Allegro Ophthalmics, prepping for phase 3, promotes CMO to CEO

Allegro is busy working to see its eye disease candidate risuteganib into the final stages of testing, and will now have a new chief to help it through phase 3 and, it hopes, beyond.

The California-based biotech says its former leader Hampar Karageozian will move upstairs to become executive chairman, while its former president, co-founder and CMO Vicken Karageozian, M.D., takes the reins as CEO.

"In his new role, Dr. (V.) Karageozian will prepare the company for the next key milestone—entering phase 3 clinical trials with its lead compound risuteganib (Luminate) in diabetic macular edema (DME)—and continue developing risuteganib for other retinal disease indications," the biotech says in a statement.

And in his new role as executive chairman, H. Karageozian will "continue to drive Allegro’s strategic vision, focusing on new product discovery, research and development," the company adds.

V. Karageozian has more than 25 years of experience building up and raising capital for companies in the ophthalmic biopharma space.

An ophthalmic surgeon by training and former managing partner of Clarity Eye Group, he is also the co-founder of three ophthalmic biotech companies, including ISTA Pharmaceuticals and Vitreoretinal Technologies along with Allegro.

Luminate, Allegro's leading compound and what the biotech says is a first-in-class integrin peptide therapy, treats vitreoretinal diseases by targeting integrin receptors involved in cell signaling and regulation and in the construction of new and aberrant blood vessels.

By using two mechanisms of action (vitreolysis and anti-angiogenesis), the company's experimental med is set up to maintain and improve vision by regressing and inhibiting new blood vessel formation, as well as by reducing vascular leakage.

It could also complement current anti-VEGF treatments already on the market, but all will rest on those phase 3 tests for DME, which are slated to start next year.

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