Healthcare Industry News: ORIC Pharmaceuticals
News Release - May 7, 2018
ORIC Has Appointed Jacob Chacko, MD as Chief Executive OfficerRich Heyman, PhD will transition from interim CEO to Chairman of the ORIC Board of Directors
SAN FRANCISCO, May 7, 2018 -- (Healthcare Sales & Marketing Network) -- ORIC Pharmaceuticals, a clinical-stage oncology company focused on discovery and development of novel therapies against treatment-resistant cancers, announced today the appointment of Jacob Chacko, MD, as Chief Executive Officer. Rich Heyman, PhD, who has been serving as the interim CEO, will become Chairman of the ORIC Board of Directors. The current Chairman, Peter Svennilson, will remain on the board.
"Rich has been a key part of the ORIC story, and has ably led the company, including recently raising a new round of funding and advancing the pipeline, said Peter Svennilson, member of the board and outgoing Chairman. "The board is pleased that he will continue to guide the Company as a strategic partner for Jacob and the executive team."
"We are thrilled to welcome Jacob as the new CEO of ORIC," said Rich Heyman, incoming Chairman. "The board determined that Jacob's broad experience in the healthcare industry, combined with his strategic expertise and previous success at Ignyta and TPG Capital, ideally position him to be a great partner to the board and management as we work to bring better therapies to patients with cancer."
"I am honored by the opportunity the board has extended to me, and am looking forward to working with the board and management to lead ORIC in its next phase of growth," said Jacob Chacko. "I have been impressed by the ongoing engagement of ORIC's successful founders and the clinical expertise and scientific rigor of the team. I look forward to progressing our lead candidate, ORIC-101, and the other pipeline assets as we address the significant clinical challenge of therapy resistance."
Dr. Chacko was most recently CFO of Ignyta, a NASDAQ-listed precision oncology company acquired by Roche in February 2018. At Ignyta, he had a broad operational role and helped raise over $500 million in capital. During his tenure, the company grew from fewer than 20 employees and a $50 million enterprise value to 125 employees and a $1.7 billion enterprise value at the time of acquisition. Prior to Ignyta, Dr. Chacko was an investor at TPG Capital, where he helped lead teams that completed acquisitions having an aggregate value of over $10 billion. He has served on the board of directors of RentPath and EnvisionRx and was a board observer to Par Pharmaceutical, IMS Health and Quintiles Transnational. He previously served on the board of the Packard Children's Health Alliance at the Lucile Packard Children's Hospital Stanford.
Dr. Chacko concurrently received his M.D. from UCLA and his M.B.A. from Harvard Business School. Prior to that, he was a consultant serving healthcare clients at McKinsey & Company and received a M.Sc. from Oxford University as a Marshall Scholar. He currently serves on the board of directors of Bonti and AROG Pharmaceuticals and chairs the Western Regional Selection Committee for the Marshall Scholarship.
About ORIC Pharmaceuticals
ORIC Pharmaceuticals is a privately held oncology company focused on making cancer treatments more effective by addressing mechanisms of resistance. ORIC was founded by Drs. Charles Sawyers MD and Scott Lowe PhD, who have strong records of discovering innovative treatments and targets in cancer. The company has assembled strong leadership and scientific teams and a board with extensive experience in drug development and financing. ORIC is funded by leading biotechnology investors, including The Column Group, Topspin Partners, OrbiMed Advisors, EcoR1 Capital, Fidelity Management & Research Company, Trinitas Capital, Foresite Capital, Taiho Ventures, Memorial Sloan Kettering, Kravis Investment Partners and NS Investment. ORIC is headquartered in South San Francisco, California.
Source: ORIC Pharmaceuticals
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