GREENWICH, Conn.--(BUSINESS WIRE)--Saghmos Therapeutics, Inc. (Saghmos), a privately held biopharmaceutical company, developing the cardiorenal metabolic modulator ST-62516 (trimetazidine), announces the appointment of Fred Hassan as Chairman of the Board of Directors. In his distinguished career, spanning four decades, Mr. Hassan has served as Chief Executive Officer and/or Chairman or Board member of global pharmaceutical companies, leading investment firms, and pharmaceutical industry organizations.
"We are honored and privileged to work with Fred Hassan. His wealth of pharmaceutical industry experience and his guidance will tremendously benefit our mission to bring ST-62516 to patients,” said Anna Kazanchyan, M.D., Founder and CEO of Saghmos.
Saghmos is developing ST-62516 to reduce the risk of Acute Kidney Injury (AKI) and Major Adverse Cardiac and Kidney Events (MACKE) after contrast procedures such as percutaneous coronary intervention (PCI). Saghmos’ IND for ST-62516 was cleared by the FDA in July 2023. The company anticipates that its Phase 3 study can be initiated in 2024 after finalization of a Special Protocol Assessment.
“Saghmos has a great mission, and I am impressed with the team’s dedication to getting the therapy to patients” Fred Hassan said. “With over one million PCI procedures annually in the US and no pharmacologic agents to prevent AKI and related complications, this is a significant unmet need. I am excited about working with Saghmos.”
About Fred Hassan
Fred Hassan is Chairman of Caret Group, and a Director at Warburg Pincus, a private equity firm. He is currently a Board member of Precigen (PGEN), BridgeBio (BBIO), and Cocrystal (COCP), and was on the board of Prometheus Biosciences (RXDX) before its acquisition by Merck in June 2023. Previously, he was also on the Board of Directors of Amgen (AMGN) and Time Warner, until its acquisition by AT&T, and was Chairman of the Boards of Avon Products and Bausch & Lomb.
Fred Hassan is the former Chairman of the Board and CEO of Schering-Plough Corporation before its acquisition by Merck. Previously, he was Chairman and CEO of Pharmacia Corporation before its acquisition by Pfizer. Prior to that, Mr. Hassan was Executive Vice President of Wyeth, with responsibility for its pharmaceutical and medical products business. He also headed the US pharmaceuticals business at Sandoz Pharmaceuticals (now Novartis). Other leadership roles include chairmanship of the Pharmaceutical Research and Manufacturers of America (PhRMA) and the International Federation of Pharmaceutical Manufacturers Associations (IFPMA).
Mr. Hassan received a BS degree in chemical engineering from the Imperial College of Science and Technology at the University of London and an MBA from Harvard Business School.
About Saghmos Therapeutics
Saghmos Therapeutics is developing ST-62516 (trimetazidine) to reduce the risk of cardiorenal complications after PCI. This is an area of high unmet need. Patients with pre-existing Chronic Kidney Disease (CKD) and comorbidities such as diabetes and heart disease are at high risk of complications, including heart failure and progression of kidney disease, leading to prolonged hospitalization and need for dialysis. There are no approved pharmacologic agents to prevent or treat the problem.
Saghmos Therapeutics has an issued US patent (Patent number 11,123,345) for the prevention and treatment of acute kidney injury after contrast procedures. The patent provides exclusivity through 2037. International patents are pending.
Forward looking statements
This press release contains forward-looking statements, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements contained in this press release include, but are not limited to, statements regarding Saghmos’ business, intellectual property, clinical and regulatory plans, commercial potential, value and benefits of ST-62516, and its ability to achieve societal impact. In any forward-looking statement in which Saghmos expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Saghmos’ actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources, uncertainties and changes related to the law and regulatory process, and general changes in the economic environment. These forward looking statements are based on our current expectations. Saghmos does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.
