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Aldeyra Therapeutics, Inc. (NASDAQ:ALDX), a pharmaceutical company, announced on Monday the appointment of Michael Alfieri as the company's principal financial officer and principal accounting officer, effective Thursday, August 31, 2024. The announcement, made through a filing with the Securities and Exchange Commission, comes as part of the company's ongoing executive team restructuring.
Alfieri, a seasoned finance professional in the life sciences sector, will be providing his services under a consulting agreement with Danforth Global, Inc., a firm specializing in strategic and operational finance for life science companies.
Alfieri's appointment follows his tenure as a consultant with Danforth since September 2019. He brings experience from previous roles at Genocea Biosciences (OTC:GNCAQ), Inc., Radius Health (NASDAQ:RDUS_OLD), Inc., and Merrimack Pharmaceuticals, Inc. Alfieri holds both a B.S. and an M.S. from Bentley University.
The consulting agreement with Danforth allows for termination by either party with cause upon 30 days' notice and without cause upon 60 days' notice. Alfieri's compensation will be on an hourly basis, the specifics of which will be detailed in Aldeyra's upcoming Quarterly Report on Form 10-Q for the period ending September 30, 2024.
Concurrent with Alfieri's appointment, the company disclosed the departure of Bruce Greenberg, who served as the Senior Vice President of Finance and Interim Chief Financial Officer. Greenberg's separation agreement includes six months of base salary continuation, a lump-sum cash payment, and COBRA premium payments for up to six months.
Moreover, Greenberg has entered into a consulting agreement with Aldeyra, effective the same date as Alfieri's appointment, which will allow for the continued vesting of his stock options through November 30, 2024.
Aldeyra Therapeutics, headquartered in Lexington, MA, has not disclosed any family relationships or material transactions involving Alfieri that would require reporting under SEC regulations. The details of Alfieri's consulting agreement and Greenberg's separation and consulting agreements will be filed with the company's next quarterly report.
This news is based on the company's recent SEC filing and reflects the latest changes in Aldeyra Therapeutics' executive team.
In other recent news, Aldeyra Therapeutics has made significant strides with its dry eye disease drug, reproxalap. The drug met its primary endpoint in a Phase 3 trial, showing statistical superiority over a placebo, and is expected to bolster the company's New Drug Application (NDA) resubmission by the end of 2024. Following these positive results, Jones Trading upgraded its price target for Aldeyra to $10, maintaining a Buy rating and citing an increased probability of the drug's success.
Adding to the company's progress, Aldeyra has also entered into a new Open Market Sale AgreementSM with Jefferies LLC, replacing a previous agreement from March 2021. Under this agreement, Aldeyra has the option to sell up to $75 million of its common stock. Jefferies, acting as a sales agent, is entitled to a commission of up to 3.0% of the gross sales price per share sold under the agreement.
These developments, including the successful trial results and the new sales agreement, are part of Aldeyra Therapeutics' recent progress. Analysts from Jones Trading have expressed confidence in the drug's approval prospects and the potential for a significant milestone payment from a commercial collaboration with AbbVie (NYSE:ABBV). However, as with all investment decisions, these developments should be evaluated in the context of a comprehensive investment strategy.
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