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Imunon, Inc. (NASDAQ:IMNN), a pharmaceutical company with a market capitalization of $31 million and currently trading at $1.43, announced the termination of its interim Chief Financial Officer (CFO), David Gaiero, and the appointment of Kimberly Graper as the new interim CFO, effective Friday. According to InvestingPro data, the company faces challenges with cash burn and profitability, making this leadership transition particularly significant. The change comes as the company terminated its consulting agreement with Monomoy Advisors, LLC, which Gaiero served under since June 2024.
Graper, who joined Imunon in October 2022 as Vice President of Finance and Corporate Controller, brings a wealth of experience from her previous roles in finance and accounting. Prior to Imunon, she served at F2G Inc., Timber Pharmaceuticals, Inc., Anticimex Inc., and Derma Sciences. She also held senior financial positions at Hunterdon Healthcare System and began her career at Amper, Politziner & Mattia. Graper is a Certified Public Accountant in New Jersey and holds a Bachelor of Science in Accounting from Clemson University and a Juris Doctor from Seton Hall School of Law.
Under the terms of her employment offer letter dated September 20, 2022, Graper will receive an annual salary of $244,800 with eligibility for a target annual performance bonus of 30% of her base salary.
The company stated that Graper’s appointment was not the result of any arrangement with other persons, and she has no family relationship with any director or executive officer of the company. Furthermore, she has no material interest in any transaction that would require disclosure under SEC regulations.
This executive transition is detailed in an 8-K filing with the U.S. Securities and Exchange Commission by Imunon, Inc., a pharmaceutical preparations company incorporated in Delaware and headquartered in Lawrenceville, NJ. The information is based on a press release statement.
In other recent news, Imunon, Inc. has regained compliance with Nasdaq’s minimum bid price requirement, following a period of non-compliance due to its stock price falling below the $1.00 threshold. The company also addressed its stockholders’ equity requirement by raising $2.0 million through warrant exercises, boosting equity to $3.0 million. Additionally, Imunon reported promising results from its Phase 2 OVATION 2 Study of IMNN-001, a treatment for advanced ovarian cancer, showing significant improvements in overall survival and progression-free survival. The study’s findings were presented at the American Society of Clinical Oncology Annual Meeting and published in Gynecologic Oncology. The company is now preparing for its pivotal Phase 3 OVATION 3 trial, aiming to further assess the efficacy of IMNN-001.
Furthermore, Imunon has formally withdrawn its public offering registration with the Securities and Exchange Commission, choosing not to proceed with the offering initially filed under Registration Statement No. 333-286403. This decision comes amid the company’s ongoing compliance challenges and strategic developments. Imunon had faced potential delisting from Nasdaq due to compliance issues but managed to maintain its listing status by appealing the decision. These developments reflect Imunon’s active efforts to stabilize its financial standing and advance its clinical programs.
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