Biostage appoints former BoA exec new president

Courtesy | Biostage Biostage President Hong Yu

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By Zachary Comeau

A former Bank of America executive who helped the company secure millions in foreign investments has been named the new president of Biostage in Holliston.

The organ bioengineering firm announced late Thursday the appointment of Hong Yu, formerly a senior vice president at Bank of America.

Yu will be tasked with raising capital to advance the company’s Cellframe technology, which is designed to regenerate a patient’s esophageal organs.

According to Biostage, Yu has been assisting the company for several months in securing private placements to extend the company’s runway after a near-bankrupt situation last fall.

The company has secured nearly $9 million in private investments, mostly from Chinese investors, since December.

Yu will be responsible for leading the company’s expansion in China, where it hopes to address that country’s struggle with esophageal cancer.

Yu’s new role appears to suit his expertise, which Biostage says is providing emerging U.S. companies with international investors and helping companies access the vast capital supply in China.

Despite his 20 years of banking experience, Yu holds degrees in biostatistics and biophysics from the University of Illinois and Peking University in China, respectively.

His appointment signals the company’s ongoing shift to focus on the Asian markets. According to Yu, China has half of the new esophageal cancer patients worldwide every year.

CEO Jim McGorry called Yu essential to the recent surge of private investments helping extend the company’s runway.

“His experience building relationships between investors, companies, and other stakeholders will be instrumental as we advance our products and expand into China,” McGorry said.