ElevateBio Announces Transition of David Hallal to Executive Chairman of the Board of Directors

Following nearly eight years as Chairman and CEO, Hallal will oversee CEO transition and continue to guide strategic, financial and operational priorities as Executive Chairman of the Board of Directors

/EIN News/ -- WALTHAM, Mass., April 28, 2025 (GLOBE NEWSWIRE) -- ElevateBio, a technology-driven company focused on powering the creation of life-transforming genetic medicines, announced that David Hallal will transition from Chairman and CEO to Executive Chairman of the Board of Directors following nearly eight years of leadership in establishing the company as the world’s first and only genetic medicines foundry. Over this time, ElevateBio has built industry-leading technologies and manufacturing capabilities that it monetizes to companies ranging from large multi-national pharmaceuticals to early-stage biotechs to develop therapeutics better, faster and more capital efficiently.

“This transition to Executive Chairman arrives at a time of great strength with ElevateBio serving a large number of biopharmaceutical partners through our innovative technology and manufacturing platforms,” said David Hallal. “We have built a strong team of executives and employees with industry-leading expertise in developing and manufacturing genomic medicines. I look forward to working closely with the team and overseeing a smooth transition to a new CEO who can continue to scale our business and accelerate the development of these advanced therapies to patients.”

Vikas Sinha will step down as Chief Financial Officer and remain as a member of the Board and Chair of the Audit Committee. Bhakti Bhargava has been appointed to Chief Financial Officer. Bhargava joined ElevateBio as one of the earliest employees and has been leading the finance team since 2018. She has over 20 years of experience in biotech, consulting, and financial services and was Head of Global Commercial Finance at Alexion Pharmaceuticals and worked at J.P. Morgan in strategy, business management and treasury prior to ElevateBio.

“On behalf of the Board of Directors at ElevateBio, we appreciate the leadership David and Vikas have demonstrated since inception of the company nearly eight years ago and look forward to their continued leadership on the Board,” said Khalil Barrage, Managing Director of The Invus Group and Member of ElevateBio’s Board of Directors.

“David and Vikas built ElevateBio into an industry leader in cell and gene therapy,” said Ansbert Gadicke, Co-Founder of MPM Capital and Member of ElevateBio’s Board of Directors. “With consistent revenue growth and a strong balance sheet, the Company has the strategic and financial flexibility to scale for many years to come.”

About ElevateBio
ElevateBio is a technology-driven company built to power transformative genetic medicines today and for many decades to come. The Company commercializes its enabling technologies, manufacturing capabilities, and industry-leading expertise through partnerships to accelerate development across a breadth of therapeutic approaches and modalities. The ElevateBio ecosystem combines Life Edit, its gene editing and R&D technology business, with BaseCamp^®, its end-to-end genetic medicine process development and cGMP manufacturing business, to accelerate the discovery and development of advanced therapeutics.

ElevateBio aims to be the dominant engine inside the world’s greatest scientific advancements harnessing human cells and genes to alter disease. For more, visit www.elevate.bio or follow ElevateBio on LinkedIn or X.

Investor contact:
Catherine Hu
chu@elevate.bio

Media contact:
DJ Webster
dwebster@elevate.bio