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SAN DIEGO, CA – Aethlon Medical Inc. (NASDAQ:AEMD), a medical device company, announced the appointment of James B. Frakes as the permanent Chief Executive Officer, effective today. Frakes, who has been serving as the Interim CEO since November 7, 2023, will continue to fulfill his responsibilities as the Chief Financial Officer and as a member of the Board of Directors.
Frakes has been with Aethlon Medical since January 2008, initially serving as Senior Vice President, Finance, before taking on the role of Chief Financial Officer in September 2010. His background includes previous CFO positions at Left Behind Games Inc. and NTN Buzztime, Inc. He holds an MBA from the University of Southern California and a Bachelor of Arts with Honors from Stanford University.
In conjunction with his new permanent role, Aethlon Medical plans to revise the terms of Frakes’ executive employment agreement. The company has clarified that there are no familial relationships between Frakes and any other company directors or executive officers, nor are there any related-person transactions that need to be disclosed.
Alongside the CEO appointment, Aethlon Medical also announced the departure of Guy F. Cipriani as Chief Operating Officer, also effective today. The company stated that Cipriani's departure is not due to any disagreements on any matter relating to the company's operations, policies, or practices. Per the terms of his employment agreement dated January 2, 2021, Cipriani is set to receive a severance package that includes twelve months' salary and related benefits, contingent upon his execution of a waiver and release of claims agreement.
In other recent news, Aethlon Medical, Inc. has announced significant developments. The company reported a net loss of $2.6 million for the fiscal first quarter of 2025, despite maintaining a cash balance of $9.1 million. Aethlon Medical has expanded its equity incentive plan by 3 million shares, a move approved by stockholders and aimed at attracting and retaining talent.
The company has also made strides with its Hemopurifier device, receiving full ethics approval from the Medanta Institutional Ethics Committee for a clinical trial in India. Aethlon Medical has also begun patient enrollment at the Royal Adelaide Hospital for a clinical trial of the Hemopurifier in patients with solid tumors.
Additionally, the Hemopurifier has shown potential in a preclinical study to improve kidney transplant outcomes by removing harmful substances from preservation fluids.
In other developments, Aethlon Medical has received approval to increase the number of shares authorized for issuance by 3 million. This was part of the Amended 2020 Plan, which was passed with 2,745,223 votes for, 376,961 against, and 31,356 abstentions. These are the recent developments at Aethlon Medical, Inc.
InvestingPro Insights
As Aethlon Medical Inc. (NASDAQ:AEMD) undergoes this significant leadership transition, investors may benefit from additional financial context provided by InvestingPro. The company's current market capitalization stands at a modest $6.2 million, reflecting its small-cap status.
InvestingPro Tips highlight that AEMD holds more cash than debt on its balance sheet, which could provide some financial flexibility during this period of change. However, the company is quickly burning through cash, a critical factor for investors to monitor given the recent executive changes and potential strategic shifts.
The stock's performance has been volatile, with a strong 22.61% return over the last month, contrasting sharply with a 75.08% decline over the past six months. This volatility aligns with the InvestingPro Tip noting that AEMD's stock price movements are quite volatile, underscoring the importance of careful risk assessment for potential investors.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips that could provide valuable insights into AEMD's financial health and market position.
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