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| Xeno Biosciences Announces New CEO and FinancingCAMBRIDGE, Mass., Apr. 17 /BusinessWire/ -- Xeno Biosciences Inc., a clinical stage drug discovery and development company advancing therapeutics for the treatment of obesity and metabolic diseases, announced today a change in executive leadership as of September 2023, and the completion of an additional financing round in February of 2024. This financing of $1.15M will fund a Phase 1b trial of the company's lead compound, Xen-101, in obese individuals. The trial is expected to have top line results by the end of the year."I'm excited to be spearheading the development of Xeno's new oral obesity drug which has been shown to have high tolerability in initial Phase I trial and has a novel mechanism of action." said Dr. Dennis Kim. "I have dedicated my career to this area of science and medicine. After many years of development, I am truly gratified to see obesity pharmaceuticals as having the potential to impact the lives of billions of people around the world. There is a strong unmet need for a drug with the profile of Xen-101 and I look forward to our Phase 1b clinical trial results in obese adults in the near future." "Dennis has an extraordinary depth of knowledge and is highly respected in the obesity field; I could not imagine anyone more perfect to lead our company," said Jeff Arnold, Chairman and a Director at Xeno since 2017. "We are delighted that he has decided to join us and lead this exciting project." For more information about Xeno Biosciences please contact Dr. Dennis Kim at dk23@xenobiosciences.com. About Xeno Biosciences Inc. Xeno Biosciences Inc. is a privately held drug development company dedicated to finding safe and effective treatments for obesity and metabolic diseases. Xeno is advancing its lead development candidate, XEN-101, to address the unmet need for an effective, well-tolerated, orally administered obesity treatment. With a new understanding of the underlying mechanism of action of Roux-en-Y Gastric Bypass Surgery (RYGB), Xeno has developed a substitute for gastric bypass in a daily oral pill. XEN-101 has been shown to have wide safety margins and high tolerability in initial clinical trials. Dennis D. Kim, MD, MBA Dr. Dennis Kim is a scientist and a physician executive who brings 25 years of clinical research and biopharmaceutical industry experience to Xeno Biosciences. Dr. Kim served in a variety of senior executive positions in the industry, most recently as Chief Medical Officer at CymaBay, Emerald Biosciences, and Zafgen, Inc., as well as at Orexigen Therapeutics as the Senior Vice President of Medical Affairs. He also held various senior management positions at Amylin Pharmaceuticals, Inc. for over 7 years, including Executive Director of Corporate Strategy and Program Medical Lead for the development and commercialization of ByettaŽ (exenatide) for the treatment of type 2 diabetes. Dr. Kim completed his fellowship in Endocrinology/Metabolism at the University of California, San Diego (UCSD) School of Medicine during which time he investigated the pathophysiology of diabetes and metabolic syndrome. He is extensively published in top peer-reviewed medical and scientific journals with over 50 publications to his name. Dr. Kim also received an MBA degree with honors from UCSD Rady School of Management with an emphasis on biotech structure and strategy. The securities sold in the aforementioned private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the aforementioned shares. In addition, this press release contains certain forward-looking statements regarding, among other things, statements relating to goals, plans and projections regarding the company's financial position, results of operations, market position, product development and business strategy. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and the company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20240417099174/en/
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