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Connect Biopharma Holdings Ltd (NASDAQ:CNTB), a $111 million market cap biotech company whose stock has surged nearly 97% over the past six months, announced Tuesday that its board of directors has expanded from six to seven members with the appointment of James A. Schoeneck as a director, effective immediately. According to InvestingPro data, the company maintains a strong liquidity position with cash reserves exceeding debt levels. The decision was made following a recommendation from the company’s Nominating and Corporate Governance Committee, according to a press release statement based on a filing with the U.S. Securities and Exchange Commission.
Mr. Schoeneck, age 67, brings experience from several roles in the pharmaceutical and biotechnology sectors. He previously served as chief executive officer of Depomed (NASDAQ:ASRT), Inc. from 2011 to 2017, and was a member of Depomed’s board beginning in 2007. His prior roles include chief executive officer positions at BrainCells, Inc. and ActivX BioSciences, Inc., as well as leadership positions at Prometheus Laboratories Inc. and Centocor Inc., now part of Janssen Biotech. Earlier, he held various sales and marketing roles at Rhone-Poulenc Rorer Inc., now Sanofi (NASDAQ:SNY), over a 13-year period.
Currently, Mr. Schoeneck is an independent director and chairman of the boards of FibroGen, Inc. (NASDAQ:FGEN) and Calidi Biotherapeutics, Inc. (NYSE American:CLDI). He has also served on the boards of AnaptysBio, Inc. (NASDAQ:ANAB) and the Asthma and Allergy Foundation of America. His appointment comes at a crucial time for Connect Biopharma, as InvestingPro analysis indicates analysts expect sales growth this year, though the company continues to focus on cash management with a current ratio of 10.25x.
Connect Biopharma stated that Mr. Schoeneck will receive compensation in line with its standard non-employee director compensation program, including grants under the company’s 2021 Stock Incentive Plan. The company noted that a description of the plan and its compensation practices is available in its annual report on Form 10-K for the year ended December 31, 2024.
The company indicated that there are no arrangements or understandings with other persons regarding Mr. Schoeneck’s selection as a director, and that there are no related party transactions requiring disclosure. The board has determined that Mr. Schoeneck qualifies as an independent director under Nasdaq listing requirements.
This information is based on a press release statement filed with the SEC.
In other recent news, Connect Biopharma Holdings Limited has announced plans to terminate its American Depositary Receipts (ADR) program and directly list its ordinary shares on the Nasdaq Global Market. The company intends to end its Deposit Agreement with Deutsche Bank (ETR:DBKGn) Trust Company Americas by September 2, 2025, at which point the ADRs will be mandatorily canceled and exchanged for ordinary shares on a one-for-one basis. In addition, Connect Biopharma has regained compliance with Nasdaq’s minimum bid price requirement, maintaining a closing bid price of at least $1.00 for ten consecutive business days as of July 15, 2025. This compliance was confirmed by a letter from Nasdaq’s Listing Qualifications Department.
Furthermore, Connect Biopharma’s partner, Simcere Pharmaceutical (TADAWUL:2070), has submitted a New Drug Application in China for rademikibart, a treatment for atopic dermatitis in adults and adolescents. Rademikibart targets the interleukin-4 receptor alpha, inhibiting pathways associated with inflammatory conditions. These developments indicate active strategic and regulatory progress for Connect Biopharma and its partners.
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