a Director in the healthcare practice at investment bank Leerink Partners. He holds an MBA from University of Chicago’s Booth School of Business and a BSc in Accounting and Economics from Babson College.
“I am pleased that Erik Ostrowski has decided to join Summit as he brings a broad range of skills and expertise in strategic, financial and operational matters that will enhance the quality of the Summit management team,” commented Glyn Edwards, Chief Executive Officer. “His appointment is a reflection of the Company’s continued growth and investment in our two clinical-stage programmes in DMD and CDI, and we look forward to Erik’s contributions.”
Summit are developing therapies for Duchenne Muscular Dystrophy (DMD) and C.difficile infection (CDI). The company’s most advanced asset is in DMD where they are developing a drug which will up-regulate utrophin in boys with DMD. SMTC1100 has received orphan drug designation from both the FDA and EMA. In November 2013 SMT C1100 entered a phase Ib clinical study which reported positive preliminary results in May 2014.