News

• Dr. Clackson is a biotech veteran who brings 30 years of executive leadership, R&D, and commercialization experience in precision oncology
• Mr. Dahms brings extensive experience across corporate strategy, business development, strategic growth, and financing
• Ben Auspitz, co-founder and founding CEO, appointed Chairman of the IDRx Board of Directors as part of planned management transition
• These appointments come at a critical inflection as the Company advances IDRX-42 into mid-stage clinical development for gastrointestinal stromal tumor (GIST) following preliminary clinical data presented at CTOS 2023 supporting best-in-class potential

PLYMOUTH, Mass, March 12, 2024 – IDRx, Inc., a clinical-stage biopharmaceutical company dedicated to transforming cancer treatment with purpose-built precision therapies, today announced that it has strengthened its leadership team with the appointments of Tim Clackson, Ph.D. as Chief Executive Officer, and Brad Dahms as Chief Financial Officer and Chief Business Officer. Ben Auspitz, IDRx’s co-founder and founding CEO, and also co-founder of Forge Life Science Partners, will become Chairman of the IDRx Board of Directors.

“I am thrilled to join the Company at this important stage of our development. At CTOS in November 2023, IDRx announced preliminary clinical data supporting the best-in-class potential of IDRX-42 in patients with GIST, for which a new therapy in the second line or front line has not been approved in nearly two decades,” said Dr. Clackson. “We are well-positioned to address the significant unmet need for patients with GIST, and I am humbled to be a part of such a talented team to further advance IDRX-42.”

Dr. Clackson brings three decades of experience building oncology companies, including three oncology drug approvals. Dr. Clackson was most recently Chief Executive Officer of Theseus Pharmaceuticals, a clinical stage biotechnology company focused on development of precision oncology therapies, where he led the Company through its initial public offering and early clinical development for its lead product candidate for the treatment of GIST. Prior to Theseus, Dr. Clackson served as President at Xilio Therapeutics, a privately held oncology company developing tumor-selective immunotherapies, where he led the development of the Company's technology and product strategy. From 1994 to 2018, Dr. Clackson was with ARIAD Pharmaceuticals, where he held several leadership positions including President of Research & Development and Chief Scientific Officer. He played a key role in the company's evolution from early research to a global commercial oncology company, and its subsequent acquisition by Takeda. He led the multi-disciplinary R&D team that internally discovered and developed five clinical-stage product candidates, including ICLUSIG® (ponatinib), approved for patients with treatment-resistant Ph+ leukemias; ALUNBRIG® (brigatinib), approved for ALK+ non-small cell lung cancer (NSCLC); and EXKIVITY™, approved for Exon20 insertion+ NSCLC. Prior to ARIAD, Dr. Clackson was a postdoctoral research fellow at Genentech. He received his Ph.D. in Biology from the University of Cambridge, and his B.A. in Biochemistry from the University of Oxford. Dr. Clackson serves as a Director on the Board of Elevation Oncology and previously served as a. Director on the Boards of Forma Therapeutics (acquired by Novo Nordisk) and the Massachusetts Biotechnology Council (MassBio).

“Tim brings an impressive track record of clinical execution with multiple drug approvals and Brad brings a wealth of experience strategically growing and financing companies,” said Mr. Auspitz. “We welcome their leadership as we continue to build the company and advance IDRX-42 with the goal of bringing a new therapy to GIST patients for whom current therapies continue to be limited by drug resistance and toxic side effects from available treatments.”

Mr. Dahms was most recently Chief Financial Officer of Theseus Pharmaceuticals, where he led capital raises totaling approximately $230 million, including Theseus’ $180 million initial public offering. Mr. Dahms oversaw financial operations, information technology, business development, and investor/public relations. He led the sale of the Company to Concentra Biosciences. Prior to Theseus, Mr. Dahms served as Chief Financial Officer of Selecta Biosciences, Inc., where he oversaw financial operations, information technology, investor relations, and business development activities. He led Selecta through several significant financing and strategic transactions, including a $730 million licensing agreement for its lead program. Previously, Mr. Dahms was a Senior Vice President in the Healthcare Group at Cantor Fitzgerald & Co., focused on providing strategic and financial advice to life sciences companies. Prior to Cantor, Mr. Dahms held several other investment banking roles, including at RBC Capital Markets in the Healthcare Group, and at J.P. Morgan. Mr. Dahms earned a B.S. in Economics, with honors, from The Ohio State University.

“I look forward to working with Tim, Ben, and the team at IDRx to grow the Company with the backbone of IDRX-42,” said Mr. Dahms. “The opportunity in GIST is large and unmet, and we have multiple paths to evaluate as we scale the Company for the benefit of patients and our investors.”

About GIST

Gastrointestinal stromal tumors (GIST) are the most common subtype of soft tissue sarcoma. Approximately 80% of cases arise from gain of function mutations in the KIT receptor tyrosine kinase, driving the malignancy through constitutive activation of aberrant signaling. Resistance mutations in KIT emerge in ~90% of patients treated with imatinib, the current standard of care for GIST. In unresectable or metastatic GIST, clinical benefits from existing treatments can vary by mutation type.

About the IDRx Pipeline

IDRX-42 is a potent, oral, highly selective KIT inhibitor targeting all major categories of activating and resistance mutations in patients with KIT-mutant GIST (including variants in exons 9, 11, 13 and 17). IDRX-42 is currently being evaluated in a first-in-human Phase 1/1b study, and clinical data to date suggest this therapy may represent a best-in-class therapy for GIST. IDRx is also developing IDRX-73, a highly selective inhibitor of exon-13-mutant KIT, which could provide future optionality in clinical development. An investigational new drug (IND) application for IDRX-73 was recently cleared by the FDA.

About IDRx

IDRx is a clinical-stage biopharmaceutical company dedicated to transforming cancer care with intelligently designed precision therapies. IDRx aims to address the limitations of today’s precision cancer medicines with highly potent and selective targeted therapies to stop key tumor escape mechanisms and prolong response to therapy. IDRx’s lead program is IDRX-42, designed to inhibit key genetic drivers and drug-resistant mutations of KIT in gastrointestinal stromal tumor (GIST). IDRx's pipeline also includes a second KIT inhibitor, IDRX-73. Founded in 2021, IDRx’s leadership team has extensive experience in drug development and collectively has been involved in the discovery, development, and commercialization of more than 10 approved drugs. To learn more, please visit www.idrx.com and follow us on LinkedIn.

Contacts

1AB
Katie Engleman
katie@1abmedia.com