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TORONTO - Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company with a market capitalization of approximately $16 million, today announced a change in its executive team with the appointment of Peter J. Weiler as Chief Financial Officer, effective May 1, 2025. Weiler will be taking over from Stephen Lemieux, who is stepping down on the same date to explore new professional opportunities. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it faces profitability challenges.
Bringing a wealth of experience from the pharmaceutical industry, Weiler’s previous role was as President of Exzell Pharma, Inc., and before that, he held various positions at Cipher Pharmaceuticals Inc., including Vice President of Business Development. His academic credentials include an MBA from the Ivey School of Business, a Master of Science in Biology, and a Bachelor of Science with a Diploma in Accounting. The appointment comes as Edesa’s stock has shown mixed performance, with a significant 38% gain year-to-date despite a challenging six-month period.
Edesa’s CEO, Dr. Par Nijhawan, expressed confidence in Weiler’s appointment, highlighting his managerial expertise and past collaborations as valuable assets for the company’s future endeavors. Nijhawan also acknowledged Lemieux’s contributions and wished him success in his future career.
Edesa Biotech is known for its focus on developing treatments for inflammatory and immune-related diseases. Its pipeline includes EB06, an anti-CXCL10 monoclonal antibody candidate for vitiligo, and EB01, a Phase 3-ready treatment for Allergic Contact Dermatitis. In the respiratory therapeutic area, Edesa is evaluating EB05 as a potential treatment for Acute Respiratory Distress Syndrome, with support from two Government of Canada funding awards.
Following his transition from CFO, Lemieux will continue to provide financial advisory services to Edesa. This executive change comes at a crucial time for the company, as it seeks to advance its clinical pipeline and explore strategic opportunities for its drug candidates. InvestingPro analysis indicates the company’s Fair Value suggests potential upside, with analyst price targets ranging from $17 to $21 per share. Get access to more detailed financial insights and 7 additional ProTips by subscribing to InvestingPro.
This news is based on a press release statement from Edesa Biotech, Inc. The company’s forward-looking statements involve risks and uncertainties, including the potential effectiveness of its product candidates and the ability to obtain necessary regulatory approvals and commercial success. Edesa’s future performance may differ materially from current expectations due to a variety of factors.
In other recent news, Edesa Biotech has reported its fiscal first quarter 2025 results, highlighting the development of its EB06 candidate, an anti-CXCL10 monoclonal antibody for treating vitiligo. The company secured $15 million in gross proceeds from a private placement to support the manufacturing of clinical-grade supplies for EB06 and fund a Phase 2 clinical study. This funding is expected to advance the CXCL10 monoclonal antibody program through the end of fiscal 2026. H.C. Wainwright has maintained a Buy rating on Edesa Biotech with a price target of $21, noting the strategic importance of prioritizing EB06. The analyst, Vernon Bernardino, expressed optimism about the potential impact of the Investigational New Drug application and the initiation of a Phase 2 study on the company’s valuation. The private placement was led by Velan Capital and included participation from new and existing investors, with company insiders contributing approximately $1.1 million. The securities sold have not been registered under the Securities Act of 1933 but were offered to accredited investors. Additionally, Edesa Biotech has committed to filing a registration statement with the SEC for the resale of the shares within 30 days post-closing.
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