NAARDEN, The Netherlands and MIAMI – NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS), a biopharmaceutical firm focusing on non-statin therapies for cardiovascular diseases, announced the addition of Mark C. McKenna and Wouter Joustra to its Board of Directors. The appointments, effective immediately, come as the company anticipates pivotal Phase 3 data readouts from ongoing clinical trials.
The new directors will serve as temporary non-executive members until the next annual general meeting, where their proposed appointments will be formalized.
McKenna, with over two decades of pharmaceutical experience, is the founder and CEO of Mirador Therapeutics and holds board positions at Apogee (NASDAQ:APOG) Therapeutics (NASDAQ:APGE) and Spyre Therapeutics (NASDAQ:SYRE). Joustra, a General Partner at Forbion, brings a wealth of experience in life sciences investments and capital markets.
Their appointments coincide with the departure of Sander Slootweg from the board, effective July 16, 2024. Michael Davidson, M.D., CEO of NewAmsterdam, expressed gratitude for Slootweg's contributions and welcomed the expertise of the incoming directors. McKenna and Joustra are expected to support the company's mission to offer new LDL-lowering therapies for patients with cardiovascular disease who find existing treatments insufficient or intolerable.
NewAmsterdam is currently investigating obicetrapib, an oral CETP inhibitor, in Phase 3 studies. The drug is being tested alone or in combination with ezetimibe as an adjunct to statin therapy. The company's forward-looking statements outline its strategic plans and commercial opportunities, emphasizing the potential of obicetrapib to impact the cardiovascular treatment landscape.
These developments are based on a press release statement and are subject to the usual risks and uncertainties associated with clinical trials and regulatory approvals. The company has made no assurances regarding the outcomes of its ongoing trials or the commercial viability of its product candidate. Investors and stakeholders are advised that actual results may vary as new information becomes available.
In other recent news, Apogee Therapeutics has seen significant developments. The company recently appointed Dr. Lisa Bollinger, a veteran in the field of drug development and regulatory affairs, to its board of directors. This move is expected to enhance Apogee's clinical development programs due to Dr. Bollinger's extensive experience.
Stifel, a financial services firm, maintained its Buy rating on Apogee Therapeutics, citing confidence in the company's drug pipeline. The firm highlighted Apogee's ongoing Phase 2 trial for its drug APG777, targeting atopic dermatitis, with top-line data expected in the latter half of 2025. Apogee is also progressing with a healthy volunteer trial for its drug APG808, with interim Phase 1 data anticipated in the latter half of 2024.
In addition, BofA Securities initiated coverage on Apogee Therapeutics with a Buy rating. The securities firm underscored the potential for market growth in the treatment of conditions such as atopic dermatitis, asthma, and chronic obstructive pulmonary disease over the next decade.
Apogee's key products, APG777 and APG808, were recognized for their dosing frequency and efficacy, which could lead to best-in-class drugs. These are the latest developments for Apogee Therapeutics.
InvestingPro Insights
As NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS) strengthens its board with seasoned professionals, it's notable that Mark C. McKenna, one of the new appointees, is associated with Apogee Therapeutics (NASDAQ:APGE). APGE, a company where McKenna holds a board position, presents a mixed financial landscape. Here is a snapshot of APGE's current financial health, which may offer insights into the expertise McKenna brings to NewAmsterdam:
InvestingPro Data shows APGE with a Market Cap (Adjusted) of $2.88 billion and a Price/Book ratio as of Q1 2024 at 3.59. Despite a challenging financial profile, including a negative P/E Ratio (Adjusted) for the last twelve months as of Q1 2024 at -27.78, APGE has experienced significant price movements, with a 1 Year Price Total Return as of 2024 at a robust 137.73%.
The InvestingPro Tips for APGE highlight that the company holds more cash than debt, indicating a strong balance sheet. Moreover, APGE's liquid assets exceed short-term obligations, suggesting financial resilience in the face of operational challenges. These tips may be particularly relevant to investors interested in the company's financial strategies and risk management practices.
For those looking to delve deeper into the financial intricacies of APGE, additional InvestingPro Tips can be found at https://www.investing.com/pro/APGE. There are 11 additional tips available, which could further inform investors about the company's financial position and future outlook. To access these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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