Xeris Biopharma reshuffles board, appoints new director

CHICAGO - Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) announced board changes with the immediate resignation of Ricki Fairley and the upcoming departure of John Schmid, who will not seek re-election. The company has appointed James Brady, a seasoned biopharmaceutical executive, to fill the vacancy. Brady’s appointment comes at a crucial time, as he brings valuable experience from his board position at Verona Pharma (NASDAQ:VRNA), which has demonstrated remarkable performance with a 300% return over the past year.

Fairley’s resignation, effective today, comes as she focuses on other commitments. Schmid will remain on the board until the 2025 Annual Stockholders Meeting, after which the board will shrink to eight members.

James Brady, who brings over thirty years of experience in various roles at AstraZeneca, including as Chief Financial Officer of MedImmune, will join the board. Brady is also on the Board of Directors for Verona Pharma plc (NASDAQ:VRNA), a company currently valued at $5.45 billion with impressive gross profit margins of 94%, and holds a BS in Accounting and an MBA. According to InvestingPro, Verona Pharma maintains strong financial health with a current ratio of 10.63, indicating robust liquidity management.

Marla Persky, Chairperson of the Board of Directors, expressed gratitude to Fairley for her marketing insights and to Schmid for his dedication. Persky also welcomed Brady, highlighting his extensive experience and financial expertise in the biopharmaceutical sector.

Xeris Biopharma is focused on developing and commercializing innovative therapies. The company markets three products: Recorlev for Cushing’s syndrome, Gvoke for severe hypoglycemia, and Keveyis for primary periodic paralysis. It also has a pipeline of development programs, including XP-8121, a Phase 3-ready treatment for hypothyroidism.

The company’s press release included forward-looking statements regarding expectations and prospects. These statements are subject to risks and uncertainties, and actual results may differ materially. The press release statement serves as the basis for this news article.

In other recent news, Verona Pharma reported impressive fourth-quarter results, with revenue reaching $35.65 million, significantly exceeding analyst estimates of $6.14 million. This strong performance was driven by the successful launch of its COPD treatment, Ohtuvayre, which recorded net product sales of $36.6 million in the quarter. The company’s adjusted earnings per share were -$0.05, surpassing the consensus estimate of -$0.07. Verona Pharma has also renegotiated its financial agreements, expanding its term loan facility to $450 million and reducing the interest rate from 11% to 9.7%, with potential further reductions.

Analyst firms Truist Securities and H.C. Wainwright have both raised their price targets for Verona Pharma, with Truist increasing it to $76 and H.C. Wainwright to $75, maintaining Buy ratings on the stock. Truist Securities highlighted the growth of the prescriber base and positive feedback from pulmonologists as factors contributing to their optimism. Meanwhile, H.C. Wainwright’s valuation is based on a discounted cash flow methodology, assuming a high probability of ensifentrine’s approval in Europe.

Verona Pharma’s cash position was strong at $399.8 million at the end of 2024, compared to $271.8 million the previous year. The company plans to initiate a Phase 2b trial for a fixed-dose combination of ensifentrine and glycopyrrolate in the second half of 2025. Additionally, Verona is advancing regulatory activities for potential marketing authorization in the European Union and UK.

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