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(Sharecast News) - N4 Pharma announced the appointment of Dr David H Solomon as its chief executive on Tuesday, and unveiled plans to rebrand as Thalia Therapeutics as it pivoted towards becoming an RNA therapeutics-focused biotechnology company.
The AIM-traded group said it was expanding its pipeline beyond its proprietary Nuvec gene delivery platform to develop innovative RNA-based therapeutics, beginning with a novel long-duration dual-acting siRNA targeting PCSK9 and Lp(a) to reduce cardiovascular risk.
It said it had submitted a preliminary patent filing covering the programme.
Founder Nigel Theobald had stepped down as chief executive and as a director with immediate effect.
Dr Solomon, who was bringing more than 30 years' experience in biotechnology and pharmaceuticals across the US and Europe, previously held chief executive roles at Zealand Pharma, Silence Therapeutics and Pharnext.
During his tenure at Zealand Pharma, he led the company through its Nasdaq Copenhagen IPO and the global approval of Lixisenatide, later marketed by Sanofi as Adlixin and Soliqua, and executed licensing agreements generating more than $200m in non-dilutive funding.
At Silence Therapeutics, he oversaw a near 600% increase in the company's AIM share price before its Nasdaq listing.
The board said the transition to Thalia Therapeutics reflected a broader strategy to develop high-value RNA therapeutics in cardiovascular disease and oncology, while continuing to advance Nuvec as a delivery platform.
Current work with the University of Strathclyde was focused on assessing cell-type targeting capabilities to expand potential disease applications beyond N4 101.
The initial therapeutic focus would be a dual-acting siRNA against PCSK9 and Lp(a), both recognised targets in cardiovascular disease.
N4 cited forecasts indicating the PCSK9 inhibitor market could grow from $1.7bn to $3.14bn in 2023 to 2025 and reach between $7.71bn and $13.35bn by 2030 to 2035.
Its directors said they believed a differentiated product with supporting intellectual property could attract industry partners.
As part of the strategic refocus, development of ECP105 under Nanogenics would be paused while the company reviewed next steps with other shareholders.
The proposed name change to Thalia Therapeutics remained subject to shareholder approval.
N4's TIDM would change to THAT, while its LEI, ISIN and SEDOL would remain unchanged.
"David's considerable experience in leading listed biotechnology businesses in Europe and the US, his knowledge of RNA therapeutics, combined with his strategic and commercial insight, deal-making and corporate finance successes, makes him ideally suited to lead the company through its next phase of development as Thalia Therapeutics," said non-executive chairman Dr Chris Britten.
At 1204 GMT, shares in N4 Pharma were up 14.1% at 0.6p.
Reporting by Josh White for Sharecast.com.