HK-listed gold stocks jump as US economic fears boost bullion prices
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP), a biopharmaceutical company currently valued at $71 million, announced on Thursday that Dr. Peter Salzmann has decided not to seek re-election to the company’s Board of Directors at the upcoming 2025 annual meeting of stockholders. Following his departure, the Board will be downsized from eight to seven members. The announcement comes as the company’s stock trades near its 52-week low, having declined over 84% in the past year.
Dr. Salzmann, who is also part of the Nominating and Corporate Governance Committee, will continue to serve in his current roles until the annual meeting. The company stated that his decision to leave the Board was not due to any disagreements with Corbus regarding its operations, policies, or practices. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 12.9 and more cash than debt on its balance sheet.
The company took this opportunity to express gratitude to Dr. Salzmann for his contributions and service during his tenure on the Board. The reduction in the Board’s size is set to take effect immediately after the 2025 annual meeting.
Corbus Pharmaceuticals, based in Norwood, Massachusetts, specializes in the development of novel therapeutics to treat inflammatory and fibrotic diseases. This announcement, sourced from a recent SEC filing, indicates a shift in the company’s governance structure as it moves forward with one fewer board member.
In other recent news, Corbus Pharmaceuticals has unveiled its Phase 1 clinical study findings of CRB-701, an innovative cancer treatment, at the 2025 American Society of Clinical Oncology Genitourinary Cancers Symposium. The study focuses on CRB-701, an antibody-drug conjugate targeting Nectin-4, and aims to assess its safety, pharmacokinetics, and efficacy in patients with advanced solid tumors. Meanwhile, H.C. Wainwright analyst Andres Y. Maldonado adjusted the price target for Corbus shares to $50, down from $75, while maintaining a Buy rating. This decision followed the presentation of updated data from the Western study of CRB-701, highlighting its favorable risk-benefit profile compared to other nectin-4 ADCs.
Additionally, William Blair has initiated coverage on Corbus Pharmaceuticals with an Outperform rating, citing the commercial potential of CRB-701 due to its extended half-life and improved linker stability. The analyst believes these attributes could enhance efficacy and safety, providing a more convenient dosing regimen. Corbus also announced the appointment of Ian Hodgson as the new Chief Operating Officer, effective last Friday. Hodgson, with over 25 years of experience in drug development, was promoted from his previous role as Head of Operations. These developments reflect Corbus’s ongoing efforts to advance its oncology pipeline and strengthen its leadership team.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.