Inozyme Pharma appoints new board member

BOSTON - Inozyme Pharma Inc. (NASDAQ:INZY), a clinical-stage biopharmaceutical company focusing on rare diseases affecting bone health and blood vessel function, announced Monday the appointment of Erik Harris as a new member of its Board of Directors, effective from last Thursday. Harris, with over two decades of experience in the biopharma industry, is currently the Chief Commercial Officer and Executive Vice President at Ultragenyx.

Douglas A. Treco, Ph.D., CEO and Chairman of Inozyme Pharma, expressed confidence in Harris's ability to contribute to the company's growth as it approaches a commercial phase. Harris's background includes spearheading launches for rare disease therapies and providing deep commercial insights, which are expected to be beneficial for Inozyme's INZ-701, a therapy in late-stage development aimed at treating rare diseases related to bone health and blood vessel function.

Harris's career spans various leadership roles, including Senior Vice President and Head of North American Commercial Operations at Ultragenyx, Vice President of Commercial at Crescendo Bioscience, and executive positions at Intermune, Inc., Elan Pharmaceuticals, Inc., Genentech, Inc., and Bristol-Myers Squibb Company (NYSE:BMY). He also serves on the Board of Directors at Denali Therapeutics (NASDAQ:DNLI) and has an M.B.A. from the Wharton School of Business, as well as a B.S. from the United States Naval Academy.

Inozyme's lead candidate, INZ-701, is currently in clinical development for multiple rare diseases, including ENPP1 Deficiency, ABCC6 Deficiency, and calciphylaxis. The company's therapeutic approach targets the PPi-Adenosine Pathway, aiming to correct pathological mineralization and intimal proliferation.

The appointment comes at a crucial time for Inozyme as it prepares to transition into a commercial-stage company. The company has not disclosed specific details about the initiation, timing, or design of upcoming clinical trials or the availability of data from these trials. The forward-looking statements in the press release are based on management's current expectations and are subject to risks and uncertainties that could affect the company's future results.

This report is based on a press release statement from Inozyme Pharma Inc.

In other recent news, Inozyme Pharma's INZ-701, a fusion protein aimed at treating rare diseases, has shown promise in early-stage clinical trials. The firm's investigational drug has also received Fast Track designation from the FDA for the treatment of ABCC6 Deficiency, a rare genetic disorder. This designation was based on positive findings from ongoing Phase 1/2 clinical trials.

Moreover, Inozyme Pharma announced approximately $23.8 million remaining in its at-the-market equity offering program, facilitated by Jefferies LLC. This program allows the company to sell shares into the existing trading market at prevailing market prices.

On the analyst front, Stifel initiated coverage on Inozyme Pharma with a Buy rating and a set price target of $16.00. Similarly, Jefferies resumed coverage on Inozyme Pharma with an upgraded Buy rating, citing potential catalysts for '701 in 2024. Analysts from H.C. Wainwright, BofA Securities, and Wells Fargo have maintained a positive outlook on Inozyme Pharma, upholding their Buy and Overweight ratings, and setting a price target of $14.00.

In other company news, Inozyme Pharma's annual stockholders' meeting saw the re-election of three Class I directors and the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. These are recent developments in the company's ongoing efforts in the biopharmaceutical sector.

InvestingPro Insights

As Inozyme Pharma Inc. (NASDAQ:INZY) prepares for a potential transition to a commercial-stage company, investors should consider some key financial metrics and insights from InvestingPro.

The company's market capitalization stands at $324.34 million, reflecting its current valuation in the biotech sector. Inozyme's stock has shown strong performance recently, with a 15.14% price return over the past three months and a 33.94% return over the past year. This positive momentum aligns with the company's progress in its clinical development programs and strategic moves like appointing Erik Harris to the Board of Directors.

However, it's crucial to note that Inozyme is not yet profitable, which is common for clinical-stage biopharmaceutical companies. The company reported an adjusted operating income of -$92.89 million for the last twelve months as of Q2 2023, indicating significant ongoing research and development expenses.

InvestingPro Tips highlight that Inozyme holds more cash than debt on its balance sheet, which is a positive sign for a pre-revenue biotech company. This financial position could provide some runway as the company advances its lead candidate, INZ-701, through clinical trials. However, another InvestingPro Tip warns that the company is quickly burning through cash, a factor that investors should monitor closely.

For those interested in a deeper analysis, InvestingPro offers 11 additional tips for Inozyme Pharma, providing a more comprehensive view of the company's financial health and market position. These insights can be particularly valuable as Inozyme approaches a potential commercial phase, which could significantly impact its financial outlook.

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