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OncoMed Pharmaceuticals Announces Full Year And Fourth Quarter 2013 Financial Results

Mr. Patel has more than 19 years of experience in the biopharmaceutical industry. Prior to OncoMed, Mr. Patel held executive roles with multiple biotechnology companies, including BiPar Sciences, Connetics Corporation and Abgenix, Inc. He has played a leadership role in driving more than $8 billion in strategic licensing and M&A transactions, including leading OncoMed's strategic transactions with Bayer and Celgene and managing the collaborative efforts with GSK. Earlier in his career, he was a management consultant with McKinsey & Company. He currently serves on the Board of Directors and is a member of the audit committee of Ligand Pharmaceuticals, Inc. Mr. Patel holds a B.S. in Chemistry from the University of California, Berkeley, and an M.S. in Molecular Biotechnology / Bioengineering from the University of Washington.

"Sunil has played a critical role here at OncoMed for the last five years. In structuring our collaborations and overseeing our alliances, he has significantly contributed to the company's operations and the management of financial resources. Sunil's deep understanding of our business and the industry position him well for success in this expanded role," said Mr. Hastings. "On behalf of OncoMed's Board of Directors and the entire company, I want to thank Will for his significant contribution to OncoMed's success over the past seven years. We all wish him the best as he takes on a new opportunity with a private company."

Anticipated 2014 Milestones and Guidance

Upcoming clinical milestones include the following:
  • Initiate the randomized Phase 2 portion of the ALPINE and PINNACLE clinical trials of OMP-59R5 in pancreatic cancer and small cell lung cancer, respectively
  • Begin randomized Phase 2 clinical studies of demcizumab in non-small cell lung cancer and pancreatic cancer
  • Complete patient enrollment in the ongoing Phase 1a clinical studies of vantictumab and OMP-54F28
  • File an Investigational New Drug (IND) application with the US Food and Drug Administration for OMP-305B83 (anti-DLL4/anti-VEGF bispecific)
  • Present clinical and preclinical data at upcoming scientific and medical conferences

OncoMed estimates operating expenses for 2014 to be between $90-95 million dollars, driven primarily by the advancement of OncoMed's collaborative and independent product pipeline candidates.

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