Fate Therapeutics appoints new board member

SAN DIEGO - Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company focusing on the development of cellular immunotherapies, has announced the appointment of Matthew Abernethy to its Board of Directors effective May 29, 2025. Abernethy’s extensive experience in corporate finance and investor relations is expected to support the company’s growth in the biotech and medical device industry. According to InvestingPro data, his current company, Neurocrine Biosciences, has demonstrated strong financial performance with revenue reaching $2.4 billion in the last twelve months.

The company also disclosed the concurrent resignation of Timothy P. Coughlin from the Board. Abernethy, who currently serves as the Chief Financial Officer of Neurocrine Biosciences, Inc. (Nasdaq: NBIX), brings over 15 years of financial expertise to Fate Therapeutics. Under his financial leadership, Neurocrine has maintained excellent financial health with a "GREAT" rating from InvestingPro, operating with moderate debt levels and strong liquidity metrics. His prior roles at Zimmer Biomet Holdings, Inc. and his background as a certified public accountant are seen as valuable assets for Fate’s strategic development.

President and CEO Bob Valamehr welcomed Abernethy, highlighting his leadership in a high-growth commercial biotech company and his insights in capital strategy. Indeed, Neurocrine Biosciences has shown impressive growth with a 21.7% revenue increase in the last twelve months, according to InvestingPro research reports, which provide comprehensive analysis of over 1,400 US stocks. Valamehr also expressed gratitude to Coughlin for his contributions to the company.

Abernethy expressed his enthusiasm for joining the board at a pivotal time for cell therapy, particularly noting the potential of FT819, an iPSC-derived cell therapy product candidate, to provide long-term remission for patients with autoimmune diseases.

Fate Therapeutics is committed to advancing its pipeline of cell therapy products in autoimmunity and oncology, aiming for broad patient access. The company leverages its proprietary iPSC product platform to create engineered master iPSC lines and off-the-shelf cell products, including T-cell and natural killer (NK) cell product candidates.

The information in this article is based on a press release statement from Fate Therapeutics. The forward-looking statements included in the original release are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Fate Therapeutics does not undertake any obligation to update forward-looking statements as a result of new information or future events.

In other recent news, Neurocrine Biosciences has reported several significant developments across its product pipeline. The company unveiled positive Phase 2 clinical trial results for its investigational drug, NBI-1117568, which showed significant improvements in schizophrenia symptoms. Additionally, Neurocrine has initiated a Phase 3 registrational program to further evaluate this drug’s efficacy and safety. In the area of congenital adrenal hyperplasia, Neurocrine presented Phase 3 study data for CRENESSITY, demonstrating sustained reductions in glucocorticoid doses and improved clinical outcomes in pediatric patients over a year.

Furthermore, a Phase 4 study on INGREZZA revealed continued improvements in quality of life for patients with tardive dyskinesia. Analyst firms have also weighed in on Neurocrine’s prospects. Stifel reiterated a Buy rating with a $166 price target, highlighting confidence in the company’s trajectory despite some first-quarter challenges. Meanwhile, Cantor Fitzgerald maintained an Overweight rating with a $170 price target, reflecting optimism in the company’s financial performance and product pipeline. These updates underscore Neurocrine’s ongoing efforts and potential in addressing neurological and endocrine-related diseases.

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