RALEIGH, N.C., June 24, 2019 (GLOBE NEWSWIRE) -- Innovate Biopharmaceuticals, Inc. (Nasdaq: INNT), a clinical stage biotechnology company focused on developing novel therapeutics for autoimmune and inflammatory diseases, today announced the appointment of Ed Sitar as its Chief Financial Officer commencing on July 1, 2019. With an expanded management team, Innovate intends to focus on non-dilutive sources of capital to further develop its pipeline, including out-licensing of (i) selective ex-US rights to INN-202 for celiac disease and (ii) Innovate’s earlier clinical stage pipeline of drug product candidates. In addition, Innovate intends to suspend future sales of shares under its “at-the-market” established pursuant to its common stock sales agreement with H.C. Wainwright & Co., LLC and Ladenburg Thalmann & Co. Inc.
Mr. Sitar will be responsible for developing and implementing Innovate’s financial strategy and working with the CEO to further the company’s mission and continue its growth plans. Most recently, Mr. Sitar was the chief financial officer of Ammon Labs and Cancer Genetics (Nasdaq: CGIX), both specialty diagnostic companies. He previously has served as the financial leader for a variety of other healthcare companies, including ActiveHealth Management (a subsidiary of Aetna and a market leader in clinical decision support systems) and Cadent Holdings (now part of Align Technologies) where he led $120 million in financings that introduced new lead investors and lending sources. Mr. Sitar’s experience includes regulatory, IT systems, HR and operational excellence. He earned a Bachelor of Science degree in Accounting with honors, from the University of Scranton, and is a Certified Public Accountant.
Innovate’s Chief Executive Officer, Sandeep Laumas, M.D. stated, “After an extensive search we are excited to bring on a seasoned and highly experienced executive like Ed as we continue to expand the depth of our senior management team to help position us for future growth.”
About Innovate Biopharmaceuticals, Inc. (Nasdaq: INNT)
Innovate is a clinical stage biotechnology company focused on developing novel therapeutics for autoimmune and inflammatory diseases. Innovate’s lead drug candidate, larazotide acetate, has a mechanism of action that renormalizes the dysfunctional intestinal barrier by decreasing intestinal permeability and reducing antigen trafficking, such as gliadin fragments in celiac disease, and bacterial toxins and immunogenic antigens in nonalcoholic steatohepatitis (NASH). In several diseases, including celiac disease, NASH, Crohn’s disease, ulcerative colitis, irritable bowel syndrome (IBS), type 1 diabetes mellitus (T1DM), chronic kidney disease (CKD), the intestinal barrier is dysfunctional with increased permeability.
