Matinas BioPharma announces board member resignation

Matinas BioPharma (NYSE:MTNB) Holdings, Inc. (NYSE American: MTNB), a micro-cap pharmaceutical company with a market value of $3.22 million, disclosed on Monday that James S. Scibetta has resigned from its Board of Directors and from his roles on the Audit and Compensation Committees, effective immediately.

The resignation was attributed to Scibetta's other professional commitments and was not due to any disagreements with the company's practices or strategies. According to InvestingPro analysis, the company maintains a strong liquidity position with more cash than debt on its balance sheet.

Scibetta's departure from the board was reported in a filing with the U.S. Securities and Exchange Commission dated January 24, 2025. Matinas BioPharma, based in Bedminster, New Jersey, operates in the pharmaceutical preparations sector and is incorporated in Delaware. The company's stock has experienced significant volatility, with a 94% decline over the past year, though showing recent momentum with a 17% gain year-to-date.

The company has not indicated any immediate plans for replacing Scibetta on the board or its committees. The filing did not reveal any disputes or issues leading to the resignation, suggesting a neutral exit.

As per the SEC filing, the information provided is based on the company's official statement, ensuring transparency and accuracy for shareholders and the public. Matinas BioPharma's stock trades on the NYSE American exchange under the ticker symbol MTNB. The company has not made any additional comments on the matter.

In other recent news, Matinas Biopharma Holdings, Inc. has seen significant developments.

Investment firm 111 Equity Group, LLC has increased its collective ownership stake in the pharmaceutical company to 5.17%. The company is exploring several options to increase its value, including potential asset monetization and merger opportunities. Matinas Biopharma's cash reserves, despite a workforce reduction of 80%, remain substantial, with over $10 million reported in their latest 10-Q filing.

In a notable corporate change, Kathryn Penkus Corzo resigned from Matinas Biopharma's Board of Directors and all committee positions due to other professional obligations. The company has implemented a one-for-fifty reverse stock split, adjusting its capital structure while maintaining stockholder's percentage interests. Matinas Biopharma also reported a net loss of $5.7 million for Q2 2024, an improvement from the previous year.

Finally, the company is progressing towards finalizing a global partnership for its antifungal medication, MAT2203.

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