LONDON, Oct. 26, 2023 (GLOBE NEWSWIRE) -- COMPASS Pathways plc (Nasdaq: CMPS)
("COMPASS" or the "company"), a biotechnology company dedicated to accelerating
patient access to evidence-based innovation in mental health, today announced
that Mike Falvey, Chief Financial Officer, will depart the company on November
3, 2023, to pursue other opportunities. Mary-Rose Hughes, current Vice President
of Finance at COMPASS, will assume the role of interim CFO effective today.
COMPASS has begun a search to select a permanent Chief Financial Officer.
"On behalf of the Board and the company, we thank Mike for his leadership and
the many contributions he made during his tenure at COMPASS," said Kabir Nath,
Chief Executive Officer of COMPASS Pathways. "He played a vital role in our
recently completed private placement, which both extended the company's cash
runway beyond expected key phase 3 top-line clinical data readouts and brought
leading biotech investors into our shareholder base. We wish Mike continued
success in his future endeavours."
Ms. Hughes joined COMPASS as its second finance team employee in May 2020. She
has deep knowledge of COMPASS's business and has led the creation and operation
of the company's financial operations, treasury, tax, financial planning and
analysis, and external reporting. She played a key role in COMPASS's IPO,
follow-on public equity offering, term loan facility, and private placement
financing. Prior to joining COMPASS, Ms. Hughes began her career in public
accounting with Ernst and Young and was Head of Financial Reporting for Veolia
UK & Ireland. She earned her LLB in Law at Queen's University, Belfast and her
ACA qualification from Chartered Accountants, Ireland.
About COMPASS Pathways
COMPASS Pathways plc (Nasdaq: CMPS) is a biotechnology company dedicated to
accelerating patient access to evidence-based innovation in mental health. Our
focus is on improving the lives of those who are suffering with mental health
challenges and who are not helped by current treatments. We are pioneering the
development of a new model of psilocybin therapy, in which our proprietary
formulation of synthetic psilocybin, COMP360, is administered in conjunction
with psychological support. COMP360 has been designated a Breakthrough Therapy
by the U.S. Food and Drug Administration (FDA) and has received Innovative
Licensing and Access Pathway (ILAP) designation in the UK for treatment-
resistant depression (TRD). We have commenced a phase 3 clinical program of
COMP360 psilocybin therapy in TRD, the largest randomized, controlled, double-
blind psilocybin therapy clinical program ever conducted. Previously, we
completed a phase 2b study with top line data showing a statistically
significant (pÂ