FOSTER CITY, Calif. - Terns Pharmaceuticals, Inc. (NASDAQ:TERN), a biopharmaceutical company engaged in the development of treatments for oncology and obesity, has announced the immediate appointment of Elona Kogan as its new chief legal officer.
Ms. Kogan possesses over two decades of experience in the life sciences sector, including roles at Seer, Inc., ARIAD Pharmaceuticals, Avanir Pharmaceuticals, and King Pharmaceuticals.
The company's CEO, Amy Burroughs, emphasized Kogan's track record of guiding biotech companies through significant growth phases, stating her expertise will be crucial for Terns' strategic development and pipeline advancement. Kogan herself expressed enthusiasm about joining the company at a pivotal stage, aligning with Terns' commitment to developing impactful therapies.
In conjunction with this announcement, Terns disclosed that Bryan Yoon, the current chief operating officer, will assist with the transition until September 3, 2024. Furthermore, Terns is preparing for the departure of Mark Vignola, Ph.D., the chief financial officer, who will remain in his role until January 2025 or until a successor is appointed. Burroughs acknowledged the significant contributions of Yoon and Vignola to the company's development.
Terns Pharmaceuticals focuses on small-molecule product candidates, with several clinical stage development programs in its pipeline. These include an allosteric BCR-ABL inhibitor, a GLP-1 receptor agonist, a THR-β agonist, and a preclinical GIPR modulator program.
This executive transition comes as Terns continues to move forward with its clinical trials and development activities. The company's forward-looking statements indicate a vision for growth and innovation within their targeted therapeutic areas.
The information reported is based on a press release statement from Terns Pharmaceuticals.
In other recent news, Terns Pharmaceuticals has reported progress in its ongoing Phase 1 study of TERN-701, a potential new therapy for chronic myeloid leukemia (CML). The study aims to evaluate the pharmacokinetics, safety, and tolerability of TERN-701 in healthy volunteers.
Interim findings suggest the drug can be administered once daily with or without food, a potential advantage over current treatments requiring fasting and twice-daily dosing. The trial has enrolled 32 volunteers across four dose cohorts, with results showing no significant changes in clinical laboratory data, vital signs, or electrocardiogram parameters.
A key takeaway from the study indicates that at 80 mg doses, TERN-701 shows no significant differences in plasma exposure whether taken with a high-fat meal or on an empty stomach. This suggests potential for flexible dosing schedules for patients.
In the context of these developments, the CARDINAL trial, a global Phase 1 clinical trial evaluating the safety, pharmacokinetics, and efficacy of TERN-701 in patients with previously treated CML, is ongoing with interim data expected in the second half of 2024.
InvestingPro Insights
As Terns Pharmaceuticals, Inc. (NASDAQ:TERN) welcomes Elona Kogan to its executive team and navigates through its leadership transition, the company's financial and market performance offer additional insights. Terns holds a market capitalization of $539.41 million, reflecting its position within the biopharmaceutical industry.
Despite the challenges of profitability, with an adjusted P/E ratio over the last twelve months as of Q1 2024 standing at -6.02, the company has demonstrated a strong return with a 32.31% price total return over the last month and an impressive 76.67% over the last three months.
One of the InvestingPro Tips highlights that Terns maintains a stronger cash position than debt on its balance sheet, which can be a reassuring sign to investors concerned about the company's financial stability. Moreover, the company's liquid assets surpass its short-term obligations, further underscoring its ability to meet immediate financial commitments.
These factors, coupled with the recent positive momentum in stock price, may instill confidence in investors as Terns continues to advance its clinical programs and potentially reach pivotal milestones in its pipeline development.
For those considering an investment in Terns Pharmaceuticals, there are additional InvestingPro Tips available that could provide deeper insights into the company's prospects. As of now, three analysts have revised their earnings expectations upwards for the upcoming period, which could suggest a favorable outlook on the company's future performance.
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