RETA - Prothena adds former FDA neuro chief Billy Dunn to director board
2023-05-17 12:13:55 ET
Alzheimer's drug developer Prothena Corporation ( NASDAQ: PRTA ) announced Tuesday that Billy Dunn, who previously led the FDA's Office of Neuroscience, is joining the company's board of directors.
The appointment comes less than three months after the FDA announced the retirement of Dunn, under whom the agency, under controversial circumstances, cleared, Aduhelm, the Alzheimer's therapy from Biogen ( BIIB ) and Eisai ( OTCPK:ESALF ) ( OTCPK:ESAIY ).
"For nearly two decades, Dr. Dunn has dedicated his career as a public servant to bringing new and innovative products to patients suffering from neurodegenerative diseases through his leadership role at the FDA," Chair of Prothena's Board, Lars Ekman, remarked.
"The company's expertise in pioneering therapies targeting protein dysregulation is clearly reflected in its diverse and promising pipeline guided by a commitment to patient-focused drug development, a patient-first approach that I strongly support," Dunn added, referring to PRTA.
His appointment marks an "incremental net positive" for Prothena ( PRTA ), Jefferies analyst Michael Yee argued with a Buy rating on the stock.
The Dublin, Ireland-based biotech is advancing its Alzheimer's candidate PRX005 with Bristol Myers Squibb ( NYSE: BMY ) in early-stage development. This year, the company expects to share topline data from a Phase 1 trial for its subcutaneously delivered amyloid-targeting Alzheimer's candidate PRX012.
"Billy Dunn's career leadership at the FDA neuroscience division should help guide development and regulatory strategy," Yee wrote, adding that his role will help "reduce issues, delays, or conflict in the regulatory discussions ahead."
Given the regulatory flexibility Dunn has indicated, the news of his departure from the FDA in February pressured the shares of Reata Pharmaceuticals ( RETA ), which at the time was awaiting the approval for its Friedreich's ataxia (FA) therapy, omaveloxolone.
More on Prothena
- Walgreens, Prothena in pact for early-stage Alzheimer’s trial
- Prothena Biosciences' Unique Approach To Protein Misfolding Could Be The Future
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Prothena adds former FDA neuro chief Billy Dunn to director board