Turnstone Biologics Appoints William Waddill to its Board of Directors

SAN DIEGO, April 16, 2024 (GLOBE NEWSWIRE) -- Turnstone Biologics Corp. ("Turnstone" or the "Company") (NASDAQ:TSBX), a clinical-stage biotechnology company developing a differentiated approach to treat and cure patients with solid tumors by pioneering selected tumor-infiltrating lymphocyte (Selected TIL) therapy, today announced the appointment of industry veteran William Waddill to the Company's Board of Directors. The Company also announced that Patrick Machado has stepped down as a member of its Board of Directors. These changes became effective as of April 15, 2024.

"I am pleased to welcome Will to our Board of Directors at this exciting time for Turnstone," said Sammy Farah, M.B.A., Ph.D., Turnstone's President and Chief Executive Officer. "Will is a highly accomplished biotechnology executive and Board member, and his impressive track record and deep operational and financial acumen make him a valuable addition to our Board. We look forward to working with Will as we continue to advance our next-generation Selected TIL therapies, including our lead clinical program, TIDAL-01, for patients with a broad range of solid tumors."

Dr. Farah added, "On behalf of the Company and the entire Board, I would like to express sincere gratitude for Pat's steadfast dedication and important contributions to Turnstone since he joined almost six years ago, and we wish him the very best in his new endeavors."

Mr. Waddill brings more than three decades of financial and operational expertise in the biotechnology space, and proven leadership in industry organizations. Mr. Waddill currently sits on the Boards of Protagonist Therapeutics, Inc. (NASDAQ:PTGX), Arrowhead Pharmaceuticals (NASDAQ:ARWR), and Annexon, Inc. (NASDAQ:ANNX), serving as Audit Chair. He is also an emeritus Board member of the Association of Bioscience Financial Officers (ABFO) and former Chairman of the Biotechnology Industry Organization (BIO) Business Solutions Advisory Board and Finance and Tax Committee. In his most recent operational role, Mr. Waddill served as Senior Vice President ("SVP") and Chief Financial Officer ("CFO"), of Calithera Biosciences, Inc., from 2014 to 2016, which he joined from OncoMed Pharmaceuticals, Inc., where he also served as SVP and CFO from 2007 to 2014. Prior to this, Mr. Waddill served as SVP and CFO of Ilypsa, Inc., between 2006 and 2007, a biotechnology company that was acquired by Amgen, Inc., in 2007. He received a B.S. in Accounting from the University of Illinois, Chicago, and a certification as a public accountant (inactive), after working at PricewaterhouseCoopers LLP and Deloitte LLP in Boston.

"I am delighted to begin working with the Board and the Company's leadership team as we pursue the opportunity to expand the reach of TILs with Turnstone's novel Selected TIL therapy and potentially deliver life-changing treatments to patients with solid tumor malignancies," said Mr. Waddill.

About Turnstone

Turnstone Biologics is a clinical-stage biotechnology company developing a differentiated approach to treat and cure patients with solid tumors by pioneering selected tumor-infiltrating lymphocyte (Selected TIL) therapy. Turnstone's next-generation TIL therapy is based upon the identification, selection and expansion of the most potent tumor-reactive T cells, known as Selected TILs, and is designed to overcome the limitations of first-generation bulk TIL that have demonstrated objective responses only in limited tumor types. Turnstone's most advanced program, TIDAL-01, is currently being evaluated in multiple Phase 1 studies in patients with colorectal cancer, breast cancer, head and neck cancer, uveal melanoma, and cutaneous melanoma. The Company is also actively advancing its preclinical pipeline programs including TIDAL-02, its next Selected TIL program, and its TIDAL-01 and viral immunotherapy combination program. For additional information about Turnstone, please visit www.turnstonebio.com, and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding: the potential for TIDAL-01 and other pipeline programs to achieve objective responses in solid tumors; the ability of Turnstone's Selected TILs to overcome the limitations of first-generation bulk TIL that have demonstrated objective responses only in limited tumor types and the ability to potentially deliver life-changing treatments to patients with solid tumor malignancies. All statements, other than statements of historical fact, contained in this press release, including statements regarding future events, future financial performance, business strategy and plans, and objectives for future operations, are forward-looking statements and can be identified by terminology such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will" or "would," or the negative of these terms or other comparable terminology. These statements are based on the current plans, objectives, estimates, expectations and intentions, beliefs and assumptions of our management team, and on information currently available to such management team and are not guarantees of future performance and inherently involve numerous risks and uncertainties, many of which are beyond Turnstone's control. We undertake no obligation to update or revise publicly any of the forward-looking statements after the date hereof to conform the statements to actual results or changed expectations except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but are not limited to, risks and uncertainties described under the heading "Risk Factors" in Turnstone's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 22, 2024 and other documents Turnstone has filed, or will file, with the SEC. This press release discusses product candidates that are under clinical study and which have not yet been approved for marketing by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of these product candidates for the uses for which they are being studied.

Contact:

Ahmed Aneizi

Investor Relations

Turnstone Biologics

(347) 897-5988

[email protected]