Organovo Holdings, Inc. (NASDAQ:ONVO), a biotechnology firm specializing in biological products with a current market capitalization of $5.5 million, announced the appointment of Norman Staskey as its new President, Chief Financial Officer, and Principal Financial (NASDAQ:PFG) Officer, effective immediately.
According to InvestingPro data, the company maintains a favorable cash position relative to debt, though it faces challenges with rapid cash burn. This leadership change follows the departure of the previous President and CFO, Tomas Hess (NYSE:HES), who resigned to pursue retirement on Monday.
Staskey, 55, brings a wealth of experience to Organovo, particularly in mergers and acquisitions, which aligns with the company's interest in potential strategic transactions within the pharmaceutical industry.
His background includes serving as a Senior Director at Danforth Advisors, LLC since May 2021, and as the CFO of Azitra, Inc. since October 2022. Staskey's previous tenure at EY (Ernst & Young) as a managing director further solidifies his expertise in financial and operational management within the life sciences sector.
The company has retained Staskey's services through a consulting agreement with Danforth Advisors, LLC, initially dated August 25, 2020. Under this agreement, Organovo will compensate Danforth $450.00 per hour for Staskey's services. The arrangement with Danforth also ensures continuity within Organovo's finance operations, supported by the company's internal senior finance staff.
Organovo's decision to appoint Staskey was not influenced by any reportable transactions or family relationships between him and any company director or executive officer. The company's press release states that Hess's resignation was not due to any disagreements concerning Organovo's accounting or financial policies or procedures.
The announcement comes as Organovo continues to navigate the complex landscape of the biotechnology industry, with an emphasis on exploring strategic opportunities to enhance its market position. With its next earnings report expected on February 11, 2025, investors will be watching closely for signs of improvement in the company's financial health, which InvestingPro currently rates as weak.
In other recent news, Organovo Holdings, Inc. has been making significant strides in both its corporate and medical endeavors. The biotechnology firm recently expanded its equity incentive plan by 1,775,000 shares, a move approved by a majority of stockholders and designed to incentivize and retain employees. This development was part of the company's Annual Meeting, where other key decisions, such as the election of Class I directors and the ratification of an independent registered public accounting firm, were also made.
In the realm of medical advancements, Organovo recently reported positive findings from a Phase 2 study of its liver drug FXR314. The results, presented at The Liver Meeting hosted by the American Association for the Study of Liver Diseases, indicated a significant reduction in liver fat content for patients receiving FXR314 compared to those given a placebo. The drug was found to be safe and well-tolerated, with most treatment-emergent adverse events being mild to moderate.
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