Photo | Courtesy of Biostage, Inc.
David Green, outgoing CEO of Biostage, Inc.
March 28, 2023
Holliston biotech names second CEO in four months
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The former Biostage, now Harvard Apparatus Regenerative Technology Holliston headquarters.
By Kevin Koczwara
Holliston biotechnology company Biostage, Inc. has selected Jerry He as its new leader, naming him as CEO and chairman of its board to replace company founder David Green.
Green founded Biostage in 2008 and was named its permanent CEO in January after serving in an interim role since November 2021. Green left the company initially in 2015 but returned after CEO James McGorry resigned in 2020 amidst the company’s financial issues. Green will help He transition into the role of CEO and will remain on the board of directors, according to the March 1 press release from Biostage.
Among the milestones during Green’s latest short term as CEO was helping the company move out of the research-and-development stage toward commercialization of its for its esophagus implants by nearing the start of a clinical trial approved by the U.S. Food and Drug Administration.
"In the last year Biostage has made significant progress and now is ready to begin the FDA-approved clinical trial that we expect will bring hope to patients diagnosed with esophageal cancer. One patient is diagnosed with esophageal cancer every minute, and 80% of those patients die within five years,” Green said in the press release. “Jerry is well known to Biostage, and I am confident that his skills and experience as chief executive in other companies and in raising capital will enable Biostage to be successful for its patients and shareholders."
Previously, He served as the executive vice chairman of Bright Scholar Education Holdings Limited of China until February 2023. Prior to his promotion in January 2019, He served as the CEO of Bright Scholar Education since October 2015. Before his time at Bright Scholar Education, he was a managing director at TStone Corp and a CFO, CEO and a director of Noah Education Holdings Ltd., a former education services provider in China. He has experience in portfolio management and experience working with pharmaceutical and biotech companies. He has a bachelor's degree in chemistry from Peking University in China and a master's degree in chemistry from the University of Chicago.
"On behalf of the board, I thank Mr. Green for leading Biostage to clinical stage and his support to my transition to the new role,” He said in the press release. “I look forward to this exciting opportunity to work with our partners and employees to bring our regenerative medicine to the patients with unmet medical needs. We will execute with excellence for our plan of clinical trials, capital raising and up-listing, and deliver superior value our shareholders."
Since it was founded 15 years ago, Biostage has gone through the ups and downs of a biotechnology company looking to develop research into a marketable product for the healthcare industry, including being delisted from the Nasdaq, laying off 71% of its workforce, finding new investors for Asian markets and from the Connecticut Children’s Medical Center, landing government grants, expanding the use of its main product, and filing for regulatory approval.
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