This week's Lab Notes has items on a CEO change, a biopharma firm's key FDA designation and more.
Here is the roundup:
Strata Skin Science
The Horsham medical technology company that specializes in products to treat skin conditions has made a leadership change that involves the return of familiar face in the C-suite.
This week, Strata (NASDAQ: SSKN) announced its board of directors and Bob Moccia "mutually agreed" Moccia would step down as CEO effective Oct. 30. Dolev Rafaeli was appointed as Strata's new vice-chairman, president and chief executive.
Rafaeli, who describes himself as a "long and significant Strata shareholder," previously served as Strata's president and CEO from 2018 to 2021. Before that he served as president and CEO of PhotoMedex, the company that developed the laser technology that was sold to Strata in 2015.
Strata's product portfolio includes the devices Xtrac excimer laser, the Vtrac lamp systems and TheraClearX therapy system which are used to treat dermatologic conditions such as psoriasis, vitiligo and acne. Last year the company, which has 114 employees, generated revenue of $36.2 million and posted a net loss of $5.5 million.
ArriVent Bioharma
The Newtown Square-based biopharmaceutical company received Breakthrough Therapy designation for furmonertinib, its experimental treatment for patients with previously untreated and locally advanced or metastatic non-small cell lung cancer, from the Food and Drug Administration
Bing Yao, co-founder and CEO of ArriVent, called the designation "an important step forward" in the development of furmonertinib for lung cancer patients with certain genetic mutations.
The new drug candidate is in late-stage clinical testing.
Breakthrough Therapy designation is designed to expedite development and review of drugs intended to treat a serious or life threatening condition for which preliminary clinical evidence indicates the drug may demonstrate substantial improvement over available therapies. Through the program, a drug developer and the FDA work together closely to determine the most efficient path forward for the experimental medicine.
Quick hits
Dean Stoios joined The Wistar Institute in Philadelphia as its chief financial officer. He succeeds Joe Trainer, who retired from the post earlier this year. Stoios previously served as CFO of Camden-based Coriell Institute for Medical Research. … CG Converting and Packaging, a subsidiary of Langhorne-based health care products company Nexgel (NASDAQ: NXGL), has entered into a supply agreement with global biopharmaceutical company AbbVie Inc. (NYSE: ABBV) to be a supplier of gel pads to be used with AbbVie's Rapid Acoustic Pulse device being developed to improve the appearance of cellulite. Financial terms of the deal were not disclosed.
