YARDLEY, Pa. - Optinose (NASDAQ:OPTN), a pharmaceutical company specializing in treatments for ear, nose, and throat (ENT) conditions, announced today the appointment of Terry Kohler as its new Chief Financial Officer. Kohler brings over two decades of experience in biotech finance, most recently serving as CFO for Verrica Pharmaceuticals (NASDAQ:VRCA).
Kohler's tenure at Verrica Pharmaceuticals saw him support the commercial launch of a dermatology product and the development of the company's research pipeline. His previous roles include Vice President at Endo International (OTC:ENDPQ) PLC and positions at Johnson & Johnson and various investment banking firms. Kohler holds an M.B.A. from the University of North Carolina and is a Certified Management Accountant.
CEO Ramy Mahmoud, MD, MPH, expressed confidence in Kohler's ability to guide Optinose's financial strategy, particularly as the company seeks to expand the use of its product XHANCE for chronic rhinosinusitis treatment. Kohler himself noted the potential growth opportunities for XHANCE and the strategic paths available to the company.
In conjunction with his hiring, Kohler received an inducement grant under Nasdaq Listing Rule 5635(c)(4), consisting of a non-qualified stock option to purchase up to 675,000 shares of Optinose common stock and 150,000 restricted stock units. These grants will vest over four years, contingent upon his continued service with the company.
Optinose's XHANCE nasal spray, utilizing the Exhalation Delivery System, is approved by the U.S. Food and Drug Administration for the treatment of chronic rhinosinusitis with and without nasal polyps in adults. The company continues to focus on serving patients through ENT and allergy specialists.
This announcement is based on a press release statement issued by Optinose, Inc. on Monday.
In other recent news, OptiNose , a specialty pharmaceutical company, has reported a 5% increase in Q2 2024 XHANCE net revenue, reaching $20.5 million. The company also revised its full-year 2024 guidance for XHANCE net revenue to a range of $85 million to $90 million, indicating a growth of 20% to 27% from the previous year. These promising developments are largely attributed to the successful launch of their chronic sinusitis treatment, XHANCE, and its addition to Express Scripts' national formularies.
In addition, OptiNose has announced the resignation of board member Ms. Catherine Owen. The company stated this departure was not due to any disagreement with the company's operations, policies, or practices. It remains unclear whether a successor has been appointed or if the company is actively seeking a new board member to fill the vacancy left by Ms. Owen.
OptiNose is optimistic about achieving peak year sales of $300 million and projects positive income from operations by 2025. Analysts Thomas Flaten of Lake Street Capital Markets and Jonathan Neely have noted the company's conservative approach to its average net revenue per prescription projection, which is set at a minimum of $250. These are recent developments that highlight OptiNose's commitment to growth and profitability in the coming years.
InvestingPro Insights
As Optinose (NASDAQ:OPTN) welcomes Terry Kohler as its new CFO, investors may find additional context from recent financial data and expert insights. According to InvestingPro, Optinose boasts impressive gross profit margins, with the latest data showing a robust 89.92% for the last twelve months as of Q2 2023. This strong margin could provide Kohler with a solid foundation to work from as he takes on his new role.
However, the company faces challenges. An InvestingPro Tip indicates that Optinose is quickly burning through cash, which may be a critical area for Kohler to address in his financial strategy. Additionally, the company's revenue growth stands at a modest 3.91% for the same period, suggesting there's room for improvement in sales performance, particularly as the company looks to expand the use of XHANCE.
Another InvestingPro Tip reveals that analysts do not anticipate the company will be profitable this year, aligning with the reported operating income margin of -25.09%. This underscores the importance of Kohler's experience in supporting product launches and pipeline development, as mentioned in the article.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into Optinose's financial health and market position. These additional tips, along with real-time metrics, can help investors make more informed decisions about the company's future prospects under its new financial leadership.
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