Zymeworks Appoints Scott Platshon Acting Chief Investment Officer

(RTTNews) - Zymeworks Inc. (ZYME), a Canadian biotechnology company, Tuesday said that it has appointed Scott Platshon as Acting Chief Investment Officer.

The company said that Platshon will directly report to Chair and Chief Executive Officer, Kenneth Galbraith, and work in co-ordination with him to manage future cash flows from Ziihera or zanidatamab-hrii and other healthcare assets and licensed product candidates. These include pasritamig, being developed for Phase 3 registration studies by Johnson & Johnson Innovative Medicine.

According to Zymeworks, Platshon will also oversee the operational execution of the company's healthcare asset aggregation strategy.

Following the new appointment, Platshon has stepped down from the Board of Directors. In addition to this part-time work, he will continue to serve as a Partner at EcoR1 Capital, LLC, a biotech-focused investment fund, the company added.

Commenting on the appointment, Scott Platshon said, "I am eager to continue working closely with Zymeworks, now in this new role, at such a pivotal moment, and share in the Company's unified strategic vision to pursue innovation and growth. The Company has built a strong financial foundation with Ziihera, its broader platform collaborations and wholly-owned R&D portfolio, and I see tremendous opportunity to leverage these cash flows to build a disciplined, high-return portfolio that creates sustainable value creation over the long-term."

On the NASDAQ, ZYME ended Monday's trading at $23.90, up $5.38 or 29.1 percent. However, in overnight trading, the stock declined $0.58 or 2.4 percent to $23.32 as of 1:46:39 AM EST.