Tetra Therapeutics Announces Retirement of Mark Gurney and Names Chad Coberly Chief Executive Officer in Planned Succession

GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Tetra Therapeutics, a clinical stage biopharmaceutical company focused on the development of compounds for the treatment of brain disorders associated with cognitive and memory deficits, notably BPN14770, a selective inhibitor of phosphodiesterase‐4D (PDE4D), announced changes to its executive team as the company marks one year since the close of its merger with Shionogi & Co., Ltd.. Tetra Therapeutics currently operates as a wholly owned subsidiary of Shionogi.

After a distinguished career in biotechnology, including the founding of Tetra, Mark Gurney, has announced his retirement as Chief Executive Officer (CEO), effective June 30, 2021. After his departure, Mr. Gurney will continue to serve as a consultant and advisor to Tetra Therapeutics for a transitory period to ensure a smooth succession process and continued advancement of Tetra’s pipeline.

Chad Coberly, former Chief Operating Officer of the Company, has succeeded Mr. Gurney as CEO effective July 1, 2021. Mr. Coberly has over 30 years of experience in biotechnology and joined the Company in 2017 to assist the management of its phase 2 clinical program and led the licensing, investment, and then merger process of the Company with Shionogi.

“After a rewarding career culminating in the Company’s successful merger last year, I am pleased to be able to retire and leave the company in good hands,” Mark Gurney stated. “I have worked with Chad Coberly for the last several years and am confident that he will capably lead the Company toward its strategic goals to advance its pipeline of new drugs to the benefit of patients with CNS disorders.”

About BPN14770
BPN14770 is a novel therapeutic agent that selectively inhibits phosphodiesterase-4D to enhance early and late stages of memory formation. This unique mechanism of action has the potential to improve cognitive and memory function in devastating CNS disorders, including Fragile X Syndrome (FXS), Azheimer’s Disease (AD) and other dementias, learning/developmental disabilities and schizophrenia. Preclinical animal models show that BPN14770 has the potential to promote the maturation of connections between neurons, which is impaired in patients with FXS, and to protect connections between neurons which otherwise are lost in patients with AD. Tetra currently has completed investigational Phase 2 studies of BPN14770 in adults with FXS, an indication for which BPN14770 has received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) and in Alzheimer’s disease. The Company and its parent, Shionogi & Co., Ltd. are currently planning the next trials in both indications.

About Tetra Therapeutics
Tetra Therapeutics is a clinical stage biotechnology company developing a portfolio of therapeutic products that will bring clarity of thought to people suffering from Fragile X syndrome, Alzheimer's disease, traumatic brain injury, and other brain disorders. Tetra uses structure-guided drug design to discover mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4), an enzyme family that plays key roles in memory formation, learning, neuroinflammation, and traumatic brain injury. Tetra Therapeutics is headquartered in Grand Rapids, Michigan. For more information, please visit the company's website at http://www.tetratherapeutics.com.

About Shionogi
Shionogi & Co., Ltd. is a 143-year-old global, research driven pharmaceutical company headquartered in Osaka, Japan, that is dedicated to bringing benefits to patients based on its corporate philosophy of “supplying the best possible medicine to protect the health and wellbeing of the patients we serve.” The company currently markets products in several therapeutic areas including anti-infectives, pain, CNS disorders, cardiovascular diseases and gastroenterology. Shionogi’s research and development currently target two therapeutic areas: infectious diseases, and pain/CNS disorders.

For more information on Shionogi & Co., Ltd., please visit https://www.shionogi.com/global/en/