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REHOVOT, Israel - Purple Biotech Ltd. (NASDAQ/TASE: PPBT), a clinical-stage biopharmaceutical company with a market capitalization of $6.07 million, today announced the appointment of Shai Lankry as its new Chief Financial Officer. Lankry brings over two decades of financial leadership experience to Purple Biotech, with a background that includes a U.S. IPO and mergers and acquisitions. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a strong current ratio of 2.23.
CEO Gil Efron expressed confidence in Lankry’s ability to guide the company through its next phase, which involves advancing its pipeline into late-stage trials and exploring strategic partnerships. Lankry’s expertise is expected to be instrumental as the company continues to develop therapies aimed at overcoming tumor immune evasion and drug resistance. The appointment comes at a critical time, as InvestingPro analysis shows the stock has declined nearly 53% year-to-date, though its negative beta of -0.16 suggests it often moves independently of broader market trends.
Before joining Purple Biotech, Lankry served as a strategic fractional CFO through LS Consulting Services and held the CFO position at Gamida Cell Ltd. from 2018 to 2023. His prior experience also includes a role as Finance Director at West Pharmaceutical Services, Inc., and CFO and Israeli site manager for MacroCure Ltd., where he contributed to a successful IPO and acquisition.
Lankry’s appointment comes at a crucial time for Purple Biotech as it progresses with its oncology pipeline, which includes the treatments CM24, NT219, and CAPTN-3. These therapies are designed to address multiple cancer indications by targeting specific pathways and mechanisms to enhance the immune response against tumors.
The company’s recent Phase 2 study for pancreatic ductal adenocarcinoma treatment with CM24 showed promising improvement across all efficacy endpoints. Furthermore, NT219 has completed a Phase 1 study and is moving into Phase 2 in collaboration with the University of Colorado. While analysts don’t expect profitability this year, InvestingPro analysis suggests the stock may be undervalued at current levels. InvestingPro subscribers have access to 8 additional key insights about Purple Biotech’s financial health and market positioning.
As Lankry takes on the CFO role, his responsibilities will encompass strategic financial planning and supporting the company’s growth and clinical development programs. He holds an M.B.A. in Finance from Tel-Aviv University and is a licensed Israeli certified public accountant. The company’s liquid assets currently exceed its short-term obligations, providing financial flexibility for its development programs.
This leadership change at Purple Biotech is based on a press release statement and reflects the company’s commitment to strengthening its executive team as it pursues new opportunities in the biotechnology sector.
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