United States, California, Redwood City – 06-15-2020 (PRDistribution.com) — AbGenomics Holding Inc., a clinical stage biotech company, has announced today that the company will be operating under a new name, AltruBio Inc., effective immediately. Its headquarters will remain in Redwood City in the San Francisco Bay Area, and its Taiwanese subsidiary will also reflect the rebranding operating under AltruBio Taiwan, Inc.
The new name reflects a refocusing of the company with recent changes to its management team, board of directors, and overall strategy. Over the past year, under the leadership of Chairman Dr. Patrick Y. Yang, who is an industry veteran, the company recruited a new slate of directors with depth and breadth of experience in the biopharmaceuticals industry. In December, the company announced the hiring of Dr. Judy Chou as President and Chief Executive Officer. Since starting in January, Dr. Chou has revamped the company, focusing on its autoimmune disease pipeline and the potential to quickly realize value for patients and stakeholders in the Steroid-refractory acute Graft versus Host Disease (SR-aGVHD) space.
President and CEO, Dr. Judy Chou, stated “I am pleased to announce the rebranding of the company to AltruBio Inc. This reflects the new beginning the company has made and the values it seeks to uphold. The name speaks for our belief that our drugs should truly benefit the patients in an altruistic way with the desirable efficacy without compromising safety. It also represents our operations for being ‘all true’ to our patients, investors, partners, and employees”
About AltruBio Inc.
AltruBio Inc. is a privately held biotechnology company headquartered in the San Francisco Bay Area that is focused on developing novel antibody therapeutics for the treatment of immunological diseases with high unmet medical needs. Based on unique insights into immune tolerance and epitope dominance sciences, AltruBio’s pipeline includes two clinical stage product candidates: (i) Neihulizumab (AbGn-168H) an immune checkpoint agonist antibody targeting PSGL-1/CD162 that depletes unwanted activated T cells with proof of mechanism in four autoimmune and inflammatory diseases, and (ii) AbGn-107, an antibody-drug conjugate (ADC) employing a unique enzyme cleavable hydrophilic self-immolative linker and targeting a gastrointestinal tumor antigen. AbGn-107 has demonstrated encouraging results in chemo-refractory gastric, pancreatic, colorectal and biliary cancers.
Note on Forward-Looking Statements
Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, believes, intends, and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as the Company’s ability to raise additional capital, and risks related to the Company’s ability to initiate, and enroll patients in, planned clinical trials. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by law.
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