Facebook CFO David Wehner and two other individuals were appointed to the board of Alector, a biotech company focused on developing a cure for Alzheimer’s disease, according to CNBC.
Here are three things to know:
1. His appointment to the board marks the first time Mr. Wehner has become a board member of a company since accepting the CFO position at Facebook in 2014, the report states. He previously served on the board of StubHub.
2. Alector, which was founded in 2013, aims to cure Alzheimer’s by stimulating the immune cells in the brain to clear away the harmful proteins associated with such diseases. The company is currently working with AbbVie on two potential treatments and hope to bring its drug development program to the clinic this year.
3. The board also appointed Richard Scheller, PhD, chief science officer and head of therapeutics of 23andMe, and Louis Lavigne, the former CFO of Genentech. CNBC reports the decision to appoint two CFOs may signal an impending public offer for Alector, which is backed by Google’s parent company Alphabet, Eli Lilly and Merck, among others.
Date: Nov 16, 2018