Company Plans to Complete Series C Financing in Fourth Quarter of 2019, Followed by Initial Public Offering for 2020
SAN DIEGO, Sept. 5, 2019 /PRNewswire/ — Precision IBD, Inc., a biopharmaceutical company focused on the discovery and development of a broad portfolio of precision therapeutics and companion diagnostics for inflammatory bowel disease (IBD), today announced the appointment of Mark C. McKenna as the company’s chief executive officer, and the completion of the company’s name change to Prometheus Biosciences, Inc. The announcements reflect the company’s strategic focus of applying precision medicine to develop targeted therapies for patients living with unmet needs in gastroenterology and autoimmune diseases.
Prometheus Biosciences will serve as the name for the combined companies Precision IBD and Prometheus Laboratories, Inc., created through the June 2019 acquisition of Prometheus Laboratories by Precision IBD.
Mr. McKenna succeeds Precision IBD’s current CEO Scott Glenn, who co-founded Precision IBD and over a dozen successful biotech companies. Glenn will continue to serve as an active member of the board and advisor to the new CEO.
“We are grateful to Scott for his vision and drive to position Prometheus Biosciences as an emerging leader in the fast-changing healthcare industry. We look forward to his continued contributions to the company as a valued member of the board,” said Dr. Tadataka (Tachi) Yamada, chairman of the board. “The board and I welcome Mark as the new CEO and are confident that he is the right person to lead our company into its next phase of growth.”
“I am incredibly excited to assume this new role, and for the future of Prometheus Biosciences. We have a world-class company that allows for precise therapeutic drug discovery, top-notch clinical and healthcare strategists on our board of directors’ team, and a robust GI pipeline of diagnostic and therapeutic drugs,” said Mark McKenna, chief executive officer, Prometheus Biosciences. “The new name leverages our heritage as the preeminent GI diagnostic company, as well as signals the broader vision to rapidly expand our innovative therapeutic business through ongoing development programs and licensing and acquisition of marketed therapeutic assets.”
Mr. McKenna will join Prometheus Biosciences from Salix Pharmaceuticals, one of the largest specialty pharmaceutical companies in the world committed to the prevention and treatment of gastrointestinal diseases. During his tenure as president at Salix, Mr. McKenna successfully led the company through a series of key strategic acquisitions, the launch of a number of new products, and delivered strong operating performance.
Prior to joining Salix, Mr. McKenna spent more than a decade in leadership roles with Bausch + Lomb, where the team successfully reversed seven years of declining sales, revitalized the product pipeline, and increased market share.
About Prometheus Biosciences, Inc.
Prometheus Biosciences, Inc., is a biopharmaceutical company committed to the discovery, development, and commercialization of a broad portfolio of novel precision therapeutics and companion diagnostics for patients living with unmet needs in gastroenterology and autoimmune diseases.
Prometheus Biosciences, Inc., is headquartered in San Diego, California. For more information about Prometheus, please visit us at www.prometheusbiosciences.com.
Katja Bogle, (858) 587-4149
Connor Glenn, (858) 200-7888
SOURCE Prometheus Biosciences, Inc.