On December 17, 2021, Nimish Shah resigned, with immediate effect, from his role as a member of the board of directors of Instil Bio, Inc. and as a member of the Boards audit committee. Mr. Shahs resignation was not the result of any disagreement with the company. In order to achieve a more equal balance of membership among the companys three classes of directors in connection with Mr. Shahs resignation, the Board determined that one of its members should be reclassified from Class I (with a term expiring at the companys 2022 annual meeting of stockholders) to Class II (with a term expiring at the companys 2023 annual meeting of stockholders). Accordingly, on December 17, 2021, Dr. Neil Gibson agreed to resign from his position as a Class I director subject to his immediate reappointment as a Class II director. The Board accepted Dr. Gibsons resignation and immediately reappointed him as a Class II director. The resignation and reappointment of Dr. Gibson was effected solely to rebalance the Board classes in connection with Mr. Shahs resignation, and for all other purposes, Dr. Gibsons service on the Board is deemed to have continued uninterrupted. On December 17, 2021, the Board appointed Mr. Jack Nielsen, a current member of the Board, to serve on the Audit Committee.
Instil Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing a pipeline of novel therapies. The Company seeks to in-license/acquire and develop novel therapeutic candidates in diseases with significant unmet medical need. Its first such program is an engineered tumor infiltrating lymphocyte (TIL), cell therapy for the treatment of cancer. It is engaged in developing a novel class of genetically engineered TIL therapies using its Co-Stimulatory Antigen Receptor (CoStAR), platform. The Company's lead CoStAR-TIL product candidate, ITIL-306, expresses a CoStAR molecule designed to recognize folate receptor alpha (Fra), a tumor-associated antigen that is expressed on numerous solid tumors, including ovarian cancer, uterine cancer, NSCLC and renal cancer. CAR-T and TCR-T therapies are cell products composed of T cells that have been genetically engineered to recognize a specific cancer-related antigen on the surface of tumor cells.