- Push-out Score determined
- After about a year in the position
- Thanks for Federoff
- Matt Angel taking over temporarily
(exechange) — San Diego, California, May 31, 2022 — This news came shortly after Memorial Day. Howard Federoff, chief executive of Brooklyn ImmunoTherapeutics, leaves. As announced by Brooklyn ImmunoTherapeutics Inc. in a news release and in a regulatory filing published on Tuesday, May 31, 2022, Howard J. Federoff has left his post as chief executive officer at the biopharmaceutical company, after about a year in the role, effective May 26, 2022.
Howard Federoff’s duties as CEO will be taken over temporarily by Matthew (Matt) Angel, most recently Chief Executive Officer at Factor Bioscience Inc., as Interim Chief Executive Officer.
It is a generational change. Matt Angel is about 27 years younger than Howard Federoff.
The fact that Howard Federoff’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Howard Federoff’s move coincides with a management shake-up also involving the position of Chief Financial Officer.
“To focus on building a new venture”
The management change is explained as follows. Brooklyn ImmunoTherapeutics said: “Brooklyn ImmunoTherapeutics, Inc. (Nasdaq:BTX) (“Brooklyn” or the “Company”), a biopharmaceutical company focused on exploring the role that cytokine, gene editing, and cell therapy can have on the immune system for treating patients with cancer, blood disorders, and monogenic diseases, today announced the appointment of Matt Angel, Ph.D., Co-Founder, Chairman, and CEO of Factor Bioscience Inc., as Interim Chief Executive Officer and President. He will replace Howard J. Federoff, M.D., Ph.D., Chief Executive Officer and President, who departs to focus on building a new venture.”
Precise information regarding Howard Federoff’s future plans was not immediately available.
Brooklyn ImmunoTherapeutics said: “On May 24, 2022, the Board of Directors (the “Board”) of Brooklyn ImmunoTherapeutics, Inc., a Delaware corporation (the “Company”), appointed Matthew Angel as the interim President and Chief Executive Officer (principal executive officer) of the Company, which appointment became effective on May 26, 2022, upon the effectiveness of the resignation from the Company of Howard J. Federoff, M.D., Ph.D.”
Brooklyn ImmunoTherapeutics further said: “On May 24, 2022, Dr. Howard J. Federoff, a director and the Company’s Chief Executive Officer and President tendered his resignation to the Board, with such resignation becoming effective on May 26, 2022 (the “Separation Date”).”
Share price decline since May 2021
The announcement follows a decline in Brooklyn ImmunoTherapeutics Inc.’s share price of 99% since May 2021.
In the position of CEO since 2021
Howard Federoff became CEO of the Company in 2021.
Howard Federoff, M.D., Ph.D., has served as Chief Executive Officer, President and one of the Company’s directors since April 2021.
Prior to that, Federoff served as senior adviser from January 2021 to April 2021 and as chief executive officer from August 2019 to December 2020 at Aspen Neuroscience, Inc., a biotechnology company developing an autologous neuron replacement program for Parkinson’s disease.
He is a former Professor of Neurology at the University of California, Irvine, School of Medicine from 2015 to April 2021.
Federoff also served as Vice Chancellor for Health Affairs and Chief Executive Officer of the UC Irvine Health System from 2016 to 2018 and as Vice Chancellor for Health Affairs and Interim Chief Executive Officer of the UC Irvine Health System and as Dean of the University of California, Irvine, School of Medicine from 2015 to 2016.
From 2007 to 2015 he was Executive Vice President for Health Sciences and Executive Dean of the School of Medicine at Georgetown University.
Federoff has chaired the Recombinant DNA Advisory Committee of the National Institute of Health, the National Heart, Lung and Blood Institute Gene Therapy Resource Group, and the Board of the Association of Academic Health Centers.
Federoff is an elected Fellow of the American Association for the Advancement of Science and the National Academy of Investors.
Federoff received a Ph.D. in Biochemistry and an M.D. from Albert Einstein College of Medicine of Yeshiva University.
At the time of Howard Federoff’s appointment as Chief Executive Officer at Brooklyn ImmunoTherapeutics, Charles Cherington, Director of Brooklyn, had stated: “Dr. Federoff brings an unwavering focus on the patient as well as an outstanding record of clinical, academic and corporate achievement to Brooklyn ImmunoTherapeutics. Dr. Federoff’s unparalleled record of professional accomplishments and experience will be a tremendous asset to Brooklyn ImmunoTherapeutics as we advance the clinical development of IRX-2 as well as explore potential new opportunities. We look forward to working with Dr. Federoff to bring new treatment options to patients living with cancer and other serious diseases.”
At the time of Howard Federoff’s appointment as Chief Executive Officer at Brooklyn ImmunoTherapeutics, Federoff had stated: “Brooklyn’s IRX-2 product offers a significant opportunity to improve patient outcomes both as a monotherapy and in combination with other anti-cancer drugs including immune-oncology therapies. My top priorities will be the clinical advancement of IRX-2 in solid tumor indications as well as seeking opportunities to in-license new therapeutic agents that can extend and enhance the lives of patients fighting cancer and other serious diseases. This is an exciting time in oncology drug development and I believe that Brooklyn ImmunoTherapeutics will be a leader in advancing patient care.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Howard Federoff’s move on a scale of 0 to 10.
exechange reached out to Brooklyn ImmunoTherapeutics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2022 ($).