PASADENA, Calif. - Xencor, Inc. (NASDAQ:XNCR), a biopharmaceutical company engaged in the development of engineered antibodies, announced today the appointment of Bart Cornelissen as its new Senior Vice President and Chief Financial Officer.
Cornelissen brings over two decades of experience in corporate finance, having previously served as Vice President of corporate finance at Seagen Inc., where he played a key role in the company's growth and its acquisition by Pfizer (NYSE:PFE) for $43 billion in 2023.
The company's President and CEO, Bassil Dahiyat, Ph.D., praised Cornelissen's proven expertise in financial planning and his collaborative leadership style, which he believes will support Xencor's clinical-stage pipeline and exploration of novel biology with its XmAb® platforms.
Cornelissen's background includes significant roles at the Bill & Melinda Gates Foundation, where he contributed to financial analysis and strategic decision-making for the END Fund and led finance initiatives for malaria and neglected tropical disease partnerships.
Cornelissen expressed his enthusiasm for joining Xencor, highlighting the company's reputation in protein engineering and the potential of its XmAb bispecific T cell engagers in oncology. His role will involve supporting the company's growth through strategic planning and capitalization as its internal pipeline progresses through clinical development.
Xencor is known for its XmAb® technology, which has been utilized in over 20 clinical-stage candidates and has led to three marketed medicines by partners. The technology allows for modifications to protein structures to create new therapeutic mechanisms.
This announcement is based on a press release statement.
InvestingPro Insights
As Xencor Inc . (NASDAQ:XNCR) welcomes Bart Cornelissen as the new senior vice president and chief financial officer, the company's financial health and market performance are of particular interest to investors. With a market capitalization of 1.31 billion USD, Xencor holds a notable position in the biopharmaceutical sector. According to recent data, the company's Price to Earnings (P/E) ratio stands at -10.54, reflecting investors' expectations of future earnings growth despite the company not being profitable in the last twelve months.
Xencor's financial stability is further underscored by the fact that it holds more cash than debt on its balance sheet, as per InvestingPro Tips. This is a key indicator of the company's ability to sustain its operations and invest in future growth without heavy reliance on external financing. Moreover, the company's liquid assets exceed short-term obligations, ensuring that it can meet its immediate financial liabilities.
Despite the challenges, two analysts have revised their earnings upwards for the upcoming period, suggesting a potential improvement in Xencor's financial performance. Nonetheless, it's important to note that analysts anticipate a sales decline in the current year, and they do not expect the company to be profitable this year. These contrasting views highlight the dynamic nature of the biopharmaceutical industry and the importance of strategic financial planning, a task now in Cornelissen's purview.
For investors looking to delve deeper into Xencor's financials and market prospects, there are an additional 6 InvestingPro Tips available at https://www.investing.com/pro/XNCR. To gain access to these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive understanding of Xencor's investment potential.
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