HANOVER, Md. - Processa Pharmaceuticals, Inc. (NASDAQ:PCSA), a clinical-stage pharmaceutical company, announced the immediate appointment of Russell L. Skibsted as Chief Financial Officer. Skibsted is succeeding James Stanker, who is retiring but will remain in an advisory capacity during the transition.
CEO George Ng expressed confidence in Skibsted's three decades of experience within the pharmaceutical industry, noting his expertise in financial management, global business development, and operations. Ng also acknowledged the contributions of the outgoing CFO, Stanker, who has been with the company for six years.
Skibsted's career includes roles as Senior Vice President and CFO of Alimera (NASDAQ:ALIM) Sciences, and Executive Vice President, CFO, and Chief Business Officer at Rockwell Medical. He has also held financial leadership positions at BioTime, now named Lineage Cell Therapeutics (NYSE:LCTX), and its subsidiaries, as well as at venture capital firm Asset Management Company and GE Capital Services Structured Finance Group.
Processa Pharmaceuticals focuses on developing next-generation chemotherapy drugs to improve the safety and efficacy of cancer treatments. The company is known for combining proven cancer-killing molecules with its regulatory science approach to increase the probability of FDA approval for its drugs. Currently, Processa is initiating Phase 2 studies for its pipeline, including treatments for various cancers such as breast, colorectal, and pancreatic.
The company's strategy involves modifying existing FDA-approved oncology drugs, which is expected to result in fewer side effects and a greater number of patients benefiting from the treatments. Processa's team boasts a track record of over 30 indication approvals across nearly every division of the FDA.
This news is based on a press release statement from Processa Pharmaceuticals. The forward-looking statements in the press release involve risks and uncertainties, and actual results may differ materially from those projected. For more information, the company refers to its SEC filings, including its most recent 10-K and 10-Q reports.
In other recent news, Processa Pharmaceuticals has been making notable strides in its operations. The company's shareholders recently approved key proposals that will shape the company's direction in the coming year.
Among these proposals were the election of six directors, the amendment and restatement of the company's 2019 Omnibus Incentive Plan, the ratification of BD & Company, Inc. as the independent registered public accounting firm for the company for 2024, and an advisory vote on the compensation of the named executive officers.
In addition to these developments, Processa Pharmaceuticals has reported encouraging preliminary results from a Phase 1b clinical trial of its Next Generation Capecitabine (NGC-Cap) for patients with advanced gastrointestinal tract cancer.
The trial aimed to establish the Maximum Tolerated Dose (MTD) and Recommended Phase 2 Dose Range (RP2DR). The study found that NGC-Cap may deliver more 5-Fluorouracil (5-FU) to cancer cells compared to capecitabine monotherapy, potentially improving efficacy and tolerability for various cancers treated with capecitabine and 5-FU.
Processa plans to continue its investigation into these two dosage regimens in a Phase 2 trial with breast cancer patients. This study aims to determine the optimal dosage for future pivotal trials. These recent developments reflect Processa Pharmaceuticals' commitment to developing better therapeutic options for cancer patients.
InvestingPro Insights
As Processa Pharmaceuticals (NASDAQ:PCSA) welcomes Russell L. Skibsted as the new Chief Financial Officer, investors may be considering the financial health and market performance of the company.
According to InvestingPro metrics, Processa Pharmaceuticals holds a market capitalization of 5M USD, indicating its size within the pharmaceutical industry. The company's P/E Ratio stands at -0.29, reflecting its current earnings relative to its share price. The Price / Book ratio for the last twelve months as of Q1 2024 is 0.56, which could suggest that the stock is potentially undervalued based on its assets and liabilities.
From an operational standpoint, Processa has registered an operating income of -10.16M USD over the same period, highlighting the challenges the company faces in generating profit from its core business activities. The EBITDA Growth rate of 49.09% shows a substantial change in the company's earnings before interest, taxes, depreciation, and amortization, which may be of interest to investors looking for growth potential.
Two InvestingPro Tips that stand out for Processa Pharmaceuticals are that the company holds more cash than debt on its balance sheet, which can be a positive sign for financial stability, and that its liquid assets exceed short-term obligations, indicating a strong short-term financial position. However, it is important to note that analysts do not anticipate the company will be profitable this year, and the stock price has performed poorly over the last decade.
For a more comprehensive analysis, investors can explore additional insights and tips on Processa Pharmaceuticals by visiting InvestingPro, where 11 more tips are available. Don't forget to 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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