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LadRx Corporation (OTC Markets:LADX), a biopharmaceutical company, announced the resignation of Joel Caldwell from its board of directors, effective April 15, 2025. The news comes as the company’s stock has surged 27% over the past week, though InvestingPro analysis indicates the stock is trading above its Fair Value. Caldwell’s departure from the board and all related committees was not due to any disagreement on company operations, policies, or practices.
The announcement made today is based on a recent SEC filing by the company. Caldwell, whose contributions to the board have been acknowledged, has not publicly stated his reasons for stepping down. LadRx Corp, headquartered in Los Angeles, California, operates under the biological products industry. While the company maintains more cash than debt on its balance sheet, InvestingPro data shows concerning metrics, including weak gross profit margins and short-term obligations exceeding liquid assets with a current ratio of 0.37.
The company’s securities, including common stock and Series B Junior Participating Preferred Stock Purchase Rights, are traded on the OTC Markets under the ticker symbol LADX. LadRx Corp, formerly known as CytRx Corp, underwent a name change on July 3, 1992, and is incorporated in Delaware.
As of now, LadRx Corp has not named a successor to Caldwell on the board. The company’s management and remaining board members are expected to address the vacancy in due course. This development comes as the company continues its focus on developing biological products in the healthcare sector.
Investors and stakeholders of LadRx Corp will be watching closely for further announcements regarding the board’s composition and any potential impacts this may have on the company’s strategic direction. The information in this report is derived from the company’s filing with the Securities and Exchange Commission.
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