Pharmazz, Inc. Appoints Ajay Bansal as Chief Financial Officer

Seasoned Biotech CFO with IPO and M&A track record joins as Company advances pivotal Phase 3 trial of sovateltide, RESPECT-ETB, for acute cerebral ischemic stroke (NCT05691244)

WILLOWBROOK, Ill., May 14, 2026 (GLOBE NEWSWIRE) -- Pharmazz, Inc. today announced the appointment of Ajay Bansal as Chief Financial Officer, effective immediately.

Mr. Bansal is a highly accomplished finance executive with more than two decades of experience leading financial strategy at development-stage and commercial biopharmaceutical companies. He has raised over $1 billion in capital across a broad range of instruments, including IPOs, secondary offerings, convertible notes, venture debt, and PIPEs.

His appointment comes at a pivotal moment for Pharmazz, as the Company executes its multi-country Phase 3 RESPECT-ETB clinical trial (NCT05691244) of sovateltide (Tycamzzi®/Tyvalzi™) for the treatment of acute cerebral ischemic stroke.

“We are at an extraordinarily exciting juncture in Pharmazz’s history,” said Emeritus Prof. Anil Gulati, CEO and Founder of Pharmazz. “We believe sovateltide has the potential to redefine the treatment of ischemic stroke, which is a condition that has not seen a new FDA-approved non-thrombolytic therapy in more than 30 years. Bringing Ajay on board as CFO is a statement of intent. His deep expertise leading biotech companies through IPOs and transformative M&A transactions, combined with his ability to build the financial architecture that supports complex clinical and commercial operations, makes him exactly the right leader at this critical juncture.”

“I am excited to be joining Pharmazz at this juncture as the company progresses sovateltide in its pivotal Phase 3 trial in ischemic stroke,” said Ajay.

Mr. Bansal’s experience spans pharma, biotech, genomics, and medical devices. He most recently served as CFO of Cerapedics, an ortho-biologics company, and has previously held CFO roles at Truvian Sciences, Urovant Sciences, ViewRay Incorporated, Onconova Therapeutics, Complete Genomics, Lexicon Therapeutics, Tercica, and Nektar Therapeutics. He led the successful IPOs of Complete Genomics in 2010 and Onconova Therapeutics in 2013, and spearheaded the sale of Tercica (2008), Complete Genomics (2013), and Urovant Sciences (2021). Earlier in his career, Mr. Bansal held roles at Capital One, Mehta Partners, AD Little, Novartis, McKinsey & Company, and ZS Associates.

Phase 3 Trial of Sovateltide for Stroke Covered by Special Protocol Assessment

Sovateltide is a first-in-class endothelin-B receptor (ETBR) agonist to treat acute cerebral ischemic stroke that can be administered up to 24 hours after the onset of symptoms. Pharmazz has received agreement from the US Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for the study design and statistical analysis plan of its Phase 3 clinical trial of sovateltide for the treatment of acute cerebral ischemic stroke patients.

Pharmazz is actively enrolling and treating patients in its Phase 3 trial, RESPECT-ETB (ClinicalTrials.gov ID: NCT05691244). The Phase 3 clinical trial is designed to enroll a total of 514 stroke patients at 65 sites in the US, Germany, Spain, and the UK. The primary endpoint is the proportion of patients demonstrating functional independence post-stroke, defined as a modified Rankin Scale (mRS) score of 0–2 at 90 days after stroke onset.

About Sovateltide and Stroke

Stroke is a leading cause of long-term disability in the United States, affecting more than 795,000 people each year, and reduces mobility in more than half of stroke survivors over the age of 65¹. Sovateltide is a first-in-class drug to treat acute cerebral ischemic stroke, a condition in which the loss of blood supply to the brain prevents brain tissue from receiving oxygen and nutrients, resulting in potential brain damage, neurological deficits, or death. Sovateltide is unique because its action site is the neural progenitor cells. Sovateltide promotes neurovascular remodeling by forming new neurons (neurogenesis) and blood vessels (angiogenesis). Sovateltide also protects neural mitochondria and enhances their biogenesis. The Phase 3 trial that served as the basis for approval in India was published in 2024 and showed that the sovateltide group (n=80) had a significantly greater number of cerebral ischemic stroke patients with lower mRS and NIHSS scores at 90 days post-treatment than the control group (n=78).²

About Pharmazz, Inc.

Pharmazz is a privately held company developing novel products in critical care medicine. Pharmazz, Inc. obtained marketing authorization for two of its first-in-class drug molecules, centhaquine and sovateltide, for hypovolemic shock and ischemic stroke, respectively, in India. In addition, the US Food and Drug Administration (FDA) has approved two phase III INDs for centhaquine as an agent for hypovolemic shock and sovateltide for cerebral ischemic stroke. Additional information may be found on the Company's website, www.pharmazz.com.

Disclaimer:

Statements in this "Document" describing the Company's objectives, projections, estimates, expectations, plans or predictions, or industry conditions or events may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results, performance, or achievements could differ materially from those expressed or implied. The Company undertakes no obligation to update or revise forward-looking statements to reflect developments or circumstances that arise or to reflect the occurrence of unanticipated developments/circumstances after the date hereof.

Contacts:

¹ Centers for Disease Control. https://www.cdc.gov/stroke/data-research/facts-stats/index.html
² Drugs. 2024 Nov 15;84(12):1637–1650. doi: 10.1007/s40265-024-02121-5

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