GOLDEN, CO - IMAC Holdings, Inc. (NASDAQ: BACK), a company specializing in proteomics research and technology, has announced the addition of two new members to its Board of Directors, effective June 26, 2024. Dr. Peter Beitsch and Dr. Matthew Schwartz, both renowned figures in the oncology field, have joined the board to further the company’s initiatives in precision medicine and proteomics.
Dr. Matthew Schwartz, with his extensive experience in radiotherapy treatments and precision oncology, is a practicing Radiation Oncologist at Comprehensive Cancer Centers of Nevada. Dr. Peter Beitsch, a surgical oncologist with a focus on breast cancer research, co-founded Targeted Medical Education and The Breast Care Network (LON:NETW), and is involved with the iGAP Registry on the Digital Health Platform at InVitae.
Their appointments are part of IMAC's strategy to enhance its research capabilities and advance its position in the proteomics sector. The company, through its subsidiary Ignite Proteomics, utilizes Reverse Phase Protein Arrays (RPPA) to support oncologists in treatment decision-making by going beyond genetics and genomics.
Faith Zaslavsky, President and CEO of IMAC, expressed enthusiasm about the new appointments, highlighting the importance of Dr. Schwartz’s and Dr. Beitsch’s expertise in steering the company towards innovation in proteomics.
The new board members are expected to play a key role in guiding strategic initiatives and contributing to the company's mission to empower researchers and oncologists with advanced proteomic solutions.
The information for this article is based on a press release statement by IMAC Holdings, Inc.
In other recent news, IMAC Holdings, a provider of specialty outpatient facilities, has regained compliance with Nasdaq's minimum stockholders’ equity requirement through a series of strategic measures. The company abandoned a proposed merger with Theralink Technologies due to Theralink's inability to meet its debt terms.
Instead, IMAC Holdings acquired certain Theralink assets through a settlement of defaulted indebtedness and entered into a Settlement and Release Agreement with Theralink, further solidifying its position.
In addition to asset acquisition, IMAC Holdings secured essential licenses from George Mason University and Vanderbilt University, critical for operating the acquired proteomics business. The company also expanded its business model through additional international licenses from George Mason University. Still, if compliance is not demonstrated in IMAC's next Quarterly Report on Form 10-Q, there remains a risk of delisting.
In a recent development, IMAC Holdings has made significant changes to its leadership team and accounting practices. The company expanded its Board of Directors, appointing Dr. Peter Beitsch and Dr. Matthew Schwartz as new directors.
Also, IMAC Holdings changed its independent registered public accounting firm, engaging Marcum, LLP, replacing Salberg & Company, P.A. These strategic appointments and changes in the accounting firm are part of IMAC Holdings' ongoing efforts to strengthen its governance and financial oversight.
InvestingPro Insights
IMAC Holdings, Inc. (NASDAQ: BACK) has recently made strategic additions to its Board of Directors, signaling a push towards innovation in the proteomics field. As the company aims to fortify its position in precision medicine, it's essential to consider the financial metrics and market sentiment that could influence its trajectory.
InvestingPro data reveals a challenging financial landscape for IMAC Holdings, with a market capitalization of a modest 1.85 million USD. The company's performance over the last twelve months, as of Q1 2024, has not been profitable, with a gross profit of -0.86 million USD and an operating income adjusted to -2.05 million USD. Furthermore, the price of IMAC Holdings has been on a downtrend, with a 1-month price total return showing a significant drop of 34.02%.
Amid these financial figures, InvestingPro Tips suggest caution. The stock is currently in oversold territory according to the RSI, and analysts do not expect the company to turn a profit this year. Additionally, the company's short-term obligations exceed its liquid assets, which could pose liquidity challenges.
Despite these hurdles, the recent board appointments could be a pivot point for IMAC Holdings. With an InvestingPro Fair Value estimate of 1.83 USD, there may be potential for the stock to recalibrate as the company's new board members steer towards innovative breakthroughs in proteomics.
For investors seeking deeper insights and additional tips, there are 7 more InvestingPro Tips available for IMAC Holdings at https://www.investing.com/pro/BACK. Those considering an investment in IMAC Holdings or similar proteomics ventures can utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing valuable analysis to inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.