MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD), a provider of Real World Data (RWD) solutions for the healthcare industry, has announced the appointment of Bob Golden as Chief Financial Officer, effective immediately. Golden, who brings over four decades of financial management experience, will oversee the company's financial and accounting operations. He will also maintain his role on the Board of Directors.
Golden has a notable background in finance, having served as Managing Partner of Cohen, Bender & Golden LLP since 2015, and as the CFO of both Promo Shop, Inc. and iKahan Media, Inc. His expertise spans across operational efficiency, cash flow optimization, and financial planning, with a particular emphasis on mergers and acquisitions.
The appointment comes as Lisa Embree, the former CFO, departs to explore new opportunities. Aaron Green, President & CEO of OneMedNet, remarked on the significance of the transition, noting Golden's extensive leadership experience and his expected contribution to the company's strategic growth and market expansion efforts.
OneMedNet's iRWD™ network encompasses over 1,400 healthcare system and provider sites, managing diverse clinical data types, which include medical imaging. The company's platform aims to support drug, medical device, and AI development customers by providing secure, comprehensive data management.
The company's focus is on enhancing patient outcomes and supporting healthcare innovation across various domains such as rare diseases, oncology, and cardiology.
This leadership change is based on a press release statement and aims to position OneMedNet for further growth within the global life science industry. It is important to note that forward-looking statements in the press release are not guarantees of future performance and are subject to risks and uncertainties.
In other recent news, OneMedNet Corporation has seen significant developments. The company announced the appointment of Robert Golden as interim CFO, following the departure of Lisa Embree. Golden brings over thirty years of experience in accounting, and his appointment is accompanied by a consulting agreement that includes a monthly salary and a grant of restricted stock units.
OneMedNet also announced its transition from The Nasdaq Global Market to The Nasdaq Capital Market, a strategic move approved by Nasdaq's Listing Qualifications Department. The company bid farewell to board member Dr. Julianne Huh and welcomed Mr. Andrew B. Zeinfeld to its Board of Directors.
Innovatively, OneMedNet integrated artificial intelligence into its data curation process, leading to reduced operational costs and increased processing speed. On the financial front, OneMedNet secured private funding of approximately $4.6 million from institutional investors, including affiliates of Off the Chain Capital and Discovery (NASDAQ:WBD) Capital Management.
The company also entered into a Standby Equity Purchase Agreement with investment firm Yorkville Advisors Global, LP. Lastly, OneMedNet announced a new partnership through a Customer Data License Agreement with an undisclosed U.S.-based clinical trial design and software company, and joined the Amazon (NASDAQ:AMZN) Web Services (AWS) Partner Network (LON:NETW), securing a new client, a computational biotechnology firm.
InvestingPro Insights
Amidst the strategic leadership changes at OneMedNet Corporation (NASDAQ:ONMD), the company’s financial metrics and market performance provide a broader context for investors. According to InvestingPro data, OneMedNet has a market capitalization of approximately 27.96 million USD, reflecting the market's current valuation of the company. Despite the recent appointment of Bob Golden as Chief Financial Officer, the company's stock has experienced a significant downturn, with a one-year price total return of -92.03%, indicating a challenging period for the stock.
InvestingPro Tips suggest that OneMedNet's valuation implies a strong free cash flow yield, which could be an attractive point for investors looking for potential cash-generating investments. However, the company's financials also reveal some concerns, such as weak gross profit margins, which stand at -12.52% for the last twelve months as of Q1 2023. Additionally, OneMedNet does not pay a dividend to shareholders, which might influence investment decisions for those seeking regular income.
For investors considering OneMedNet's financial health and future prospects, the InvestingPro platform offers additional insights, with a total of 9 InvestingPro Tips available at: https://www.investing.com/pro/ONMD. These tips provide a comprehensive analysis that could help in making informed investment decisions about OneMedNet.
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