SAN DIEGO, CA and TAICANG, China - Connect Biopharma Holdings Limited (NASDAQ:CNTB), a clinical-stage biopharmaceutical company, announced leadership changes today with the appointment of Barry Quart, Pharm.D., as Chief Executive Officer and David Szekeres as President. Additionally, Kleanthis G. Xanthopoulos, Ph.D., has been named Chair of the Board of Directors.
The appointments come as part of a strategic transition following the company's development of rademikibart, a therapy for inflammatory diseases, which is entering its pre-commercial phase. Dr. Quart succeeds Zheng Wei, Ph.D., who co-founded the company and will continue to serve as an advisor and board member. Dr. Xanthopoulos replaces Wubin (Bill) Pan, Ph.D., M.B.A., who also remains on the board and as an advisor.
Dr. Quart brings over three decades of experience in the biotechnology and pharmaceutical industry, having led several early-stage companies to late-stage development and overseen the approval of nine FDA-approved drugs. His previous role was CEO at Heron Therapeutics (NASDAQ:HRTX), where he was instrumental in the development and approval of four drugs.
David Szekeres, the new President of Connect Biopharma, has a background in operations, commercial strategy, and corporate development, with previous executive roles at Heron Therapeutics and Regulus (NASDAQ:RGLS) Therapeutics.
Connect Biopharma is focused on developing therapies derived from T cell-driven research to improve the lives of patients with chronic inflammatory diseases. The company's lead product candidate, rademikibart, targets interleukin-4 receptor alpha for the treatment of atopic dermatitis and asthma.
The new leadership team is expected to leverage their collective experience to advance Connect Biopharma's pipeline and prepare for the potential commercialization of rademikibart. These appointments underscore the company's commitment to its mission and its readiness to navigate the next phase of growth.
Dr. Xanthopoulos expressed gratitude for the foundational work of Drs. Zheng Wei and Wubin Pan and confidence in the new leadership to maximize the potential of the company's pipeline. Dr. Quart echoed this sentiment, emphasizing the opportunity to deliver significant shareholder returns with the therapies in development.
In other recent news, Connect Biopharma Holdings Ltd has witnessed a strategic shift in its operations. The firm's focus has been redirected towards the development of rademikibart, a potential treatment for atopic dermatitis (AD) and asthma. This move is aimed at maximizing resources and extending the company's cash runway through to 2026. As part of this shift, Connect Biopharma has terminated its in-license agreement for CBP-174 with Pfizer (NYSE:PFE) and postponed its preclinical and discovery programs.
H.C. Wainwright has responded to these developments by raising the price target for Connect Biopharma from $7.00 to $8.00, while maintaining a buy rating on the stock. This follows the announcement of the company's full year 2023 earnings and a corporate update.
Connect Biopharma has scheduled two significant meetings with the FDA in the second quarter of 2024. These discussions will focus on the potential U.S. registration path for rademikibart in treating AD and outlining the U.S. registration program for rademikibart in asthma. The company has also expressed its intention to find a U.S. partner for rademikibart, but is open to proceeding independently depending on the outcomes of the FDA discussions. These are among the recent developments in the company's operations.
InvestingPro Insights
As Connect Biopharma Holdings Limited (NASDAQ:CNTB) embarks on a pivotal phase with new leadership and its promising therapy rademikibart nearing the pre-commercial stage, it's important to consider the company's financial health and market performance. According to recent data from InvestingPro, Connect Biopharma has a market capitalization of approximately $97.58 million and has experienced significant price movements over the past year, with a 64.86% return.
InvestingPro Tips suggest that despite Connect Biopharma not being profitable over the last twelve months, analysts are optimistic about the company's future, predicting that net income is expected to grow this year. Furthermore, the company's liquid assets exceed its short-term obligations, indicating a strong liquidity position that can support ongoing operations and development efforts.
With a remarkable six-month price total return of 123.72%, Connect Biopharma's stock has shown resilience and the ability to deliver strong returns over multiple timeframes. This includes an impressive 22.0% return over the last month and an 8.93% return over the previous week, reflecting positive investor sentiment around the company's strategic moves and development progress.
Investors interested in a deeper analysis of Connect Biopharma can find additional InvestingPro Tips by visiting https://www.investing.com/pro/CNTB. There are currently 13 more InvestingPro Tips available, which can provide further insights into the company's financials and market performance. To access these valuable tips and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This comprehensive data can assist investors in making informed decisions as Connect Biopharma navigates its next phase of growth with a new leadership team at the helm.
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