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Amid massive turnover, Agios hires Biogen alum as new CFO; Scholar Rock, Everest Medicines lead the big CEO parade

Cecilia Jones
When Cecilia Jones started at Genzyme, there was next to nothing in Kendall Square.
“It was just us,” Jones said. “There wasn’t much…

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Cecilia Jones

When Cecilia Jones started at Genzyme, there was next to nothing in Kendall Square.

“It was just us,” Jones said. “There wasn’t much to even go for lunch.”

Jones would work in Cambridge, MA, for the next 17 years — spending seven at Genzyme and 10 at Biogen, where she would go on to hold a VP role in finance — as Kendall Square and Cambridge grew into a biotech hub.

“It’s like night and day,” Jones said of the area now.

On Monday, Jones will return to Cambridge as the CFO of Agios, following a two-year stint at LogicBio (located less than 10 miles outside Cambridge).

Jones joins Agios as the biotech is going through a period of continuous churn. In late 2020, Agios announced it was selling off its entire cancer portfolio, including Tibsovo, an AML drug. Since then, it has pivoted to rare diseases, starting with Pyrukynd, a drug for pyruvate kinase deficiency, which got its first approval in February of this year.

In May, amid a larger market downturn, Agios laid off some 50 employees, and then in July, its CSO Bruce Car departed. Soon after, Jackie Fouse handed the CEO seat to Brian Goff, as Fouse transitioned to board chair.

When asked about the turnover at Agios, Jones said, “I asked them the same questions.”

But for Jones, Agios’ new look as a rare disease biotech was an attracting factor. She first worked in rare diseases at Genzyme, where she said she developed her passion for the field. “To me, being part of an organization that has the potential to make this positive impact on people with rare and genetically-defined diseases is incredibly rewarding. Obviously I don’t discover drugs, I don’t work in the lab, but I support the groups that do that,” Jones said.

On Goff coming on as CEO, Jones said, “That was actually one of the things that attracted me to the job too, is Brian has a lot of rare disease expertise and commercial experience with launching rare disease drugs, so I think he was a perfect fit to try to lead the company in the next phases.”

Jones moved to the US in 2000 to get her MBA from Harvard Business School. After graduating, she decided to stay in the US and landed her first job at Genzyme. “I had no background in biotech and had never worked in pharma or anything like that,” Jones said. “It was a completely new challenge for me. And this was also 20 years ago — I feel like biotech has become much more popular and much more known.”

“In Argentina,” Jones said, where she grew up, “definitely, biotech was very nascent, and nobody knew much about it.”

But Jones has stayed with the Boston-area biotechs.

“I question that every winter,” Jones joked. She then added, “I’ve stayed very loyal to Massachusetts. I still have my Argentina roots, and I do go back home every year, but it’s been 22 years now.”

Lei Lei Wu


Jay Backstrom

Scholar Rock founder Nagesh Mahanthappa took it upon himself to fill in as CEO when Tony Kingsley ultimately left for Versant protein stabilization biotech Stablix. But he’ll soon roll out the welcome mat for new chief executive Jay Backstrom, the R&D chief at Acceleron before Merck’s $11.5 billion M&A play last year. The ex-Celgene CMO and head of global regulatory affairs also adds to his collection of board appointments, which includes Autolus Therapeutics, Be Biopharma, Disc Medicine and Lava Therapeutics. When Backstrom gets settled on Oct. 20, Mahanthappa will relinquish his seat on the board of directors and become a strategic advisor.

Rogers Yongqing Luo

Everest Medicines has quickly filled the CEO slot that Kerry Blanchard left vacant in late August. Rogers Yongqing Luo had spent the last two years as president and general manager for Greater China at Brii Biosciences, and he helped get eight drugs past the finish line as Everest partner Gilead’s global VP and China general manager. In June, Everest celebrated its Trodelvy approval in China, and Gilead then shelled out $280 million upfront for rights to the drug in China and select countries in Asia. Ten days after the deal was made, Blanchard called it quits.

Mark Rothera

Mark Rothera has resurfaced as president and CEO of San Diego cancer biotech Viracta Therapeutics. In February, Rothera stepped aside as chief executive of UK RNAi player Silence Therapeutics and left his CFO, Craig Tooman, in charge with little explanation, but our Max Gelman indicated that Tooman’s M&A credentials could’ve been a factor in his appointment. Silence has cycled through a number of CEOs in the last five years, from Ali Mortazavi to David Horn Solomon (now with Pharnext) to Rothera’s appointment in September 2020 after his stint as CEO of Orchard Therapeutics. Viracta’s lead program, a combination of nanatinostat and valganciclovir (nana-val), is in a Phase II trial for relapsed/refractory Epstein-Barr virus-positive lymphoma.

Abigail Jenkins

→ A new era has dawned at Gamida Cell, where Julian Adams is retiring and Abigail Jenkins has replaced him as president and CEO. Formerly the chief commercial and business officer at Lyndra Therapeutics, Jenkins was business unit head of vaccines at Emergent BioSolutions, exiting the Baltimore company just as things really started to go sideways with the production of J&J’s Covid-19 jab. Gamida Cell’s decision day with the FDA on its cell therapy omidubicel is Jan. 30, 2023. Amber Tong has more on Adams’ retirement.

Matthias Alder

Gain Therapeutics has promoted Matthias Alder to CEO, as Eric Richman concentrates on his duties as a board member and senior advisor. As we pointed out at the time, Alder came to the protein misfolding biotech almost a year ago as COO, moving on from his CBO post at Autolus. From 2014-17, he was EVP, business development & licensing, general counsel and corporate secretary for Sucampo Pharmaceuticals. Richman is a 12-year MedImmune vet who took over as Gain’s CEO in July 2020 and guided the Bethesda, MD biotech to its modest IPO in March 2021, but its stock $GANX has taken a beating ever since, an unsurprising turn of events in the current bear market.

Jodie Morrison

→ There’s a changing of the guard at Q32 Bio, now teaming up with Horizon on the anti-IL-7Rα antibody ADX-914: Atlas Venture partner Jodie Morrison has been named acting CEO as former Goldfinch Bio exec Michael Broxson walks out the door. Morrison — the former chief executive at Cadent Therapeutics until it was sold to Novartis — takes a seat on the board and she’ll also preside over Q32 Bio’s program for complement disorders, ADX-097, which is in an early-stage trial.

→ One week removed from ex-Trillium chief Jan Skvarka’s appointment to the board of directors, Zentalis has poached Carrie Brownstein from Cellectis, naming her CMO. While she was medical chief at Cellectis, Brownstein started her tenure inauspiciously when a patient death prompted a clinical hold of the French biotech’s off-the-shelf CAR-T drug for multiple myeloma, a study that would resume four months later. Brownstein, a former senior medical director at Roche and a Regeneron oncology vet, was VP of global clinical R&D during her three years at Celgene.

Piyush Sharma

Alnylam has made a pair of appointments as it claims a win with patisiran in ATTR amyloidosis with cardiomyopathy. Piyush Sharma (chief ethics & compliance officer) is a Pfizer alum who was head of compliance at Alexion once it became part of the AstraZeneca universe. And Evan Lippman (Alnylam’s first chief corporate development and strategy officer) says goodbye to Alessandro Riva’s crew at Intima Bioscience, where he was president and COO. During a four-year run with Takeda, Lippman served as SVP, head of corporate development, M&A and valuation.

Eliseo Salinas

Eliseo Salinas’ next landing spot is with Delix Therapeutics, the Boston neuro biotech that launched in 2019 and nabbed $70 million in Series A financing almost exactly a year ago. Salinas, who signed on as R&D chief at Delix, had the same title at Passage Bio and split the scene in the midst of a reorg in March that refocused the pipeline and shaved off 13% of the staff. (CEO Bruce Goldsmith would later step down.) In May 2021, Salinas took over as interim medical chief when Gary Romano resigned mere days after CFO Richard Morris also decided to pack his bags. Prior to his time at Passage Bio, Salinas was CSO at Shire and Acadia Pharmaceuticals.

Lisa French

→ Pulled to the surface from the quicksand of bankruptcy and opioid litigation, Mallinckrodt has recruited Lisa French as chief commercial officer after last week’s FDA approval of terlipressin. French replaces Hugh O’Neill and comes from Merck spinoff Organon, where she was the US women’s health business unit lead. She had a nearly 30-year career with the pharma giant that concluded as associate VP, US marketing lead for the HPV franchise before her move to Organon. Branded as Terlivaz, terlipressin earned the OK for adults with hepatorenal syndrome, but it does come with a black box warning.

Shulamit Ron-Bigger

Aktis Oncology is on easy street — first house down — following an $84 million raise in late August, and as the radiopharmaceuticals space continues to heat up, Matthew Roden’s squad has installed Shulamit Ron-Bigger as COO. Leaving Big Pharma behind, Ron-Bigger had led strategy and operations for Bristol Myers Squibb’s research and early development organization.

Glenn Pauly

→ As Alzheon touts its Alzheimer’s drug ALZ-801 without any clinical data to show for it — and the Framingham, MA biotech has a penchant for patting itself on the back a bit too hard with the data it does gather — it’s enlisted Glenn Pauly as head of commercial. Pauly has familiarity with the space from his days at Biogen, where he was US western division general manager and VP in charge of commercialization for the ill-fated Alzheimer’s drug Aduhelm. After holding sales roles at Genentech from 2008-17, Pauly became AstraZeneca’s senior director, market access, respiratory biologics.

Gemma Brown

→ AstraZeneca’s Covid-19 partner Vaccitech has elevated Gemma Brown to CFO after a year as the Oxford spinout’s head of financial reporting. Brown had previously held a number of roles, including senior manager at EY from 2012-21. Despite AstraZeneca’s clash with the EU on supply issues, and concerns over blood clots with the Covid-19 vaccine it co-invented, Vaccitech’s IPO exceeded nine figures in April 2021, but its stock $VACC is down more than 75% since its Nasdaq debut. Regarding the development of Vaxzevria, AstraZeneca CEO Pascal Soriot told the BBC in June, “I don’t think I would do anything differently from what we did.”

Phillip Samayoa

→ Coming off a major letdown with its hemophilia A gene therapy in which shares were routed, Generation Bio has promoted Phillip Samayoa to chief strategy officer. When he was a principal at Atlas Venture from 2016-18, Samayoa co-founded Generation Bio and Dyne Therapeutics, joining Generation Bio’s team as senior director (and then VP) of strategy and portfolio development. After co-founding Codiak BioSciences during his time at Flagship Pioneering, Samayoa jumped over to Merck as director of MRL Ventures Fund.

→ To start this month, Ashleigh Palmer’s Provention Bio took out a $125 million loan with Hercules Capital before the FDA reaches a verdict on the BLA resubmission for anti-CD3 type 1 diabetes drug teplizumab. This week the New Jersey biotech has lined up NIBR human resources vet Sarah O’Brien as chief people officer. The former head of HR in North America for Sobi, O’Brien had been chief people officer before with Relay Therapeutics and, since last year, Ardelyx. Provention is trying to get off the mat with teplizumab after receiving a CRL for the ex-Eli Lilly drug in July 2021.

Cindy Cao

Cindy Cao has replaced Bill Tente as chief regulatory officer of Humacyte, although Tente will stick around at the Laura Niklason-led regenerative medicine shop as an executive advisor. She had led regulatory affairs and quality assurance at Ascentage Pharma since 2018, but Cao has plenty of Big Pharma experience from Sanofi, Novo Nordisk and Bristol Myers. One more quick note: Former Air Force Surgeon General Bruce Green has joined Humacyte’s board of directors.

→ Returning from a nearly two-year break that he described on his LinkedIn as, “Retired. Golfed. Shaved a few strokes off my handicap,” ex-Shire HR chief Peter Lasky is making all the clutch putts as chief people officer of Waltham, MA antibody biotech DynamiCure. Before he worked on his game, Lasky was SVP, human resources at Deciphera and the chief HR officer at Wave Life Sciences.

Oliver Ernst

Neuway Pharma, which is working on new ways of delivering drugs to the brain, is ushering in some new changes to its exec team with the promotion of Oliver Ernst to CEO and the appointment of Thomas Christoph as chief development officer. Ernst joined Neuway in 2019 as COO and managing director — having formerly served in roles at Brainlab and BASF. Ernst takes over the reins from co-founder, Heiko Manninga, who will continue to serve as CSO and managing director. Meanwhile, Christoph joins the German company from Gruenenthal, where he led pharmacology and preclinical development teams.

Ruth Thieroff-Ekerdt

→ Aging-focused Cambrian BioPharma has pulled in Ruth Thieroff-Ekerdt as EVP of clinical development. Thieroff-Ekerdt formerly served as scientific advisor at Organon and acting CMO at Forendo. Her career also spans stints as CMO at Sojournix, Aptalis, Strongbridge and Kaleido and R&D roles at Bayer.

→ Université Libre de Bruxelles spinoff NeuVasQ Biotechnologies has locked in Emmanuel Lacroix as CEO and company director. Lacroix hails from UCB Ventures, where he was founding VP and partner. Earlier in his career, Lacroix was with UCB and Cellectis.

Beth Burnside

→ Austin, TX-based Maxwell Biosciences has brought aboard three new execs with the appointments of Tony Verco (CMO), Beth Burnside (SVP of R&D strategy), and Donald Treacy (SVP, development operations). Verco joins up with the team at Maxwell with experience under his belt from roles at Shelton Clinical Research Consultants, Medwell Capital, Endpoint Research and AstraZeneca. Meanwhile, Burnside has had gigs at Lowery Creek Consulting, QRxPharma, MiddleBrook Pharmaceuticals and Shire; while Treacy has served at Magothy Consulting Group (CEO), MiddleBrook Pharmaceuticals (SVP of development and manufacturing operations), and Shire (senior director of analytical sciences).

Scott Chaplin

Berkeley Lights is bringing in some firepower with the appointment of Scott Chaplin as chief legal officer and corporate secretary. Chaplin joins from Shield AI, where he was chief legal and people officer. Prior to Shield, Chaplin was with Vista Outdoor, Alliant Techsystems and Stanley.

→ CDMO ViroCell has brought on Susan Nichols as CBO. Nichols currently has a seat on the board of the Alliance for Regenerative Medicine. Nichols brings with her experience from her time as an executive officer at Propel BioSciences and CEO of Falcon Therapeutics.

Sek Kathiresan

Jason Coloma’s Maze Therapeutics has reserved space for Verve Therapeutics CEO Sek Kathiresan on the board of directors. Verve’s Phase Ib trial is ongoing with its cardiovascular drug — a single base editor named VERVE-101 — and Kathiresan’s crew has teamed up with Vertex in a gene editing deal worth $60 million upfront.

Charles Baltic is succeeding Christine White as chair of MEI Pharma’s board. A board member at the San Diego cancer biotech since 2011, Baltic had been a senior advisor with Needham & Company, where he was also managing director and co-head of healthcare banking.

Eric Ende

Eric Ende will take over for Herbert Conrad as chairman of Matinas BioPharma on Oct. 1, although Conrad will stay on the board. Ende, an ex-Merrill Lynch biotech analyst, also sits on the boards of Avadel Pharmaceuticals and NeuBase Therapeutics.

→ One of the few biotechs willing to brave the Nasdaq elements with an IPO this year, PepGen has welcomed Habib Dable to the board of directors. This is the third time in as many months that the former Acceleron CEO has popped up in this part of Peer Review after board appointments at Blueprint Medicines and Albireo.

Lauren Silvernail

Under the leadership of CEO Julie Eastland, Harpoon Therapeutics has elected ex-Revance CFO and CBO Lauren Silvernail to the board of directors. The Allergan vet just spent four years as CFO and EVP of corporate development at Evolus.

Winston Kung is headed to the board of directors at Merck’s T cell engager partner Janux Therapeutics. Kung is a Celgene vet who handles the roles of COO and CFO at p53 biotech PMV Pharma.

→ CNS-focused Pasithea Therapeutics has brought in ex-Biosense CEO Alfred Novak to the board of directors after Yassine Bendiabdallah’s exit. Last week, Pasithea named Merit Cudkowicz to its scientific advisory board.

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Here’s Why Your Boss May Reject Your Business Travel Request

People are taking vacations again, but a once dominant travel sector is struggling to recover.

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People are taking vacations again, but a once dominant travel sector is struggling to recover.

Now that vaccines are readily available and President Joe Biden has declared that the pandemic is officially over, people are flying again. But they’re really not happy about it.

The research firm J.D. Power found that last year, when the airline industry first started to cautiously rebound, consumer satisfaction with airports reached an all-time high. But this was very likely both because of a relatively smaller sample size and that so many people were happy to fly again that they were willing to overlook a lot of what has become headache-inducing about modern airfare travel.

J.D. Power  (JD) - Get JD.com Inc. Report has found that this year, global passenger levels are nearly back up to 91% of pre-pandemic levels. 

Customer satisfaction has dropped sharply, 25 points on a 1,000-point scale, to 777, as more people have returned to airports, for reasons ranging from an increase in flight cancellations and delays to inflation-driven increases in the cost of airport food.

But while airlines are aware that customers aren’t happy, and that the Biden Administration might try to right the ship with proposals that airlines likely won’t care for, at least people are flying again.

But an additional survey by J.D. Power has revealed that while people are flying again, traveling for business (be it for in-person meetings or industry conferences), has been lagging behind and recovering at nearly the rate of traveling for pleasure. 

Is Traveling for Business on the Way Out?

J.D. Power’s research has found that many travelers doubt that travel levels will increase dramatically from where they are now, and that “a strong majority of executives believe their companies will spend less in the next six months compared to the same period in 2019, for instance, due to things like fewer trips overall or fewer employees sent when there is a trip scheduled,” according to their data.

Overall, business travel has returned to “about 81% of 2019 levels,” notes Managing Director Michael Taylor. “83% was our prediction for this quarter, we’ll see how well we did in a few weeks and add a predication for Q4.”

J.D. Power

Fears of recession and the rising costs of air tickets from inflation play a factor in the decline of business travel. But overall, the main reason is that many of us have gotten so used to working at home that two-thirds of employees would rather find a new job than go back to the pre-pandemic status quo. If employees feel they can get work done from home and don’t feel like braving traffic to return to the office, why would they feel they need to get on a plane?

So have services like Zoom (ZM) - Get Zoom Video Communications Inc. Report and Slack made the business trip redundant? Taylor has his doubts.

“But will people be meeting exclusively in the 'Metaverse' rather than in person? I do not think that will happen,” he says. “There is too much information to be gathered in face-to-face meetings, spoken and unspoken, to be replaced completely by virtual ‘reality.’”

Getty Images

So is This It for Business Travel?

Back in the heady pre-pandemic days three years ago, airlines could rely on the extra income from people whose jobs entailed a great deal of travel, and who had come to the realization that if they were going to spend a chunk of their lives on the road, they could splurge to make it a more comfortable experience. 

But if airlines want this sector to return, Taylor thinks it’s their duty to make it a more appealing option, because frequent delays and other headaches are enough to make anyone stick to Zoom.

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Airlines, Taylor says, must “create more of a “living room” experience for travelers, one that “makes travelers feel valued as patrons of the airlines, and makes people feel like individuals rather than cattle.”

Because while it’s hard to argue with the convenience, Taylor insists there is still something to be said for the occasional in-person meeting. 

“Millenia of evolution in mankind has created an awareness that can’t be described with words on a page or pixels on a screen,” he says. “People will still find advantages in meeting in-person rather than online.”

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Economics

BOEHRINGER INGELHEIM DONATES NEARLY 100,000 PET VACCINE DOSES TO HELP ELIMINATE RABIES AROUND THE WORLD WITH RELAUNCH OF SHOTS FOR GOOD(SM) INITIATIVE

BOEHRINGER INGELHEIM DONATES NEARLY 100,000 PET VACCINE DOSES TO HELP ELIMINATE RABIES AROUND THE WORLD WITH RELAUNCH OF SHOTS FOR GOOD(SM) INITIATIVE
PR Newswire
DULUTH, Ga., Sept. 28, 2022

In recognition of World Rabies Day on September 28, the d…

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BOEHRINGER INGELHEIM DONATES NEARLY 100,000 PET VACCINE DOSES TO HELP ELIMINATE RABIES AROUND THE WORLD WITH RELAUNCH OF SHOTS FOR GOOD(SM) INITIATIVE

PR Newswire

In recognition of World Rabies Day on September 28, the donation is for use on tribal lands and underserved communities in collaboration with Greater Good Charities

DULUTH, Ga., Sept. 28, 2022 /PRNewswire/ -- Boehringer Ingelheim, a global leader in veterinary rabies vaccines, has expanded its commitment to help prevent rabies in dogs by donating nearly 100,000 doses of rabies vaccine. The donation is part of the relaunched SHOTS FOR GOOD℠ program and will be used on tribal lands and in underserved communities across the United States.

Rabies is a zoonotic, viral disease, which can be transmitted through wild animals and pets. Once clinical symptoms appear, rabies is virtually 100% fatali. Even though it is vaccine-preventable, around 59,000 people still die from rabies every year globallyii. Rabies is present on all continents, except Antarctica, with over 95% of human deaths occurring in the Asia and Africa regionsiii. It can pose a significant risk anywhere if dogs are not vaccinated. Dogs are the main source of human rabies deaths, contributing up to 99% of all rabies transmissions to humansiv.

"Boehringer Ingelheim fervently believes no animal should suffer from a preventable disease," said Dr. Julie Ryan-Johnson, head veterinarian for shelters at Boehringer Ingelheim and board vice chair for Greater Good Charities. "Together with Greater Good Charities we can fight the presence of rabies on tribal lands and in underserved communities to keep pets healthier and happier for longer."

Boehringer Ingelheim Animal Health established the SHOTS FOR GOOD initiative in 2019 in Puerto Rico and underserved communities in California, Nevada, Oklahoma, Texas, North Carolina, Louisiana, Mississippi, and Florida. However, in 2020, the initiative was suspended due to global pandemic restrictions.

Since relaunching the program earlier this year, and in collaboration with the global nonprofit, Greater Good Charities, the program has enabled vaccination clinics throughout tribal lands in Alaska, Arizona, Colorado, Montana, and Utah. Additional vaccines have been utilized in Hawaii as part of Greater Good Charities' Good Fix program which offers high-quality, high-volume spay/neuter to help control pet overpopulation in underserved communities.

"In observance of World Rabies Day, we recognize the positive impact of vaccination events to raise awareness about rabies and how to prevent this deadly disease," said Denise Bash, vice president at Greater Good Charities. "The generous vaccine donations from Boehringer Ingelheim Animal Health and the Shots for Good initiative helps to protect pets while making this important effort possible."

About World Rabies Day

World Rabies Day, held every year on September 28, is observed by the United Nations as an International Day. Coordinated by the Global Alliance for Rabies Control, it is a day to raise awareness about rabies and how to prevent this deadly disease. Hundreds of events are held by organizations and individuals around the world in recognition of this day.

About Boehringer Ingelheim

Boehringer Ingelheim Animal Health is working on first-in-class innovation for the prediction, prevention, and treatment of diseases in animals. For veterinarians, pet owners, farmers, and governments in more than 150 countries, we offer a large and innovative portfolio of products and services to improve the health and well-being of companion animals and livestock. As a global leader in the animal health industry and as part of family-owned Boehringer Ingelheim, we take a long-term perspective. The lives of animals and humans are interconnected in deep and complex ways. We know that when animals are healthy, humans are healthier too. By using the synergies between our Animal Health and Human Pharma businesses and by delivering value through innovation, we enhance the health and well-being of both.

Learn more about Boehringer Ingelheim Animal Health USA Inc. at bi-animalhealth.com  

About Greater Good Charities

Greater Good Charities is a 501(c)(3) global nonprofit organization that works to help people, pets, and the planet by mobilizing in response to need and amplifying the good. Greater Good Charities, with a 100/100 rating on Charity Navigator, has provided more than $475 million in impact, including cash grants, in-kind supplies, and programmatic support, to charitable partners in 121 countries since 2007. To learn more about how Greater Good Charities amplifies the good across the globe, please visit greatergood.org.

Media Contact:
Chrissy Jones
Boehringer Ingelheim Animal Health
U.S. Communications
(516) 527-5456
christine.jones@boehringer-ingelheim.com 

REFERENCES

i World Health Organization: Rabies (who.int) (downloaded: April 1, 2022)
ii World Health Organization: Oral rabies vaccine: a new strategy in the fight against rabies deaths (who.int) (downloaded: April 1, 2022)
iii World Health Organization: Rabies (who.int) (downloaded: April 1, 2022)
iv World Health Organization: Rabies (who.int) (downloaded: April 1, 2022)

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SOURCE Boehringer Ingelheim

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Cambridge Bancorp Announces Receipt of Regulatory Approvals to Merge with Northmark Bank and Anticipated Closing Date

Cambridge Bancorp Announces Receipt of Regulatory Approvals to Merge with Northmark Bank and Anticipated Closing Date
PR Newswire
CAMBRIDGE, Mass., Sept. 28, 2022

CAMBRIDGE, Mass., Sept. 28, 2022 /PRNewswire/ — Cambridge Bancorp (NASDAQ: CATC), th…

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Cambridge Bancorp Announces Receipt of Regulatory Approvals to Merge with Northmark Bank and Anticipated Closing Date

PR Newswire

CAMBRIDGE, Mass., Sept. 28, 2022 /PRNewswire/ -- Cambridge Bancorp (NASDAQ: CATC), the parent company for Cambridge Trust Company ("Cambridge Trust"), today announced all regulatory approvals relating to the proposed merger between Cambridge Trust and Northmark Bank have been received. The shareholders of Northmark Bank approved the merger at a special meeting held on August 31, 2022.  The anticipated closing date of the merger is October 1, 2022, subject to the satisfaction of other closing conditions.

About Cambridge Bancorp

Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 132-year-old Massachusetts chartered commercial bank with approximately $5.1 billion in assets at June 30, 2022, and a total of 19 Massachusetts and New Hampshire locations. Cambridge Trust Company is one of New England's leaders in private banking and wealth management with $4.0 billion in client assets under management and administration at June 30, 2022. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.

Forward-looking Statements 

Certain statements herein may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about the Company and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding the Company's future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, the impact of any laws or regulations applicable to the Company, and measures being taken in response to the COVID-19 pandemic and the impact of the COVID-19 pandemic on the Company's business are forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following: the businesses of Cambridge and Northmark may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; changes to interest rates; the ability to control costs and expenses; the current global economic uncertainty and economic conditions being less favorable than expected; disruptions to the credit and financial markets; changes in the Company's accounting policies or in accounting standards; weakness in the real estate market; legislative, regulatory, or accounting changes that adversely affect the Company's business and/or competitive position; the Dodd-Frank Act's consumer protection regulations; the duration and scope of the COVID-19 pandemic and its impact on levels of consumer confidence; actions that governments, businesses and individuals take in response to the COVID-19 pandemic; the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; a prolonged resurgence in the severity of the COVID-19 pandemic due to variants and mutations of the virus; the pace of recovery when the COVID-19 pandemic subsides; disruptions in the Company's ability to access the capital markets; and other factors that are described in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year end December 31, 2021, which the Company filed on March 14, 2022. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

CONTACT:
Cambridge Bancorp
Michael F. Carotenuto
Chief Financial Officer
617-520-5520

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SOURCE Cambridge Bancorp

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