Connect Biopharma appoints Jim Schoeneck to board of directors

SAN DIEGO - Connect Biopharma Holdings Limited (NASDAQ:CNTB) announced Tuesday the expansion of its board of directors from six to seven members with the appointment of Jim Schoeneck, effective immediately. The company, currently valued at $111 million, has seen remarkable momentum with its stock surging 37% in the past week and 45% year-to-date, according to InvestingPro data.

Schoeneck brings over 40 years of experience in developing and commercializing medicines and guiding companies through transformation and growth. He currently serves as Chairman of the Board of Directors at FibroGen, Inc. and Calidi Biotherapeutics, Inc.

"His deep expertise in drug development and commercialization will make him an invaluable asset as we continue to build a proven team of industry experts to rapidly advance the development and commercialization of rademikibart," said Kleanthis G. Xanthopoulos, Chairman of the Board of Directors, in a press release.

Connect Biopharma is conducting global clinical studies of rademikibart, an antibody targeting IL-4Rα, for treating acute exacerbations of asthma and COPD. The company expects clinical data from its Phase 2 Seabreeze STAT studies in the first half of 2026. While the company maintains a strong liquidity position with a current ratio of 10.25, InvestingPro analysis indicates rapid cash burn - a crucial factor for investors to monitor. Analysts maintain optimistic price targets between $6-7 per share, suggesting significant upside potential.

Prior to this appointment, Schoeneck served as Chief Executive Officer and board member at several companies including Depomed, Inc., BrainCells Inc., ActivX Biosciences, Inc., and Prometheus Laboratories Inc. He also previously served as Chairman of the National Board of Directors of the Asthma and Allergy Foundation of America.

Schoeneck holds a B.S. from Jacksonville State University and began his career at Rhone-Poulenc Rorer Inc.

Connect Biopharma is a clinical-stage biopharmaceutical company headquartered in San Diego, California, focused on developing treatments for asthma and COPD. InvestingPro subscribers can access 12 additional key insights about CNTB’s financial health, growth prospects, and market momentum, along with real-time Fair Value calculations and comprehensive financial metrics.

In other recent news, Connect Biopharma Holdings Ltd has announced significant developments. The company has regained compliance with Nasdaq’s minimum bid price requirement, maintaining a closing bid price of at least $1.00 for 10 consecutive business days, as confirmed by Nasdaq’s Listing Qualifications Department. Additionally, Connect Biopharma plans to terminate its American Depositary Receipts (ADR) program by September 2, 2025, transitioning to directly listing its ordinary shares on the Nasdaq Global Market. This move will involve the cancellation of ADRs, which will be exchanged for ordinary shares at a one-for-one ratio.

Moreover, the company’s board of directors has expanded with the appointment of James A. Schoeneck, an industry veteran with extensive experience in the pharmaceutical and biotechnology sectors. Schoeneck’s previous roles include serving as CEO of Depomed, Inc. and holding leadership positions at several other companies. These developments reflect ongoing strategic changes within Connect Biopharma, as it continues to adapt and align with market requirements.

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