Former Yahoo! Chairman, Wall Street Titan Roy J. Bostock Joins GID BIO as Chairman
LOUISVILLE, Colo., July 28, 2020 /PRNewswire/ -- Roy J. Bostock, former Chairman of Yahoo!, Vice Chairman of Delta Airlines and a director of Morgan Stanley, has joined the cellular medicine startup GID BIO that has a potentially break-through treatment for osteoarthritis in late-stage regulatory review. Bostock was elected chairman of the board to succeed J. William Futrell, M.D., co-founder and chairman since 2011 who will continue as a board director.
Cellular medicine uses live cells and tissues to repair and regenerate the body without drugs or major surgery. The late-stage biotech startup made headlines for clinical results published in the peer-reviewed American Journal of Sports Medicine for its Phase IIb osteoarthritis study that met trial endpoints. The Company has initiated a pivotal Phase III trial of its SVF-2 platform and point-of-care therapy using autologous stromal cells from adipose tissue in a randomized, placebo-controlled clinical trial.
"The addition of Roy Bostock to our team is another great milestone for us," said William W. Cimino, Ph.D., CEO of GID BIO. "He's one of the best in business with unparalleled credentials. He was Chairman and CEO of D'Arcy Masius Benton & Bowles, a global communications company serving clients such as Procter & Gamble, General Motors, Coca Cola, Phillip Morris and Mars. His range of expertise will be instrumental as we look to the future to complete our pivotal Phase III studies and prepare to bring cellular therapy to market."
Incoming Board Chairman Roy Bostock added, "I'm thrilled to join this visionary biotech company that could have an enormous impact on medicine. The future is cellular therapy and the GID BIO team is on the cusp of a breakthrough in regenerative medicine to treat significant diseases where there is no current solution. Cellular therapy could transform millions of lives and also reduce the staggering costs accompanying traditional surgery."
Knee pain from osteoarthritis is driving close to 1 million1 total knee replacements (TKR) every year at an average cost of $57,0002. Cellular therapy could delay or become a dramatic alternative to TKR as people stay active and live much longer. With cellular therapy, a patient's own cells are used and the procedure is performed in a doctor's office in less than two hours.
The response is the result of isolating and concentrating the right type, characterization and number of cells into a cellular implant. Future applications being evaluated for cellular therapy include musculoskeletal, dermal and organs.
A surgery once primarily for people in their 60s and 70s, TKR is now common among those in their 40s and 50s.
Cimino shared, "This is an exciting time in medicine. We at GID BIO are relentless in our commitment to advance clinically effective, and cost-effective, cellular therapies for the benefit of millions."
About GID BIO
GID BIO develops next-generation cellular therapies for degenerative musculoskeletal, dermal, and organ specific diseases, making cellular medicine possible for millions. GID's SVF-2 platform and point-of-care (POC) therapy harness the innate power of a patient's own stromal cells. The technology uniquely isolates and concentrates a cellular implant that is administered by injection in a physician's office under image guidance. The Company has been granted two CPT class III codes, a step toward Medicare reimbursement. Information on GID's osteoarthritis clinical program and pipeline can be found at: https://www.gidbio.com.
Contact: Kellee Johnson, 312-751-3959 or firstname.lastname@example.org
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SOURCE GID BIO