Paragon Labs Expands Leadership Team with Former Apogee Executives; Velaris Therapeutics Acquired by Alaunos Therapeutics, Inc.

Leadership team brings proven company-building and drug development experience to Paragon following $10.9 billion acquisition of Apogee by AbbVie

Velaris is the ninth company launched around Paragon-discovered assets and the first supported by Paragon's expanded leadership team

BOSTON, Oct. 13, 2026 /PRNewswire/ -- Paragon Labs (together with related entities, "Paragon"), a biotechnology company focused on the discovery and development of differentiated biologics, today announced that members of the former senior leadership team of Apogee Therapeutics ("Apogee") have joined Paragon. The expanded leadership team will support Paragon-discovered assets through clinical development and help build new companies around promising therapeutic candidates, starting with Velaris Therapeutics, a biotechnology company focused on developing therapies for pulmonary hypertension and related cardiopulmonary diseases.

The team is led by Michael Henderson, M.D., Chief Executive Officer, and Carl Dambkowski, M.D., Head of R&D, alongside Dan Mulreany, Chief Business and Financial Officer; Matt Batters, J.D., Chief Legal Officer; and Emily Cox, Chief People Officer. The team previously worked together at Apogee, where they helped advance five Paragon-discovered assets into clinical development until Apogee's 2026 acquisition by AbbVie for over $10.9 billion.

The expanded leadership team builds on the proven model Paragon has established with Fairmount, the investment firm that founded Paragon in 2021. Together, Fairmount and Paragon have identified promising therapeutic opportunities, developed differentiated biologics and launched new biotechnology companies around them. The new leadership adds clinical development and operational expertise to Paragon's established discovery engine.

"At Apogee, we learned a tremendous amount about what it takes to translate Paragon-discovered programs into clinical-stage medicines," said Michael Henderson, M.D., Chief Executive Officer of Paragon Labs. "We now have an opportunity to apply those lessons to clinical development, regulatory strategy and execution from the very start, as Paragon's programs take shape. That means bringing all of these insights to make decisions even earlier, so the companies that license Paragon's most promising assets can bring them to patients even faster."

Alaunos Therapeutics, Inc. (NASDAQ: TCRT) ("Alaunos") announced today the completion of the acquisition of Velaris Therapeutics, Inc. ("Velaris"), a privately-held biotechnology company advancing a pipeline of potentially transformative therapies for pulmonary arterial hypertension ("PAH") and related cardiopulmonary diseases. The acquisition gives the combined company a portfolio of ActRII-Fc ligand traps and complementary biologics designed to address the underlying signaling imbalances that drive remodeling of the pulmonary vasculature in multiple cardiopulmonary conditions.

Paragon-discovered programs have served as the foundation for nine biotechnology companies, including Apogee Therapeutics, Spyre Therapeutics, Oruka Therapeutics, Jade Biosciences, Crescent Biopharma, Korsana Biosciences, Mentari Therapeutics, Damora Therapeutics, and Velaris Therapeutics.

For additional information, please see the Alaunos Current Report on Form 8-K filed with the Securities and Exchange Commission on October 13, 2026.

About Paragon Labs
Paragon Laboratories, Inc. ("Paragon Labs" and together with its predecessor, "Paragon") is a biotechnology company applying cutting-edge science and technology to shape the next generation of novel, best-in-class biologics for major medical needs. The company is fueling a pipeline of transformative therapies that are positioned to be rapidly advanced into clinical development. To date, nine companies have been launched based on assets discovered by Paragon. Founded by Fairmount, Paragon is based in Waltham, MA. For more information, please visit www.paragonlabs.com. Follow us on LinkedIn.

About Fairmount
Founded in 2016, Fairmount is a life sciences investment firm primarily focused on compelling new opportunities created through the firm's own drug discovery, in-licensing, and company formation efforts. For more information, visit fairmount.com.

About Velaris Therapeutics
Velaris Therapeutics is a biotechnology company advancing a pipeline of potentially transformative therapies for pulmonary hypertension and related cardiopulmonary diseases. Velaris is developing ActRII-Fc ligand traps and complementary biologics designed to maximize the potential of these classes of therapies. VLR199, with broad ligand activity, is designed to replicate clinically proven pharmacology but improving where it is not fully optimized. VLR247 and VLR258, featuring distinct ActRII extracellular domains, are designed to spare BMP-9 and BMP-10 and lower risk for hematologic adverse events. The pipeline also features VLR360, an anti-PDGF-B monoclonal antibody, which offers a complementary approach that alone or in combination with the ActRII-Fcs is designed to address the signaling imbalances that drive remodeling of the pulmonary vasculature. Velaris' assets were discovered by Paragon Labs. Velaris is based in Waltham, MA. For more information, visit velaristx.com.

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SOURCE Paragon Labs