AUSTIN, TX – Aspira Women’s Health Inc., a company specializing in diagnostic substances, announced the resignation of Interim Chief Financial Officer John Kallassy, effective January 10, 2025. The resignation, submitted for personal reasons, was accepted by the company on Monday. According to InvestingPro data, the company faces financial challenges with a concerning cash burn rate and current ratio of 0.75, indicating potential liquidity pressures.
Following Kallassy’s departure, Aspira’s Chief Executive Officer, Dr. Sandra Milligan, will take over as the principal accounting officer. This move is part of a transitional phase for the company, which is headquartered in Austin, Texas.
The company’s board also approved the reinstatement of Dr. Milligan’s full salary, retroactive to December 16, 2024. This decision reflects the board’s recognition of the CEO’s ongoing contributions and leadership roles.
Aspira Women’s Health, formerly known as Vermillion Inc., Ciphergen Biosystems Inc., and Abiotic Systems, operates under the in vitro and in vivo diagnostic substances industry. It is incorporated in Delaware and has its fiscal year end on December 31.
The company is listed on The Nasdaq Stock Market under the trading symbol AWH, with common stock par value at $0.001 per share. Aspira Women’s Health has made this information public through a recent SEC filing. Investors and stakeholders are keeping a close watch on the company’s management transition and its potential implications.
In other recent news, Aspira Women’s Health is under the threat of being delisted from the Nasdaq Capital Market due to failing to meet the minimum Market Value of Listed Securities requirement. The company has been unable to regain compliance despite being given until December 30, 2024, to do so. In the midst of this, Aspira has seen significant changes in its leadership with the stepping down of the CEO and the appointment of an interim.
On the financial front, Aspira reported a 2% increase in OvaSuite revenue to $2.3 million in Q3 2024, accompanied by a 4% growth in test volume. The company also announced a significant collaboration on ovarian cancer detection and a $10 million federal award from ARPA-H for the development of ENDOinform, a test for endometriosis.
Aspira is focusing on expanding its ovarian cancer portfolio and enhancing commercial capabilities, partnering with Dana-Farber Cancer Institute and Harvard Medical (TASE:PMCN) School. The company plans to accelerate the development of ENDOinform and OVAinform with ARPA-H support.
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