Moderna Appoints Biotechnology Investment Banking Veteran Lorence Kim as Chief Financial Officer
CAMBRIDGE, Mass., March 6, 2014 /PRNewswire/ -- Moderna Therapeutics, the pioneer in developing messenger RNA (mRNA) Therapeutics™, a revolutionary treatment modality to enable the in vivo production of therapeutic proteins, announced today that Lorence Kim, M.D. will join Moderna's executive leadership team as chief financial officer effective April 21.
Prior to joining Moderna, Dr. Kim was managing director and co-head of the U.S. biotechnology investment banking effort at Goldman Sachs. While at Goldman Sachs, Dr. Kim was a member of the Healthcare Investment Banking Group for nearly 14 years and was named a managing director in 2008.
"Moderna is now in a strong financial position, with significant funding from investors and strategic agreements with pharmaceutical leaders such as AstraZeneca and Alexion Pharmaceuticals. As we build the company, we have many options ahead of us, and our strategic choices will have a huge impact on our long-term success. This is why we looked for an atypical CFO," said Stéphane Bancel, founding president and CEO of Moderna. "Lorence is very accomplished in the healthcare investment community and a great match for Moderna. His addition to the Moderna leadership team increases our ability to reach our full potential and deliver many transformative mRNA drugs to patients."
Dr. Kim has deep expertise in corporate finance and mergers and acquisitions (M&A) for the pharmaceutical and biotechnology industries, including raising several billion dollars in equity and equity-linked financings and advising on more than $55 billion in M&A transactions.
Specifically, Dr. Kim's role as chief financial officer will focus on forging strategic agreements and partnerships with proven industry leaders, as well as structuring and financing Moderna's internal capabilities, in order to maximize the benefit of the company's transformative technology for patients.
"I am thrilled to be joining such an innovative and forward-looking company," said Dr. Kim. "I've been consistently impressed with the vast potential of Moderna's novel technology, and it will be exciting to expand and accelerate its reach while in this new role. Moderna compelled me with its unique combination of disruptive science and technology, $450 million of capital to invest and a very experienced team with a broad strategic vision. I look forward to helping the company grow in this extremely exciting time."
Dr. Kim earned his AB, magna cum laude, from Harvard University in Biochemical Sciences. He earned his MBA in Healthcare Management as a Palmer Scholar from the Wharton School of the University of Pennsylvania and his MD from the University of Pennsylvania School of Medicine.
For more information on Moderna Therapeutics and potential partnership opportunities, please visit www.modernatx.com.
About Moderna Therapeutics
Moderna is pioneering messenger RNA Therapeutics™, an entirely new in vivo drug modality that produces human proteins or antibodies inside patient cells, which are in turn secreted or active intracellularly. This breakthrough platform addresses currently undruggable targets and offers a superior alternative to existing drug modalities for a wide range of disease conditions. Moderna has developed a broad intellectual property estate, including more than 250 patent applications covering novel nucleotide chemistries and drug compositions. The company plans to develop and commercialize its innovative mRNA drugs through a combination of strategic relationships as well as newly formed ventures. Founded in late 2010 by Flagship VentureLabs, Cambridge-based Moderna is privately held and currently has strategic agreements with AstraZeneca and Alexion Pharmaceuticals. www.modernatx.com.
For information contact:
Maria Favorito, Feinstein Kean Healthcare
SOURCE Moderna Therapeutics