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VICTORIA, BC - Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX) (TSX: EPRX), a clinical-stage biotech company with a market capitalization of approximately $114 million, announced today the immediate appointment of Alex Rothwell as Chief Financial Officer, succeeding Bruce Cousins, who is retiring. Cousins will continue as a consultant to facilitate a smooth transition. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 4.17, indicating robust short-term financial stability.
Rothwell, with over 25 years of experience in Canadian capital markets and investment banking, previously served as Eupraxia's CFO from 2018 to 2021. His career began in 1995, and he has since held various leadership roles, including President and Executive Director of Macquarie Capital Markets Canada. Rothwell's expertise in public markets and deal-making is expected to be valuable as Eupraxia advances its clinical programs and addresses its cash burn rate, which InvestingPro analysts have identified as a key challenge.
CEO James Helliwell expressed confidence in Rothwell's ability to contribute to Eupraxia's growth and acknowledged Cousins' contributions, including the company's Nasdaq listing and a strengthened balance sheet.
Eupraxia focuses on developing extended-release treatments for areas with high unmet medical needs using its DiffuSphere™ technology. This technology aims to provide targeted drug delivery, potentially reducing adverse events through precision targeting.
The company's EP-104GI is in a Phase 1b/2a trial for Eosinophilic Esophagitis, and its EP-104IAR has completed a Phase 2b trial for knee osteoarthritis pain, meeting its primary endpoint and most secondary endpoints. Eupraxia is also exploring additional indications for its pipeline, including oncology and infectious disease applications. The stock has shown resilience with a 29% gain over the past six months, despite broader market volatility. InvestingPro analysis suggests the stock is slightly undervalued at current levels, with additional insights available to subscribers.
This announcement is based on a press release statement and includes forward-looking statements about the company's products and potential market opportunities. These statements are not guarantees of future performance and are subject to risks and uncertainties.
In other recent news, Eupraxia Pharmaceuticals Inc., a Canadian-based biopharmaceutical company, has reported to the United States Securities and Exchange Commission (SEC) via a Form 6-K for November 2024. This document, which is mandatory for foreign private issuers, provides current information to the SEC and investors. The filing was executed by Bruce Cousins, the President and Chief Financial Officer of Eupraxia Pharmaceuticals Inc.
The company has also indicated its intent to submit annual reports under the cover of Form 40-F. The 6-K form submitted includes a press release as Exhibit 99.1. These recent developments are part of Eupraxia Pharmaceuticals' compliance with the requirements of the Securities Exchange Act of 1934.
It should be noted that Eupraxia Pharmaceuticals falls under the pharmaceutical preparations industry with a standard industrial classification code of 2834. The company, incorporated under the jurisdiction code A1, has a fiscal year-end on December 31.
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