OneMedNet Corp appoints new board member

OneMedNet Corporation, a company specializing in commercial physical and biological research, announced the departure of Dr. Julianne Huh from its Board of Directors, effective Sunday. Dr. Huh, who also served on the company's Nominating and Corporate Governance Committee, resigned without citing any disagreements with the company's operations or practices.

Following Dr. Huh's departure, OneMedNet appointed Mr. Andrew B. Zeinfeld as a new board member today. Mr. Zeinfeld's background and experience details were not disclosed, but the company confirmed there are no familial ties or arrangements between him and any other directors or executives at OneMedNet. Furthermore, Mr. Zeinfeld has not been involved in any transactions that would require reporting under SEC regulations.

Mr. Zeinfeld will receive compensation in line with the company's practices for non-employee directors, including a pro-rated grant of 45,000 shares of common stock for 2024, set to vest at the end of December. Additionally, OneMedNet will enter into an indemnity agreement with Mr. Zeinfeld, consistent with agreements with other non-management directors.

OneMedNet's corporate headquarters are located in Eden Prairie, MN, and the company is incorporated in Delaware. It is publicly traded on The Nasdaq Stock Market LLC under the ticker symbols ONMD for its common stock and ONMDW for its redeemable warrants.

In other recent news, OneMedNet Corporation has made significant strides in its operations. The company has successfully integrated artificial intelligence (AI) into its data curation process, leading to a considerable reduction in operational costs and a boost in processing speed. This integration has also increased the speed of delivering longitudinal clinical data and images to Life Science organizations.

OneMedNet recently secured private funding of approximately $4.6 million from institutional investors, including affiliates of Off the Chain Capital and Discovery (NASDAQ:WBD) Capital Management. The funds are intended for general corporate purposes and working capital, with a portion allocated to purchasing Bitcoin.

The company also entered into a Standby Equity Purchase Agreement (SEPA) with investment firm Yorkville Advisors Global, LP. The agreement grants OneMedNet the option to sell up to $25 million of its common stock to Yorkville over a 24-month period, under certain conditions.

OneMedNet has also announced a new partnership through a Customer Data License Agreement with an undisclosed U.S.-based clinical trial design and software company. The company also joined the Amazon (NASDAQ:AMZN) Web Services (AWS) Partner Network (APN), securing a new client, a computational biotechnology firm.

These are the recent developments in OneMedNet's operations, as it continues to focus on enhancing patient outcomes and supporting healthcare innovation.

InvestingPro Insights

As OneMedNet Corporation navigates its board composition and corporate governance, investors and stakeholders may find value in the latest metrics and performance insights. According to InvestingPro data, OneMedNet has a market capitalization of $34.31 million and has experienced a significant return over the last week, with a 22.68% price total return. Despite a challenging financial performance with a negative revenue growth of 11.37% over the last twelve months as of Q4 2023, the company has shown a quarterly revenue growth of 29.18% in Q4 2023, indicating potential signs of recovery.

InvestingPro Tips highlight that OneMedNet's valuation implies a strong free cash flow yield and the stock generally trades with high price volatility. These factors could be crucial for investors looking for growth opportunities with an appetite for risk. It's noteworthy that the company has not been profitable over the last twelve months and does not pay a dividend to shareholders, which may influence investment strategies focused on income or stability.

For those seeking a deeper analysis, there are additional InvestingPro Tips available on the platform that could provide further guidance on OneMedNet's financial health and investment potential.

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