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CytoDyn appoints finance veteran Craig S Eastwood as chief finance officer

Eastwood joined CytoDyn in April 2019, and earlier served as its vice president and controller

CytoDyn -
In addtion to HIV, CytoDyn is also exploring leronlimab's use in the treatment of cancer, inflammatory conditions and autoimmune diseases

CytoDyn Inc (OTCMKTS:CYDY) said Thursday that it has appointed Craig S. Eastwood as the Vancouver, Washington-based late-stage biotechnology company’s new chief financial officer.

Eastwood joined CytoDyn in April 2019 and previously served as the company’s vice president and controller. He has an extensive background in corporate accounting, investor relations, financial planning and analysis.

“I am delighted to welcome Craig to the CFO role, where he will undoubtedly make an impact as we migrate from being a research and development-driven biotech company, to a fully functional commercial enterprise,” said CytoDyn CEO Nader Pourhassan.

READ: CytoDyn wins IRB approval to give leronlimab to triple-negative breast cancer patients on compassionate grounds

“Craig’s leadership capabilities coupled with his experience at large companies, including a global CRO, helps position us for future growth.”

CytoDyn is developing leronlimab (PRO 140) to battle multiple diseases. Leronlimab has already completed nine clinical trials and been given to 800 patients in HIV treatment programs, without a single drug-related serious adverse event. CytoDyn is also exploring leronlimab's use in the treatment of cancer, inflammatory conditions and autoimmune diseases.

The drug itself works as an inhibitor of CCR5, a protein that plays a role in tumor invasion and metastasis. Blocking CCR5 has been shown to reduce tumor metastases in laboratory and animal models of aggressive breast and prostate cancer.

“This is an incredibly exciting time to be at CytoDyn,” said Eastwood. “The idea that one molecule has the capability to address multiple therapeutic indications is medically transformative. Nader and his executive team are driven to alter the way HIV, cancer and other immunological diseases are tackled. I am thrilled to be part of this incredible story.”

Gearing up for commercialization

Eastwood also highlighted the patient data published around CytoDyn’s progress in oncology.

“Our preparation for commercialization of leronlimab means that all the safety, stability and delivery components will be available for the other indications when they are ready to commercialize,” said Eastwood.

Eastwood will lead CytoDyn’s financial operations and treasury.

Michael Mulholland, the company’s previous CFO, will remain at CytoDyn and will report to Eastwood in a newly created role of Senior Vice President of Finance, a critically important function as the company looks to improve its capital structure and prepare for commercialization in advance of its first BLA submission planned for late 2019.

“Mike’s commitment to CytoDyn over the past seven years has enabled the company to remain on a solid footing with financial and regulatory compliance,” said Eastwood.

“His continued contributions and deep knowledge of capital transactions and corporate governance will be invaluable as we progress to the next stage in our evolution.”

Eastwood is a licensed certified public accountant and has over 25 years of financial management experience. Prior to CytoDyn, he was a CFO for two publicly traded startups, advancing their financial and strategic missions. He started his career as an auditor at Deloitte, and held senior roles in a mix of public and private companies in manufacturing and life sciences, focusing on technical accounting, investor relations, systems implementations and restructuring.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

Quick facts: CytoDyn Inc.

Price: 3.37 USD

OTCQB:CYDY
Market: OTCQB
Market Cap: $1.92 billion
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