Athersys Inc., the adult stem cell company in Cleveland, has hired a senior pharmaceutical and biotech executive as its next CEO to complete the company's efforts to commercialize its MultiStem therapy.
Daniel Camardo is executive vice president, head of the rare disease and inflammation business units, and U.S. president at Horizon Therapeutics, the Irish biotech company.
He will take the lead at Athersys on Feb. 14, the company said in a press release. Camardo also will join the Athersys board.
Gil van Bokkelen, who co-founded Athersys in Cleveland in 1995 and had been the company's only CEO, stepped down almost a year ago to make way for a leader who would complete the development, approval, launch and commercialization of MultiStem for the treatment of conditions such as ischemic stroke.
At that time, Athersys also settled a corporate governance lawsuit with its largest shareholder, Dr. Hardy TS Kagimoto, president and CEO of Healios KK, the Japanese biotech company, who owned 8.3% of Athersys' shares.
A year ago, Athersys also signed a cooperation/collaboration agreement with Healios, which has been preparing for clinical trials in Japan for using MultiStem to treat some stroke and acute respiratory distress syndrome.
B.J. Lehmann, president and chief operating officer for Athersys, has filled in as interim CEO in the meantime.
Camardo has more than 25 years of commercial leadership experience in pharmaceutical and biotech companies, Athersys said. At Astella Pharma U.S., he helped build a commercial business from U.S. market entry to more than $3.5 billion in annual net sales driven by a portfolio of specialty and rare disease medicines, the company said.
"Dan’s extensive industry experience includes transforming single product startups into high-functioning multi-franchise organizations," Ismail Kola, chairman of the Athersys board, said in the company's press release.
Camardo has been involved in more than 10 medicine launches across therapeutic areas including small molecules and biologics, and is recognized for overcoming marketplace challenges and fostering collaborations that drive results, Athersys said.
“We are very happy to have Dan joining us to lead the Company as we move to complete development and prepare for commercialization,” Lehmann said.
Athersys shares (Nasdaq: ATHX) were down more than 2% to 82 cents in noontime trading Friday.
Zacks Investment Research gave the company's shares a "buy" rating in November, reflecting an upward trend in earnings estimates, the research company said.
Athersys shares last traded for more than $2 in March 2021 around the time that van Bokkelen left the company and Athersys signed its collaboration agreement with Healios.
