Intel stock extends gains after report of possible U.S. government stake
Tenax Therapeutics focuses on addressing cardiovascular and pulmonary diseases with high unmet medical needs. Besides levosimendan, the company may resume developing its oral formulation of imatinib. The company maintains a strong financial position with a current ratio of 38.95, indicating robust liquidity. This news is based on a press release statement from Tenax Therapeutics. For more detailed financial insights and additional ProTips, visit InvestingPro.
President and CEO Chris Giordano expressed confidence in Andor's extensive experience, which includes over 20 years in Clinical Operations. Prior to joining Tenax, Andor held significant roles at Noema Pharma and Sage Therapeutics, where she contributed to successful NDA submissions and approvals for CNS disorder treatments. At Ironwood Pharmaceuticals (NASDAQ:IRWD), she was instrumental in clinical studies leading to the NDA and approval of Linzess® for IBS-C.
Giordano believes Andor's appointment comes at a pivotal juncture, as the company advances patient enrollment in the Phase 3 LEVEL study and prepares for a second pivotal study.
The company has shown strong momentum, with InvestingPro data revealing a remarkable 91% price return over the past six months. In connection with her appointment, Andor received an inducement equity award on January 21, 2025, consisting of an option to purchase 250,000 shares of Tenax's common stock at $6.44 per share. The award is set to vest over four years, contingent upon her continued employment.
Tenax Therapeutics focuses on addressing cardiovascular and pulmonary diseases with high unmet medical needs. Besides levosimendan, the company may resume developing its oral formulation of imatinib. The company maintains a strong financial position with a current ratio of 38.95, indicating robust liquidity. This news is based on a press release statement from Tenax Therapeutics. For more detailed financial insights and additional ProTips, visit InvestingPro.
In other recent news, Tenax Therapeutics has undergone significant changes and developments. The pharmaceutical company announced the appointment of Thomas A. McGauley as the Interim Chief Financial Officer, a move that is part of the company's broader strategy to strengthen its leadership team and enhance its financial operations. McGauley brings over twenty-five years of financial and executive experience to Tenax.
In addition to the executive shuffle, Tenax expanded its 2022 Stock Incentive Plan, approving an increase in the number of shares authorized for issuance by 7,935,912, bringing the total to 8,336,600 shares. This reflects the company's intent to attract, retain, and motivate its employees, officers, and directors.
The company also successfully raised approximately $100 million through an oversubscribed private placement led by new investor BVF Partners LP. These funds are expected to advance the Phase 3 development program for oral levosimendan, also known as TNX-103, a potential treatment for Pulmonary Hypertension Due to Heart Failure with Preserved Ejection Fraction.
On the analyst front, Leerink Partners initiated coverage of Tenax Therapeutics, assigning an Outperform rating and setting a price target of $16.00. The firm's positive outlook for Tenax is largely attributed to the potential of TNX-103, which is currently in Phase 3 trials.
Lastly, Tenax secured a new U.S. patent for levosimendan, extending intellectual property protection for the drug and its metabolites through December 2040. During its annual meeting, the company's shareholders elected directors for a one-year term expiring in 2025 and ratified Cherry Bekaert (EBR:BEKB) LLP as the independent registered public accounting firm for the year ending December 31, 2024.
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