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Kadimastem Announces Executive Management Changes

Accomplished US Life Science and Biotech Executive Asaf Shiloni Named New CEO

Company Appoints Biotech Industry Leaders Ronen Twito, CPA as Co-Chairperson and Doron Birger and Ron Mayron to the Company's Board of Directors


NESS ZIONA, ISRAEL, February 1st, 2021 – Kadimastem Ltd. (TASE: KDST), a clinical stage cell therapy company, announces the appointment of Asaf Shiloni as CEO. This follows a series of executive management appointments in the last month including Mr. Ronen Twito, CPA, as Co-Chairperson of Kadimastem’s Board of Directors, and new expert Board members, Mr. Doron Birger and Mr. Ron Mayron. All are highly accomplished biotechnology industry experts, dedicated to working in concert to secure a bright future for the company.

Kadimastem CEO Asaf Shiloni Kadimastem Co-chair Ronen Twito

Kadimastem’s new CEO, Mr. Asaf Shiloni, brings more than 20 years of biotech executive experience and a deep knowledge of the cell therapy industry. Mr. Shiloni joins Kadimastem after an impressive 13 years at PeproTech Inc. Based in California, he served as the company’s Vice President of Sales and Business Development. PeproTech is the leading manufacturer of GMP Cytokines, vital components in all stem cell and cell therapy clinical trials. At PeproTech, Mr. Shiloni established collaborations and joint ventures with top US stem cell companies and leading research labs worldwide as well as led M&A processes. Mr. Shiloni has extensive knowledge of the biotechnology market and close relations with the global investment community. He played a crucial role in making the company an industry leader. Mr. Shiloni is returning to Israel from California to join his daughters, who moved to Israel a few years ago to serve in the IDF. Mr. Shiloni holds a BA in Computer Information Systems and Business from The College of Management and an MBA from Tel Aviv University.

Kadimastem’s Co-Chair, Mr. Ronen Twito, said, "I welcome Mr. Shiloni’s appointment to the company. Hiring a professional, top rate CEO is part of the company’s and the new Board's strategy to advance the technology while creating business value and collaborations with US companies in the fields of stem cell and cell therapies. Mr. Shiloni has the right combination of vast experience in biotechnology and cellular therapies as well as a keen understanding of business and finance, including an in-depth knowledge of the US market. These capabilities create a solid foundation that will enable the company to realize its potential. We congratulate Mr. Shiloni on joining Kadimastem and look forward to working together."

Kadimastem’s CEO, Mr. Asaf Shiloni, said, “I am happy and excited to join Kadimastem’s executive management team and to work with the company’s new Board of Directors. I strongly believe in the science of the company and the abilities of internationally renowned Professor Michel Revel, Kadimastem’s Chief Scientist, one of the company’s co-founders as well as an Israel Prize award winner. I intend to work with the company’s team to advance the development of Kadimastem’s cell products for ALS and diabetes, as well as forward business development and collaborations with major entities in the US market that will create value for our shareholders."

Meet the Accomplished New Directors of Kadimastem’s Board

Kadimastem’s new co-chairman, Mr. Ronen Twito, is the founder and director at Amplify Capital. He has more than 20 years of financial and managerial experience, including executive and investor positions with NASDAQ and TASE-listed companies, mainly in life science. He has led IPOs, major private equity raises and license agreements in addition to creating strategic collaborations with global entities. Mr. Twito served as Deputy CEO and CFO for biotechnology and pharma companies including XTL Biopharmaceuticals (NASDAQ: XTLB), Cellect Biotechnology (NASDAQ: APOP) and BioBlast Pharma (NasdaqCM: ORPN). He also served as the Corporate Finance Director of an international telecommunication company traded on the London Stock Exchange and manager at accounting firm EY. He holds a BA in Accounting from The College of Management Academic Studies. He is an Israeli Certified Public Accountant and a member of the Institute of CPAs in Israel.

Board member Mr. Doron Birger is an extremely involved executive with vast experience working with technology companies, especially in life science. Currently, he serves as Chairman of the Board and a director at various privately held and publicly traded companies in life science and technology. Mr. Birger previously served as the chairman and director of Given Imaging (NASDAQ/TASE: GIVN), acquired for ~$US1 Billion in 2014 by Covidien, as well as the president & CEO of Elron (NASDAQ/TASE: ELRNF), which during his tenure, invested more than $US350 Million in companies with a focus on medical device. Mr. Birger holds an M.A. in Economics, Econometrics and Quantitative Economics from the Hebrew University, Jerusalem.

Board member Mr. Ron Mayron has rich experience in the pharmaceutical and medical equipment industries, having served for the past 21 years in senior management positions in local and global markets, including at Teva Pharmaceutical Industries. During his career at Teva, he served in various positions, including most recently as Teva's CEO and VP of Israel and Africa. Mr. Mayron specializes in marketing, sales and distribution, mergers and acquisitions, business development as well as supply chain operations and strategic development. He currently serves as a director at a number of privately held and publicly traded companies. Mr. Mayron holds a B.Sc. in Industry and Management from Ben Gurion University and an MBA from Tel Aviv University.

“With a professionally strong and positively harmonious executive team now in place, we have every expectation that Kadimastem has turned a very important corner and that the company is now in the right direction to reach its full and exciting potential in the field of cell therapy,” said Kadimastem Co-founder and Chief Scientist, Professor Michel Revel, MD, PhD.

Kadimastem is a clinical stage cell therapy company, developing and manufacturing "off-the-shelf", allogeneic, proprietary cell products based on its technology platform for the expansion and differentiation of Human Embryonic Stem Cells (hESCs) into functional cells. AstroRx®, the Company's lead product, is an astrocyte cell therapy in clinical development as a treatment for ALS. IsletRx is the Company's second product in development. IsletRx is comprised of functional pancreatic islet cells intended to treat patients with insulin dependent diabetes. IsletRx demonstrated safety and efficacy in a proof-of-concept preclinical study. Kadimastem was founded by Professor Michel Revel, CSO of the Company and Professor Emeritus of Molecular Genetics at the Weizmann Institute of Science. Professor Revel received the Israel Prize for the invention and development of Rebif®, a multiple sclerosis blockbuster drug sold worldwide. Kadimastem is traded on the Tel Aviv Stock Exchange (TASE: KDST).

Forward Looking Statement

This document may include forward-looking information as defined in the Securities Law, 5728 – 1968. Forward-looking information is uncertain and mostly is not under the Company's control and the realization or non-realization of forward-looking information will be affected, among other things, by the risk factors characterizing the Company's activity, as well as developments in the general environment and external factors affecting the Company's activity. The Company's results and achievements in the future may differ materially from any presented herein and the Company makes no undertaking to update or revise such projection or estimate and does not undertake to update this document. This document does not constitute a proposal to purchase the Company's securities or an invitation to receive such offers. Investment in securities in general and in the Company in particular bears risks. One should consider that past performance does not necessarily indicate performance in the future.

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