DENVER - SeaStar Medical Holding Corporation (NASDAQ:ICU), a commercial-stage medical technology company, announced the appointment of three new members to its Board of Directors. Following the 2024 Annual Meeting of Stockholders on June 4, Jennifer A. Baird and Bernadette N. Vincent were elected as directors, while John Neuman was appointed on June 5.
The addition of the new directors comes as former board members Bruce Rodgers and Richard Russell chose not to stand for re-election, and Andres Lobo retired from his position at Dow Chemical , which led to his exit from the board. Rick Barnett, Chairman of SeaStar Medical, expressed confidence in the diverse expertise the new directors bring to the table, highlighting their leadership and financial acumen as valuable assets for the company's growth.
Jennifer A. Baird, with a background in healthcare and technology, is the Executive Chair of Culturewell, Co. She has previously held CEO positions at Fifth Eye Inc. and Accio Energy, Inc., and co-founded Accuri Cytometers, Inc. Baird is also involved with non-profit organizations, serving as a Director for Hope Clinic and advisor for the Michigan Founders Fund.
Bernadette N. Vincent brings experience from the healthcare sector, having held executive roles at Satellite Healthcare Inc., and prior positions at Mednax (NYSE:MD), Inc., and Fresenius Medical Care (NYSE:FMS) North America. Vincent is also a Director for the National Kidney Foundation, California & Pacific Northwest Chapter, and was a Founder-Board member for the Laureate Academy Charter School.
John Neuman, a retired Vice President of Global Financial Accounting at The Dow Chemical Company (NYSE:DOW), directed a significant team responsible for financial accounting and reporting. His previous roles include finance integration and reporting for major acquisitions and mergers. Neuman is a Certified Public Accountant and serves on the Michigan State University External Advisory Board for the Department of Accounting and Information Systems.
SeaStar Medical specializes in developing extracorporeal therapies aimed at reducing the consequences of excessive inflammation on vital organs. These therapies focus on targeting cells that drive systemic inflammation, a critical factor in the health of critically ill patients.
The information in this article is based on a press release statement from SeaStar Medical. The company cautions that forward-looking statements within the release are subject to risks and uncertainties that may cause actual results to differ materially from those projected.
In other recent news, SeaStar Medical Holding Corporation has announced a restatement of its financial statements for the fiscal year ending December 31, 2022, and interim periods ending March 31, June 30, and September 30, 2023. The restatement, due to the accounting treatment of certain warrants and a prepaid forward purchase arrangement, is expected to be non-material to the company's cash position or business operations, according to CEO Eric Schlorff. Concurrently, SeaStar Medical continues its pivotal adult acute kidney injury (AKI) study, enrolling 23 subjects to date.
The company also plans to treat the first critically ill child with AKI and sepsis using its Quelimmune™ pediatric therapeutic device in the second quarter of 2024. This development follows the FDA granting a Humanitarian Device Exemption (HDE) Approval Order to the Quelimmune device for children with AKI due to sepsis requiring kidney replacement therapy. SeaStar Medical estimates that approximately 4,000 children annually could benefit from the Quelimmune pediatric device.
Additionally, SeaStar Medical has reported progress in its NEUTRALIZE-AKI pivotal trial for treating AKI. The trial, which has enrolled 21 subjects across five clinical sites, evaluates the safety and efficacy of SeaStar Medical's Selective Cytopheretic Device (SCD) in adult patients with AKI. Interim analysis is expected after reaching the 90-day primary endpoint with 100 enrolled subjects, projected for the second half of 2024. These are among the recent developments at SeaStar Medical.
InvestingPro Insights
As SeaStar Medical Holding Corporation (NASDAQ:ICU) welcomes new expertise to its Board of Directors, investors are closely monitoring the company's financial health and stock performance. According to recent data from InvestingPro, ICU's market capitalization stands at a modest $16.55 million. However, the company's financial metrics suggest challenges ahead. The adjusted P/E ratio for the last twelve months as of Q1 2024 is notably negative at -0.6, indicating that the company has not been profitable over this period.
InvestingPro Tips highlight some areas of concern for SeaStar Medical. The company's stock has experienced a significant downturn, with a one-week total price return plummeting by 39.06%. Additionally, it's important to note that the stock has been moving contrarily to market trends, which could be indicative of underlying issues specific to the company rather than broader market movements. Moreover, SeaStar Medical does not pay a dividend, which may deter income-focused investors.
These financial snapshots and InvestingPro Tips can be essential for investors considering the company's stock. For a more comprehensive analysis, including additional tips that could further inform investment decisions, visit https://www.investing.com/pro/ICU. Investors looking to access the full suite of InvestingPro's insights can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 11 additional tips available on InvestingPro, investors can gain a deeper understanding of SeaStar Medical's financial position and stock performance.
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