BOSTON & MONTREAL - enGene Holdings Inc. (NASDAQ: ENGN), a biotechnology firm focused on genetic medicines for mucosal tissues, announced the appointment of Ron Cooper as its new Chief Executive Officer and member of the Board of Directors, effective July 22, 2024. The company also reported the promotion of Dr. Raj Pruthi to Chief Medical Officer.
Mr. Cooper succeeds Jason Hanson, who transitions to a strategic advisory role within the company. During his tenure, Mr. Hanson guided enGene from its early stages to a pivotal-stage, publicly traded entity. Dr. Richard Glickman, Chairman of the Board, expressed confidence in Cooper's extensive background in pharmaceutical leadership and his capacity to advance enGene's lead product candidate, EG-70, for high-risk Non-Muscle Invasive Bladder Cancer (NMIBC).
EG-70 is currently under evaluation in a pivotal LEGEND Phase 2 study for BCG-unresponsive NMIBC. Mr. Cooper, who previously led Albireo Pharma (NASDAQ:ALBO) and held a nearly 30-year career with Bristol-Myers Squibb (NYSE:BMY), remarked on the potential of EG-70 to become a practical treatment option for NMIBC due to its efficacy, tolerability, and ease of administration.
Dr. Pruthi's promotion to Chief Medical Officer follows his recent April 2024 joining of enGene. With over 25 years of experience in urology, Dr. Pruthi is recognized as a thought leader in the field and is expected to contribute significantly to the development of new therapeutics.
enGene's proprietary Dually Derivatized Oligochitosan (DDX) platform, which is used to develop EG-70, allows the delivery of a range of genetic materials through mucosal tissues. The company aims to address diseases with high clinical needs through this innovative approach.
This article is based on a press release statement from enGene Holdings Inc.
In other recent news, enGene Holdings Inc. has expanded its Board of Directors with the addition of Paul Hastings and Wouter Joustra. This development comes as the biotech firm is preparing for significant milestones related to its lead program EG-70, targeting non-muscle invasive bladder cancer. The company plans to submit a Biologics License Application in early 2026, with interim data from a pivotal Phase 2 study expected to be announced in mid-2024.
CEO Jason Hanson expressed confidence in the new board members, citing their extensive experience in the biopharma industry. Hastings brings a wealth of leadership experience from his CEO positions at various biopharmaceutical companies, while Joustra, a General Partner at Forbion, has a background in deal origination and portfolio management in the life sciences sector.
InvestingPro Insights
As enGene Holdings Inc. (NASDAQ: ENGN) welcomes its new leadership team, the financial metrics provided by InvestingPro reveal a mixed picture of the company's current market position. With a market capitalization of $383.36 million, the company presents an interesting case for investors eyeing the biotechnology sector. The Price to Book (P/B) ratio stands at 1.58 as of the last twelve months ending Q2 2024, suggesting that the market values the company at a modest premium to its book value.
Despite the challenging financial figures, such as an Operating Income of -$44.77 million and EBITDA of -$44.52 million for the same period, the company's share price has seen some positive movement with a 1-month price total return of 6.77%. This could indicate investor optimism about the company's strategic direction and the potential of its lead product candidate, EG-70. However, the broader picture shows a significant 3-month price total return of -41.15%, which might reflect market sentiment about the risks associated with the biotech industry and the company's development pipeline.
For those considering investing in enGene, InvestingPro offers additional insights with PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With the next earnings date slated for September 13, 2024, and a considerable gap between analyst targets and InvestingPro's fair value estimate—$34 versus $5.61 respectively—InvestingPro subscribers have access to 15 additional tips that could help navigate the investment landscape of this evolving biotech firm.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.