Latigo Biotherapeutics Appoints Tim Lugo as Chief Financial Officer and Adds Beth Seidenberg and Jim Tananbaum to Board of Directors

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Sep 09, 2024, 07:45 ET

Former William Blair partner and group head, Lugo has facilitated raising more than $6 billion in capital through 40-plus transactions, including IPOs

Veteran venture capitalists Drs. Seidenberg and Tananbaum will help scale and accelerate the development of Latigo's pipeline of non-opioid pain medicines

THOUSAND OAKS, Calif., Sept. 9, 2024 /PRNewswire/ -- Latigo Biotherapeutics Inc. ("Latigo"), a clinical-stage biotechnology company developing best-in-class non-opioid pain medicines that target pain at its source, today announced the appointment of Tim Lugo as chief financial officer (CFO). In addition, Latigo has appointed Beth Seidenberg, M.D., and Jim Tananbaum, M.D., to its board of directors. These appointments bring deep expertise and leadership as Latigo scales to rapidly advance its lead clinical programs.

"Tim's extensive experience in biotechnology finance and equity research and business development will be invaluable as we continue to scale the company and advance our pipeline," said Nima Farzan, chief executive officer of Latigo Biotherapeutics. "With the addition of venture capital veterans Drs. Seidenberg and Tananbaum to our board, Latigo is well-positioned to achieve our mission of providing effective, non-addictive pain relief to millions of patients in need."

"I am excited to join Latigo at such a pivotal time," said Lugo. "Our goal is to ensure that our innovative pipeline of non-opioid pain medications reaches the patients who need them as quickly as possible. I look forward to applying my experience in biotech finance, financial markets, and business development to help Latigo become a global leader in non-opioid pain management."

"We have a once-in-a-generation opportunity to develop medicines that can dramatically improve patient outcomes while simultaneously helping solve the devastating societal problem of opioid addiction," said Dr. Seidenberg, founding managing director of Westlake Village BioPartners. "I am honored to join Latigo's board and work with such an innovative team. The company's focus on addressing one of the most critical public health issues of our time – opioid addiction – through non-opioid pain medicines is truly transformative."

"Latigo's approach to pain management is both innovative and essential in today's healthcare landscape," said Dr. Tananbaum, founder and chief executive officer of Foresite Capital. "I look forward to working alongside my fellow board members and Latigo's world-class leadership team to help drive the company's growth and success and fulfill its mission of relieving pain and restoring health."

About Tim Lugo

Tim Lugo brings two decades of experience as a financial analyst covering the biotechnology and pharmaceutical sectors to Latigo as its first chief financial officer. Most recently, he was a partner and group head of biotechnology equity research at William Blair, where he focused on covering small and mid-sized biotechnology companies. Under his leadership, the team grew to cover more than 100 companies and was consistently named a Top 5 research team in the small and mid-sized biotechnology sector by Greenwich Associates LLC. Lugo has also been recognized as a top stock picker and earnings estimator by Thomson Reuters during his tenure as an analyst. His expertise in the sector facilitated the raising of more than $6 billion in capital through 40-plus transactions, including initial public offerings (IPOs) and other significant deals for both private and public companies. Before joining William Blair, he worked at Pacific Growth Equities as a junior analyst, served as a healthcare consultant focused on reimbursement and pricing of new therapies, and engaged in business development at a genomics startup. In addition to his work in the biotechnology sector, Lugo sits on the board of trustees at Children's Day School in San Francisco. He holds a B.A. in molecular and cellular biology (with an emphasis in genetics) and a B.A. in economics, both from the University of California, Berkeley.

About Beth Seidenberg, M.D.

Beth Seidenberg, M.D., is the founding managing director of Westlake Village BioPartners. She was a general partner at Kleiner Perkins and has incubated and invested in more than 40 biotech companies across many therapeutic areas and modalities since 2005. She currently sits on the public company boards of Vera Therapeutics, Progyny, Kyverna Therapeutics, Sagimet Biosciences, and Acelyrin.

Previously, Seidenberg served in leadership roles at Bristol-Myers Squibb, Merck Research Laboratories and Amgen, where she was chief medical officer and head of global development. In these roles, she developed new treatments for AIDS, arthritis, asthma, cancer, psoriasis, cardiovascular, metabolic, neurological, and renal disorders for more than 20 years, introducing 10 innovative products to market. Seidenberg received her M.D. from the University of Miami School of Medicine, completed her medical residency at Johns Hopkins University and George Washington University, and her fellowship at the National Institutes of Health. She received a B.A. in biology and anthropology from Barnard College.

About Jim Tananbaum, M.D.

Jim Tananbaum, M.D., is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm with approximately $3.5 billion in assets under management. Tananbaum has been a thought partner for impactful and fast-growing companies, including 10x Genomics, Amerigroup, and Jazz Pharmaceuticals.

Tananbaum's career in healthcare investment spans more than three decades. He has founded and led multiple successful companies, including GelTex Pharmaceuticals, which brought two drugs to market and was acquired for $1.4 billion, and Theravance Inc., which has a market capitalization exceeding $4 billion. Tananbaum holds an M.D. from Harvard University, an M.B.A. from Harvard while playing rugby, and a B.S. and B.S.E.E. in applied math and electrical engineering/computer science from Yale University.

About Acute and Chronic Pain

Acute pain typically arises from post-operative surgical procedures or non-surgical injuries. The primary treatments include NSAIDs and opioids, with approximately 40 million opioid prescriptions written each year for acute pain management. Opioids carry a significant risk of long-term dependency, with 19% of patients exposed to opioids potentially developing dependency. Four million Americans each year transition to chronic opioid use after initially being prescribed opioids for low-risk surgeries.

Chronic pain affects approximately 57 million people in the U.S. as a result of conditions such as diabetic neuropathy, osteoarthritis, migraine, and lower back pain. The current standard of care involves opioids and gabapentinoids contributing to 150 million prescriptions annually, of which half are opioids. Chronic pain patients often suffer from inadequate pain relief and experience debilitating side effects from existing therapies, including dizziness and somnolence. Moreover, 80% of individuals using illicit opioids or heroin initially started with prescription opioids, underscoring the critical need for safer, more effective pain management strategies.

About Latigo Biotherapeutics

Latigo Biotherapeutics is a private clinical-stage biotechnology company developing innovative non-opioid pain medicines with potential best-in-class profiles that directly target the source of pain. Latigo's goal is to provide effective, rapid-acting pain relief without the risk of addiction. Latigo is supported by leading investors, including Westlake Village BioPartners, 5AM Ventures, Foresite Capital, and Corner Ventures. For more information, please visit www.latigobio.com or follow us on LinkedIn.

SOURCE Latigo Biotherapeutics