Windtree Therapeutics names new CFO

Windtree Therapeutics Inc. (NASDAQ:WINT), a biotechnology company, announced the appointment of Jamie McAndrew as Senior Vice President and Chief Financial Officer effective September 25, 2024. McAndrew, who has been with the company since 2013, will also continue her role as the principal accounting officer.

McAndrew, 44, has a history of ascending roles within the company, culminating in her recent position as Vice President, Controller, and Chief Accounting Officer since August 2023. Her experience prior to Windtree includes a tenure at KPMG LLP, where she held various roles in transaction services and audit from January 2008 to October 2013. McAndrew is a certified public accountant and holds a Bachelor of Arts from Villanova University as well as a Master of Professional Accountancy from Georgia State University.

The company's board approved an increase in McAndrew's annual base salary to $370,000 in conjunction with her new appointment. Details of an employment agreement are expected to be finalized and disclosed in an amendment to the current report.

Windtree Therapeutics, based in Warrington, Pennsylvania, operates in the biological products industry and is incorporated in Delaware. There are no reported familial relationships between McAndrew and any company directors or executive officers, nor are there any transactions involving McAndrew that require disclosure under SEC regulations.

In other recent news, Windtree Therapeutics reported positive results from its Phase 2b SEISMiC Extension Study of istaroxime, a drug for heart failure. The study indicated significant improvement in systolic blood pressure and other cardiac parameters in patients with early cardiogenic shock due to heart failure. The company is set to advance to the next stages of development.

In terms of financial news, Windtree Therapeutics secured multiple funding agreements, including a private placement expected to yield approximately $1 million, a $12.9 million private placement, and $200,000 through the issuance of senior notes. These agreements resulted in a substantial change in the company's share structure, with a 1-for-18 reverse stock split reducing the number of outstanding common shares from about 9.2 million to roughly 0.5 million.

There have also been significant changes in the company's board of directors. New independent directors, Saundra Pelletier and Jed Latkin, were appointed following the resignations of Daniel Geffken and Leslie Williams. This reshuffling of the board coincides with the company's preparations for future clinical trials of istaroxime.

InvestingPro Insights

As Windtree Therapeutics Inc. (NASDAQ:WINT) announces a key executive appointment, InvestingPro data provides additional context on the company's financial health. The company's market capitalization stands at a modest $1.22 million, reflecting its current position in the biotechnology sector.

InvestingPro Tips highlight some challenges facing the company. One tip indicates that Windtree is "quickly burning through cash," which is particularly relevant given the appointment of a new CFO. This cash burn rate could be a critical area for Jamie McAndrew to address in her new role. Another tip suggests that the company "may have trouble making interest payments on debt," underscoring the financial hurdles that lie ahead.

The stock's recent performance has been concerning, with InvestingPro data showing a one-month price total return of -70.53% and a year-to-date return of -81.53%. These figures align with the InvestingPro Tip that the stock is "trading near 52-week low," currently at just 7.67% of its 52-week high.

For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for Windtree Therapeutics, providing a deeper dive into the company's financial situation and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.