Matinas BioPharma announces board member retirement

Matinas BioPharma (NYSE:MTNB) Holdings, Inc. (NYSE American:MTNB), a pharmaceutical company specializing in the development of drug delivery technologies with a current market capitalization of $3.08 million, announced today the resignation of board member Herbert Conrad. Effective Wednesday, Mr. Conrad stepped down from his role due to retirement. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.

The company, headquartered in Bedminster, New Jersey, confirmed that Mr. Conrad’s departure from the board and his committee positions was not due to any disagreement or shift in the company’s direction. His resignation from the Audit and Nominating and Corporate Governance Committees took effect on February 6, 2025. This development comes as the company’s stock has experienced significant volatility, with a 94% decline over the past year, though InvestingPro analysis suggests the stock may be undervalued at current levels.

Mr. Conrad’s decision to retire brings to a close his tenure on the Matinas BioPharma board, where he contributed to the governance of the company. The announcement did not include information about a successor or changes to the board’s composition following his departure.

Matinas BioPharma, incorporated in Delaware and listed under the trading symbol MTNB, is recognized within the pharmaceutical preparations industry under the standard industrial classification code 2834. The company’s fiscal year-end is on December 31. InvestingPro analysis reveals the company faces challenges with cash burn and profitability, maintaining a current ratio of 5.53 while analysts do not anticipate profitability this year. Discover 10+ additional exclusive insights and detailed financial analysis available through InvestingPro’s comprehensive research reports.

This news comes as part of a current report filed with the Securities and Exchange Commission on February 11, 2025, based on events reported as of February 5, 2025. The details were made public in accordance with the SEC’s requirements and reflect the company’s commitment to timely disclosure of significant corporate developments.

For investors and stakeholders of Matinas BioPharma, this change in the board’s composition marks a transition period, although the company has not indicated any immediate impact on its operations or strategic direction. The information about this corporate governance update is based on the latest SEC filings.

In other recent news, Matinas BioPharma Holdings, Inc. has experienced significant changes in its board of directors. James S. Scibetta and Kathryn Penkus Corzo have both resigned from their positions on the board and respective committees. Their departures have been attributed to their other professional commitments and were not due to any disagreements with the company’s practices or strategies.

Meanwhile, investment firm 111 Equity Group, LLC and its principal have increased their collective ownership stake in Matinas BioPharma to 5.17%. This development is seen as a vote of confidence in the pharmaceutical company’s potential for enhancing shareholder value. The company is currently exploring several avenues to increase its value, such as monetizing assets and attracting merger candidates.

Despite a workforce reduction of 80%, Matinas BioPharma’s cash reserves remain substantial, standing at over $10 million, according to their latest 10-Q filing. These recent developments highlight the dynamic nature of the company’s current situation. As these events unfold, Matinas BioPharma continues to navigate the competitive pharmaceutical landscape.

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