Shares of Vir Biotechnology Inc (NASDAQ:VIR) fell 5.6% on Friday after management disclosed that Chief Financial Officer Jason O’Byrne will depart the company to pursue another opportunity. The firm said O’Byrne will remain with Vir through August 3 to support the handover to his successor.
Effective July 23, Brent Sabatini, who currently serves as Senior Vice President and Chief Accounting Officer, will assume the role of Interim Principal Financial Officer. The company has started a search for a permanent CFO.
Sabatini has been Vir’s Senior Vice President and Chief Accounting Officer since February 2023. The company noted his more than two decades of experience in finance and accounting, including a role as Head of Finance at Capsida Biotherapeutics, Inc. Before that, Sabatini worked at Amgen Inc (NASDAQ:AMGN) from 2004 to 2021, where he held leadership positions across Accounting, Tax and Financial Planning and Analysis.
"Brent has deep institutional knowledge and financial acumen and has played a significant role in our strategic business development efforts and latest public offering, which helped to establish a strong cash position for the Company," said Marianne De Backer, Chief Executive Officer of Vir Biotechnology.
Sabatini is a Certified Public Accountant and holds a B.S. in Accountancy from California State University, Northridge, as well as an MBA from the University of Michigan’s Stephen M. Ross School of Business.
Vir Biotechnology is described by the company as a clinical-stage biopharmaceutical enterprise focused on discovering and developing medicines for serious infectious diseases and cancer. Its clinical-stage portfolio includes programs targeting chronic hepatitis delta and several PRO-XTEN dual-masked T-cell engagers aimed at validated targets in solid tumor indications.
The company’s announcement of the CFO transition and the appointment of an interim finance leader comes as Vir continues its clinical development activities and seeks to maintain financial continuity during the search for a permanent chief financial officer.