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SAN DIEGO - Capricor Therapeutics (NASDAQ: CAPR), a biotechnology company specializing in cell and exosome-based treatments for rare diseases, announced today the immediate appointment of Michael Binks, M.D., as its new Chief Medical Officer. The company, currently valued at $325 million, maintains a strong financial position with more cash than debt on its balance sheet and a healthy current ratio of 7.77x, according to InvestingPro data. Dr. Binks, a board-certified rheumatologist with 25 years of experience in global clinical development and translational research, joins Capricor to lead the medical and commercial progression of their lead product candidate, deramiocel, particularly for the treatment of Duchenne muscular dystrophy (DMD).
Dr. Binks has held significant roles at Pfizer and GlaxoSmithKline, contributing to the advancement of several first-in-class therapies. His most recent position was Vice President and Head of Rare Disease Clinical and Translational Research at Pfizer. This appointment comes as Capricor faces challenging market conditions, with InvestingPro analysis showing the stock has declined nearly 58% over the past six months, though analysts maintain optimistic price targets ranging from $25 to $77. His expertise covers a range of therapeutic areas, including immunology, neurology, and cardiology. He also founded PathfindRx LLC, a consultancy in translational medicine, and has academic and clinical connections with renowned institutions.
Capricor CEO Linda Marbán expressed confidence in Dr. Binks’s ability to guide the company’s deramiocel program and future pipeline development. Deramiocel, an allogeneic cardiac-derived cell therapy, has shown promise in preclinical and clinical studies for its immunomodulatory and anti-fibrotic effects in dystrophiopathies such as DMD and is currently in late-stage development.
The company is also exploring the potential of its proprietary StealthX™ exosome technology platform in preclinical development, aiming at applications in vaccinology and targeted delivery of various therapeutics.
This leadership change comes at a critical juncture as Capricor prepares for potential commercialization and regulatory approval of deramiocel in the United States and Japan in partnership with Nippon Shinyaku Co., Ltd. For deeper insights into Capricor’s financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis, including 10+ additional ProTips and a detailed Pro Research Report, part of the platform’s coverage of 1,400+ US stocks. However, it is important to note that deramiocel is still an Investigational New Drug and has not been approved for any indications yet. Capricor’s exosome-based candidates have also not received approval for clinical investigation.
This announcement is based on a press release statement from Capricor Therapeutics.
In other recent news, Capricor Therapeutics reported its fourth-quarter 2024 earnings, exceeding expectations with a loss of $0.16 per share against a forecasted loss of $0.17. The company’s revenue was notably higher than anticipated, reaching $11.1 million compared to the expected $3.52 million. Capricor concluded the year with approximately $152 million in cash, which is projected to support operations through 2027. Cantor Fitzgerald maintained an Overweight rating and a $30 target on Capricor’s stock, highlighting the potential financial benefits if their leading product candidate, deramiocel, receives FDA approval. The Prescription Drug User Fee Act (PDUFA) decision for deramiocel, a treatment for Duchenne muscular dystrophy cardiomyopathy, is expected on August 31, 2025.
Meanwhile, OmniAb announced the expansion of its Board of Directors with the appointment of Philip J. Gotwals, Ph.D., and Steve Crouse, increasing the board to seven members. This move follows the departure of Director Sarah Boyce. Gotwals and Crouse bring extensive experience in the biopharmaceutical and life sciences industries, which is anticipated to support OmniAb’s strategic initiatives. The company continues to emphasize its commitment to growth and the development of its antibody discovery technology platform. These recent developments highlight the evolving strategies and financial health of both Capricor Therapeutics and OmniAb as they navigate their respective industry landscapes.
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