Bullish indicating open at $55-$60, IPO prices at $37
CAMBRIDGE, Mass. - Eterna Therapeutics (NASDAQ:ERNA), a biotechnology company specializing in cell therapies for solid tumors, announced the appointment of two new members to its scientific advisory board. Jerome Zeldis, M.D., Ph.D., and Blythe Sather, Ph.D., join the board, bringing substantial expertise in oncology and cell therapy research. According to InvestingPro data, the company faces significant financial challenges with a current ratio of 0.48, indicating its short-term obligations exceed liquid assets.
Dr. Zeldis, a seasoned professional with a history at Celgene (NASDAQ:CELG) as Chief Medical (TASE:PMCN) Officer and other executive roles, has facilitated the development of numerous cancer therapies. His background includes positions with NexImmune, Sorrento Therapeutics (OTC:SRNE), and several other biotechnology firms. He is also an accomplished author and patent holder in the field. Despite recent market challenges, with the stock down over 73% in the past year, InvestingPro subscribers can access 15+ additional expert insights about ERNA's market position and future prospects.
Dr. Sather, an immunologist with significant experience in genetic and epigenetic research, has contributed to both early discovery and clinical stage programs, particularly in the area of cell therapies for solid tumors. Her previous roles at Juno Therapeutics, Celgene, and Lyell Immunopharma, and her current position as head of research at Tune Therapeutics, underscore her commitment to pioneering cancer treatments.
The addition of Dr. Zeldis and Dr. Sather is expected to be instrumental in advancing Eterna's pipeline, including its lead product ERNA-101 for solid tumors and ERNA-102 for autoimmune diseases. ERNA-101 is designed to deliver pro-inflammatory cytokines directly to the tumor microenvironment, while ERNA-102 focuses on anti-inflammatory cytokine delivery for inflammatory disorders.
Eterna Therapeutics, still in the preclinical stage, is developing off-the-shelf synthetic induced allogenic mesenchymal stem cell therapies. The company's primary focus is on ERNA-101 for platinum-resistant ovarian cancer, with ongoing investigations into ERNA-102's potential for conditions like rheumatoid arthritis.
The company is also actively seeking strategic partnerships to further develop and potentially out-license its therapeutic assets. This news is based on a press release statement from Eterna Therapeutics. Financial metrics from InvestingPro show the company reported an EBITDA of -$20.18M in the last twelve months, with a gross profit margin of 72.91%, highlighting both operational challenges and potential therapeutic value.
In other recent news, Eterna Therapeutics is making strides in cancer research and financial maneuvers despite facing potential delisting from the Nasdaq. The company reported a breakthrough in ovarian cancer treatment with their therapy, ERNA-101, showing promising results in a mouse model study conducted in collaboration with the MD Anderson Cancer Center.
Eterna Therapeutics also announced a collaboration with the University of Texas MD Anderson Cancer Center to study the effects of ERNA-101 on ovarian and breast cancer models. This research aims to enhance anti-tumor immunity and lays the groundwork for future treatments.
On the financial front, Eterna Therapeutics has initiated a stock repurchase program, authorizing the buyback of up to $1 million of its common stock. The company also completed a private placement stock sale, raising approximately $1.1 million for general working capital.
However, Eterna Therapeutics received notice from Nasdaq that it did not meet the minimum bid price requirement, putting it at risk of delisting. The company has been granted a 180-day period to regain compliance.
In terms of management, the company saw board changes with the resignation of Dorothy Clarke and the appointment of Dr. Elena Ratner. These developments reflect Eterna Therapeutics' ongoing efforts to advance its research and maintain financial stability.
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