Biostage names industry veteran as new CFO
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The former Biostage, now Harvard Apparatus Regenerative Technology Holliston headquarters.
Holliston bioscience company Biostage has hired a public financing and Nasdaq listing expert as its new CFO.
The company, which invented a cell therapy technology for the treatment of esophageal cancer, announced Monday it has named Joseph Damasio as its new CFO. Damasio has experience in raising capital and running operations for small-cap biotechnology companies.
Most recently, he has held CFO, vice president of finance, and controller roles at Inhibikase Therapeutics of Atlanta, Cue Biopharma of Boston, and Pressure Biosciences of Easton. He has managed multiple capital raises, including uplisting to Nasdaq, which is one of Biostage’s current goals.
Damasio is a graduate of UMass Dartmouth, where he earned a bachelor’s degree in accounting, and of Boston College, where he earned a master’s degree in finance and an MBA. He is a licensed certified public accountant in Massachusetts, a former auditor with PriceWaterhouseCoopers, and a veteran of the U.S. Navy.
Biostage, which currently trades on the OTC bulletin board, intends to move up to the Nasdaq, its founder, board chair and interim CEO David Green said in a statement. The company was delisted from the Nasdaq in October 2017, forcing it to lay off 17 of its then-24 employees.
Damasio replaces Tom McNaughton as CFO, after McNaughton resigned in 2019 amid the company’s financial turmoil. McNaughton has since joined Cambridge life sciences firm nference as its CFO, according to his LinkedIn profile.
Currently, Biostage has federal approval to start a clinical trial of its Biostage throat implant for severe disease, including cancer, the company said.
“Joe’s skills and experience will help Biostage with its intended relisting on Nasdaq, its future capital raises, and its operational management as we prepare for our clinical trial in patients with severe esophageal disease,” Green said.
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