Fiserv earnings missed by $0.61, revenue fell short of estimates
Artelo Biosciences, Inc. (NASDAQ:ARTL) announced Monday that its board of directors has appointed Mark Spring as Chief Financial Officer and Treasurer, effective November 1. Mr. Spring will also serve as the company’s principal financial and principal accounting officer, replacing Gregory Gorgas in those roles.
According to a statement based on the company’s SEC filing, Mr. Spring previously served as interim CFO for LENZ Therapeutics during its reverse merger transaction and was co-founder and CFO of Secura Bio. His prior experience includes CFO roles at Hyperion Therapeutics, Prometheus Laboratories, Veracyte, Sotera Wireless, and Genoptix. Mr. Spring holds a BA in Business Administration from Monmouth College, completed post-graduate studies at the University of Texas, Dallas, and is a Certified Public Accountant.
Artelo Biosciences entered into an employment agreement with Mr. Spring, providing for an initial annual base salary of $250,000, an annual target bonus of 35% of the base salary subject to performance objectives, potential equity awards, and standard employee benefits. In the event of an involuntary termination, Mr. Spring is eligible for severance benefits including up to 12 months of salary, a pro-rated annual bonus, and COBRA premium reimbursements, with enhanced benefits if termination occurs in connection with a change in control.
The company also amended the existing employment agreement with Gregory Gorgas, effective October 26. The amendment aligns Mr. Gorgas’ severance benefits with current market practices, extending eligibility for severance upon certain resignations and increasing the cash severance and COBRA reimbursements. The amendment also updates terms for bonus calculations, equity vesting, and the period to exercise vested stock options following an involuntary termination.
Artelo Biosciences stated there are no family relationships or related party transactions involving Mr. Spring requiring disclosure.
This information is based on a press release statement and the company’s recent SEC filing.
In other recent news, Artelo Biosciences reported positive clinical data from two of its development programs at a drug development summit in Boston. The company highlighted that its lead Fatty Acid Binding Protein 5 inhibitor, ART26.12, was safe and well-tolerated in single doses up to 1050 milligrams in healthy volunteers. Additionally, interim data from the Phase 2 Cancer Appetite Recovery Study indicated that patients treated with ART27.13 experienced improvements in weight, lean body mass, and physical activity, with significant weight gain observed at the highest dose.
Artelo Biosciences also completed a $2 million public offering, which included common stock and pre-funded warrants. The offering, managed by R.F. Lafferty & Co., Inc., involved 441,210 shares of common stock priced at $4.40 per share and pre-funded warrants priced at $4.399 per warrant. This public offering was previously announced and aimed to raise gross proceeds of approximately $2 million before deducting expenses. These developments reflect Artelo Biosciences’ ongoing efforts in advancing its clinical programs and securing financial resources.
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