Elucida Oncology Appoints Ian Somaiya as Chief Financial Officer and Chief Business Officer

MONMOUTH JUNCTION, N.J., Nov. 22, 2021 (GLOBE NEWSWIRE) -- Elucida Oncology, a clinical-stage biotechnology company pioneering the next frontier in targeted cancer therapy, announced today the appointment of Ian Somaiya as Chief Financial Officer and Chief Business Officer. Mr. Somaiya brings to Elucida more than 20 years of experience in finance and healthcare as a highly regarded biotechnology research analyst as well as operational experience as Chief Financial Officer of TCR2 Therapeutics.

“We are thrilled to welcome Ian to our team. As the company enters its next stage of growth and development, his exceptional financial and banking experience, deep relationships within the investment community, and overall business acumen will be a compliment to the talented executive team we have already attracted at Elucida Oncology,” stated Geno Germano, CEO and President of Elucida Oncology.

“I am extremely impressed with the progress the team has made bringing its first-in-class, potentially game-changing C’Dot-drug-conjugate platform into the clinic,” said Mr. Somaiya.  “It is exciting to join Elucida at such a critical time, with clinical data for its lead program targeting folate-receptor alpha (FRα) in 2022 representing a key inflection point for the company and its shareholders.  I look forward to working with the seasoned management team and Board to bring new effective and safe precision medicines to cancer patients in need,” concluded Mr. Somaiya.

Mr. Somaiya has over two decades of experience in finance and biotechnology. Most recently, he was Chief Financial Officer of TCR2 Therapeutics where he successfully navigated the company through its IPO and two follow-on financings. During his nearly four years at TCR2, he led the company’s finance and public company reporting as well as business development and investor relations functions. Prior to joining TCR2, Mr. Somaiya spent over 20 years on Wall Street where he conducted extensive research on more than 100 biotechnology companies across diverse therapeutic areas, technology platforms and stages of development. He was Managing Director and Head of Biotechnology Research at BMO Capital Markets, and also served as a Managing Director and Equity Analyst at Nomura Securities Co. Ltd., Piper Jaffray Companies and Thomas Weisel Partners Group, Inc. He launched his Wall Street career as a research analyst at Morgan Stanley and Prudential Securities and was recognized as the "Best on the Street" by The Wall Street Journal for his coverage on biotechnology in 2006, 2007 and 2009. Mr. Somaiya received a Bachelor of Arts degree in Biology and Neuroscience from New York University.

About Elucida Oncology

Elucida Oncology, Inc., is a clinical-stage biotechnology company pioneering the next frontier in targeted cancer therapy with its first-in-class, ultra-small nanoparticle C’Dot drug delivery platform. The company’s C’Dot-Drug-Conjugates, or CDCs, are novel drug candidates with unique Target or Clear® properties designed to substantially increase delivery of highly potent drugs to difficult to treat tumors with minimal systemic exposure due to their rapid clearance in the kidneys. CDCs enable precise tumor targeting and deep tumor penetration as demonstrated in preclinical studies, resulting in enhanced efficacy with reduced off-target toxicity, thereby potentially addressing the limitations of antibody-drug-conjugates (ADCs) and more traditional drug carriers. For more information on Elucida Oncology, Inc., please visit www.elucidaoncology.com.

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Source: Elucida Oncology, Inc