Broadcom named strategic vendor for Walmart virtualization solutions
EMERYVILLE, Calif. - OmniAb, Inc. (NASDAQ: OABI), a company specializing in antibody discovery technology licensing, announced today the appointment of two new members to its Board of Directors, Philip J. Gotwals, Ph.D., and Steve Crouse. The announcement coincides with the departure of Director Sarah Boyce, who has contributed to the company’s strategic growth over the past six years. The company, with a market capitalization of $514 million, maintains a strong financial position with more cash than debt and a healthy current ratio of 7.77, according to InvestingPro data.
John Higgins, OmniAb Board Chair, expressed enthusiasm for the new appointments, citing Gotwals’ and Crouse’s extensive experience as valuable for the company’s strategic initiatives. Gotwals brings over 30 years of biopharmaceutical experience, including roles at Novartis Institutes for BioMedical Research and Biogen Idec, and currently serves as a partner at Red Sky Partners. Crouse’s 20-year career spans various senior roles in life sciences, including his current position at Bio-Techne and previous positions at Thermo Fisher Scientific and Vortex Biosciences. The market has responded positively to OmniAb’s strategic moves, with the stock delivering an impressive 124% return over the past year despite high volatility (Beta 4.67).
The board changes, effective immediately, expand the number of Directors to seven. Gotwals will join the Human Capital Management & Compensation Committee and the Science & Technology Committee, while Crouse will become a member of the Audit Committee and the Science & Technology Committee.
OmniAb’s technology platform assists partners in discovering next-generation therapeutics by creating and screening diverse antibody repertoires. The company boasts a suite of technologies, including computational antigen design and high-throughput screening, which are part of what it calls Biological Intelligence™. OmniAb’s business model includes structured agreements with partners that often entail upfront fees, service revenue, and royalties.
The company’s forward-looking statements indicate plans for expansion and growth, emphasizing the potential of its technologies and the opportunities they may create. However, OmniAb also acknowledges the inherent risks and uncertainties in its business, such as the dependency on partner acceptance and the unpredictable nature of biopharmaceutical development. With annual revenue of $22.27 million and a bullish analyst consensus, InvestingPro analysis suggests the company has significant potential. Investors can access the comprehensive Pro Research Report, available for OmniAb and 1,400+ other US stocks, for deeper insights into the company’s prospects and valuation metrics.
This news is based on a press release statement from OmniAb, Inc. and does not include any additional analysis or opinion.
In other recent news, Capricor Therapeutics reported its fourth-quarter 2024 earnings, exceeding expectations with a loss of $0.16 per share, compared to the projected $0.17 loss. Revenue for the quarter reached $11.1 million, significantly surpassing the anticipated $3.52 million. The company concluded 2024 with approximately $152 million in cash reserves, which is expected to support operations through 2027. Cantor Fitzgerald maintained an Overweight rating on Capricor, with a price target of $30, citing the company’s financial position and potential upside from the upcoming Prescription Drug User Fee Act (PDUFA) decision on its lead product candidate, deramiocel. This decision, set for August 31, could bring substantial financial incentives, including a Priority Review Voucher valued at around $150 million and $80 million in milestone payments from partner Nippon Shinyaku, if approved. The analyst noted a perceived undervaluation of Capricor’s stock, estimating a 70% chance of deramiocel’s approval in the U.S., compared to the market’s implied probability of 20-25%. Capricor is also expanding its manufacturing capabilities, preparing for potential increased demand for its Duchenne muscular dystrophy treatment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.