Vaxart appoints new board member with healthcare expertise

SOUTH SAN FRANCISCO - Vaxart, Inc. (NASDAQ:VXRT), a clinical-stage biotechnology company with a market capitalization of $166 million and shares trading at $0.73, announced today the appointment of Kevin Finney to its Board of Directors. Finney, a seasoned healthcare executive, joins the board with immediate effect and will also serve on the Audit and Nominating and Governance Committees.

Finney's appointment coincides with the departure of Robert A. Yedid from the Board of Directors. Vaxart's CEO, Steven Lo, expressed gratitude to Yedid for his service and welcomed Finney, highlighting his extensive experience in healthcare leadership and operations as valuable to the company's strategic execution. According to InvestingPro data, Vaxart maintains a solid balance sheet with more cash than debt, though the company faces near-term challenges with cash burn rates.

With over 35 years in the healthcare industry, Finney brings to Vaxart a broad expertise in corporate development and executive management. Currently, he is the President and CEO of Autobahn Therapeutics and holds the position of Chairman of its Board of Directors since 2019. His prior roles include leadership positions at Abide Therapeutics, Zavante Therapeutics, Allergan (NYSE:AGN), Inc., Prometheus Laboratories, Amylin Pharmaceuticals, and Warner-Lambert's Parke-Davis division.

Vaxart's Chairman, Dr. Michael J. Finney, emphasized Kevin Finney's potential contributions to the company's progress in developing its oral vaccine platform technology. Kevin Finney also expressed his enthusiasm for joining the Board, citing Vaxart's innovative approach to vaccine development as promising for global public health.

Vaxart is focused on the development of oral recombinant vaccines delivered in pill form, which are designed to be more accessible and easier to distribute than traditional vaccines. The company's pipeline includes vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for HPV. While analysts project significant revenue growth for the current year, InvestingPro analysis indicates the company remains in development phase with substantial R&D investments. For detailed insights into Vaxart's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.

The information provided in this article is based on a press release statement from Vaxart, Inc.

In other recent news, biotechnology firm Vaxart, Inc. is making significant strides in several of its vaccine programs. The company has advanced its Phase 2b study of an oral COVID-19 vaccine candidate, following a recommendation from an independent Data and Safety Monitoring Board. This next phase is set to enroll approximately 10,000 participants upon a favorable review from the U.S. Food and Drug Administration.

Vaxart's norovirus vaccine program is also progressing, with a Phase 1 trial scheduled to begin in the first half of 2025. Concurrently, the company is conducting preclinical studies on a new avian influenza vaccine candidate.

In financial news, Vaxart reported a significant increase in revenue for the third quarter of 2024, jumping from $2.1 million in the same period the previous year. The company also secured an additional $4.6 million for its Phase 2b trial of the oral COVID-19 vaccine candidate, raising the total potential funding to approximately $460.7 million.

Vaxart was granted an extension until June 30, 2025, to regain compliance with the Nasdaq Capital Market's minimum bid price requirement. Analysts maintain a strong buy consensus with price targets ranging from $2.50 to $8.00, according to recent reports. These recent developments highlight Vaxart's ongoing commitment to innovating oral vaccines to address current and emerging infectious disease threats.

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