OSE Taps Le Bozec as CEO to Steer Biotech Through Pivotal Growth Phase

NANTES, France – March 10, 2026 – OSE Immunotherapeutics today solidified its leadership by confirming Marc Le Bozec as its permanent Chief Executive Officer, a move aimed at accelerating the company's transition from a research-focused entity to a commercial-stage biopharmaceutical player. Mr. Le Bozec, who has steered the company as interim CEO since October 2, 2025, takes the helm at a critical juncture, tasked with capitalizing on a promising drug pipeline while navigating a challenging financial market.

The Board of Directors' unanimous decision follows a comprehensive review of both internal and external candidates. Dr. Markus Cappel, Chairman of the Board, praised Le Bozec's performance during his interim tenure. “Since stepping into the interim role, Marc has demonstrated the strategic 'grit' and visionary leadership required to navigate the complexities of our sector,” Cappel stated, highlighting his confidence in Le Bozec’s ability to “scale our current assets into commercial successes.”

For his part, Le Bozec expressed his commitment to the company's mission. “My focus is clear: to accelerate our breakthrough therapies and ensure that our novel medicines reach the patients in need as quickly as possible,” he said. This appointment signals a renewed push to unlock the value of OSE’s assets in the competitive fields of immuno-oncology (IO) and immuno-inflammation (I&I).

A Leader with a Turnaround Track Record

Marc Le Bozec brings a formidable resume to the CEO position, blending deep financial acumen with hands-on operational experience in the biotech industry. A graduate of the prestigious HEC Paris, his career began in strategy consulting before he founded his first biotech company, BioProtein Technologies, in 1998.

His track record is notable for navigating complex corporate situations. He previously served as Chief Financial Officer for Cellectis, where he was instrumental in raising €120 million and preparing the company for its successful Nasdaq listing. He also has a reputation as a turnaround specialist, having led and successfully revitalized the biotech firm CYTOO.

More recently, from 2015 to 2023, Le Bozec established and managed two biotech investment funds at Financière Arbevel. His tenure there was marked by shrewd investments and two successful exits: the sale of TransCure bioServices to Cathay Capital in 2022 and Imactis to GE Healthcare in 2023. This experience provides him with a unique investor-side perspective on value creation, a critical skill as OSE seeks to win back market confidence.

Navigating the Financial Gauntlet

Le Bozec's financial expertise will be immediately put to the test. Despite a pipeline rich with potential and strong partnerships, OSE Immunotherapeutics has faced significant headwinds in the stock market. The company’s stock has fallen approximately 36% over the past year, with its market capitalization hovering around €90 million.

This market performance stands in stark contrast to the views of financial analysts, who maintain a consensus “BUY” rating on the stock, with price targets ranging from €10.60 to as high as €21.00—a significant premium over its current trading price near €3.99. This disconnect suggests that while experts see deep value in OSE’s science, the broader market remains skeptical, awaiting tangible clinical and commercial catalysts.

The company’s financial footing, while secure for the near term, requires careful management. Thanks to significant upfront payments in 2024 from major partners like AbbVie ($48 million) and Boehringer Ingelheim (€13.5 million), OSE reported a cash position of €64.2 million at the end of that year. However, the first half of 2025 saw a net loss of €15.1 million as R&D expenses climbed. The company estimates its current cash runway extends into the fourth quarter of 2026, a timeline that puts pressure on Le Bozec to execute the strategic plan announced in December 2025, which prioritizes financial discipline and limits shareholder dilution.

A Sharpened Focus on a Promising Pipeline

Central to Le Bozec’s strategy is a sharpened focus on OSE’s most advanced and promising assets. The company is strategically narrowing its pipeline to accelerate the development of therapies with the highest potential for success.

Leading the charge is Tedopi®, a therapeutic cancer vaccine for non-small cell lung cancer (NSCLC). The drug is currently in a pivotal Phase 3 trial, ARTEMIA, which recently received its second positive recommendation from the Independent Data Monitoring Committee (IDMC). A futility analysis is expected in the third quarter of 2026, with a full data readout anticipated in the first quarter of 2028. Positive results would be a transformative event for the company.

In the immuno-inflammation space, Lusvertikimab (OSE-127) is a key asset. Currently in a Phase 2 trial for ulcerative colitis, OSE recently announced it is expanding development into two new indications: chronic pouchitis and hidradenitis suppurativa, targeting areas of high unmet medical need.

These internal programs are bolstered by high-value partnerships that validate OSE’s technology platforms and provide non-dilutive funding. The collaboration with AbbVie on OSE-230 for chronic inflammation could yield up to $665 million in milestone payments plus royalties. Similarly, a partnership with Boehringer Ingelheim on two anti-SIRPα assets for solid tumors continues to advance. Further validating the pipeline, the FDA recently granted Orphan Drug Designation to Pegrizeprument, an anti-CD28 antibody being developed for use in kidney transplantation.

A Vision for Commercial Success

Le Bozec's confirmation as CEO is a clear statement of intent. OSE Immunotherapeutics is moving decisively to bridge the gap between its scientific excellence and the commercial marketplace. The challenge is immense, as the IO and I&I sectors are among the most competitive and capital-intensive in medicine. The global immuno-oncology market alone is projected to exceed $170 billion by 2032, attracting fierce competition from both large pharmaceutical companies and agile biotechs.

In this environment, leadership matters. The board is betting that Le Bozec’s unique blend of scientific appreciation, financial discipline, and operational experience is the right formula for this pivotal moment. His immediate task is to execute the strategic plan, advance the late-stage pipeline toward key clinical milestones, and effectively communicate the company's value proposition to a cautious market. With a clear vision and the full backing of his board, Le Bozec is now positioned to lead OSE Immunotherapeutics into its next and most critical chapter.