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February 22, 2024

Arvinas CFO Cassidy departs, search begins for replacement

Contributed Sean Cassidy, the chief financial officer and treasurer at Arvinas, is leaving the New Haven-based biotech company for a 'new opportunity' effective Feb. 29.

New Haven-based biotech company Arvinas Inc. announced that its chief financial officer and treasurer, Sean Cassidy, will leave on Feb. 29 and that it has launched a search for a permanent replacement.

In the meantime, Randy Teel, senior vice president of corporate and business development, will serve as interim CFO and treasurer.

According to the announcement, Cassidy is leaving for a new opportunity. He served as Arvinas’ CFO since 2013, when the clinical-stage biotech company was founded.

“On behalf of the leadership team, we are grateful for his dedication and leadership as CFO and the pivotal role he has played in creating Arvinas’ strong financial profile and building a talented finance organization as we have pioneered our PROTAC (proteolysis targeting chimera) platform,” said John Houston, Arvinas’ chairperson, CEO and president. “I would also like to express my deep-felt gratitude for our friendship and wish him the best in his next endeavor.”

Arvinas has four programs in clinical trials, including a treatment that degrades disease-causing proteins for patients with breast cancer, prostate cancer and neurodegenerative diseases. 

The company, which is publicly traded, estimates that it has cash and cash equivalents to fund its operations into 2027.

In February, the U.S. Food and Drug Administration granted Fast Track designation to a new breast cancer treatment from Arvinas and Pfizer Inc.

In November 2023, Arvinas announced it had entered into a securities purchase agreement that was expected to raise $350 million.

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