GERMANTOWN, Md. - Precigen, Inc. (NASDAQ:PGEN), a biopharmaceutical company, today announced the appointment of Phil Tennant as Chief Commercial Officer. Tennant brings over three decades of experience in the pharmaceutical industry to his new role at Precigen, where he will focus on preparing for the launch of PRGN-2012, a gene therapy for recurrent respiratory papillomatosis (RRP).
Tennant is tasked with leading commercial strategy and execution in the U.S. and global markets, reporting directly to Precigen's President and CEO, Helen Sabzevari, PhD. His career includes significant roles at Merck, AstraZeneca (NASDAQ:AZN), Bristol Myers (NYSE:BMY) Squibb, and Astellas Pharma, with a particular focus on oncology therapeutics.
In his previous position at Astellas Pharma, Tennant was instrumental in generating double-digit revenue growth for a global oncology portfolio valued at $5 billion. His efforts included commercial expansion for several cancer treatments and participation in strategic alliances.
Precigen's CEO praised Tennant's track record and expressed confidence in his ability to advance the company's commercial objectives, particularly as Precigen transitions towards a commercial-stage company. Tennant himself expressed enthusiasm for joining Precigen and contributing to the commercial readiness of PRGN-2012, highlighting the therapy's potential impact for RRP patients.
PRGN-2012 recently showcased promising pivotal data and is advancing towards potential FDA approval. Precigen focuses on gene and cell therapies targeting immuno-oncology, autoimmune disorders, and infectious diseases. The company aims to provide innovative solutions for biotherapeutics through precision technology.
This press release contains forward-looking statements regarding the development and potential of Precigen's therapies, including PRGN-2012. These statements involve risks and uncertainties, and actual results may differ materially from those projected.
The information reported is based on a press release statement from Precigen, Inc.
In other recent news, Precigen Inc. has been making significant strides in the biotechnology sector, with particular focus on their promising therapies for recurrent respiratory papillomatosis (RRP) and HPV-associated cancers. The company's pivotal Phase 2 data for PRGN-2012, a therapy for RRP, is a key point of interest for investors, as it could potentially support a Biologics License Application submission.
Furthermore, the firm's robust clinical pipeline includes ongoing Phase 2 trials for PRGN-2009, a therapy for HPV-associated cancers, and upcoming results from PRGN-3006's Phase 1b study in relapsed/refractory acute myeloid leukemia.
Stifel, an investment firm, recently upgraded Precigen's price target from $7.00 to $10.00 following the presentation of Phase 2 data for PRGN-2012. This upgrade is based on the therapy's promising results, which mirrored favorable early Phase 1 results. JMP Securities has also maintained a "Market Outperform" rating for Precigen, with a price target of $14.00.
The company ended a recent quarter with around $63 million in cash and equivalents, demonstrating prudent financial management as it navigates the costly process of clinical development. Despite the capital-intensive nature of the biotech industry, Precigen's financial stability seems to be in a favorable position. These are the latest developments in Precigen's journey towards bringing new treatments to market.
InvestingPro Insights
As Precigen, Inc. (NASDAQ:PGEN) gears up for a pivotal phase in its journey with the appointment of new Chief Commercial Officer Phil Tennant, the company's financial health and stock performance are of keen interest to investors. According to InvestingPro data, Precigen holds a market capitalization of approximately $405.13 million, reflecting its current valuation in the market. Despite the potential of PRGN-2012, the company's financial metrics indicate a challenging landscape, with a negative P/E ratio of -4.06, suggesting that it is currently unprofitable.
The revenue for Precigen over the last twelve months as of Q1 2024 stands at $5.44 million, with a significant decline of 76.6% compared to the previous period. Furthermore, the gross profit margin during this time was deeply negative at -936.35%, underscoring the financial challenges the company faces. These figures highlight the importance of the company's strategic initiatives, such as the launch of PRGN-2012, to potentially improve its financial trajectory.
An InvestingPro Tip points out that Precigen is quickly burning through cash, which is a critical factor for investors to consider, especially as the company prepares for commercialization efforts. Moreover, analysts have revised their earnings expectations downwards for the upcoming period, which could impact investor sentiment. For those interested in a deeper dive into the financials and future outlook of Precigen, InvestingPro offers additional tips that could provide valuable insights. In fact, there are 10 more tips available on InvestingPro for Precigen, which can be accessed by using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
Despite the recent stock volatility, with a 14.63% hit over the last week, the longer-term price return shows a 19.78% increase over the past year. This could indicate investor optimism about the company's future, despite the current financial challenges. As Precigen continues to evolve, keeping an eye on these financial metrics and expert analyses will be crucial for stakeholders.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.