Onconetix names new executive chairman, appoints board member

CINCINNATI - Onconetix, Inc. (NASDAQ:ONCO) announced significant changes to its leadership and board composition, as detailed in a recent SEC 8-K filing. James Sapirstein, previously a director since February 2022, has been appointed as the company’s Executive Chairman effective Monday. This follows Dr. Ralph Schiess’s resignation from his roles as Interim CEO and Chief Science Officer on the same day. The leadership change comes at a critical time for Onconetix, which according to InvestingPro data, faces significant financial challenges with a market capitalization of just $2.54 million and negative EBITDA of -$13.1 million in the last twelve months.

Sapirstein, with over 35 years in the healthcare sector, brings extensive experience in pharmaceutical company leadership. He is currently the President, CEO, and Chairman of Entero Therapeutics, Inc. (NASDAQ:ENTO) and holds board positions with other healthcare companies. Under a consulting agreement, Sapirstein will receive $400 per hour for up to 20 hours a week, with payment contingent on the company securing adequate capital. InvestingPro analysis shows the company’s stock has declined by over 95% in the past year, with the share price currently near its 52-week low at $0.25.

Additionally, the board size was increased from five to six members, and Andrew Oakley was appointed as a Class II director. Oakley, a seasoned finance professional, has held CFO roles at various pharmaceutical firms and is on the board of several privately-held biotech companies.

These leadership transitions occur alongside the announcement of the company’s 2025 annual meeting of stockholders, scheduled for June 4, 2025. The company has set a new deadline of March 6, 2025, for stockholder proposals to be included in the proxy statement due to the meeting date shifting more than 30 days from the previous year’s annual meeting.

The changes are part of Onconetix’s ongoing efforts to strengthen its leadership as it navigates the pharmaceutical preparations industry. The information reported is based on the company’s SEC filing.

In other recent news, Oncopeptides reported a significant increase in its Q4 2024 earnings, primarily driven by a 35% rise in European sales compared to the previous quarter. The company’s full-year sales for 2024 reached SEK 31.6 million, a substantial increase from SEK 10.9 million in 2023. Oncopeptides is actively expanding its market presence in Europe and is making strides in Japan and South Korea, which could open new revenue streams. The company is targeting cash flow positivity by the end of 2026 and expects to begin sales in Italy in the first half of 2025.

Oncopeptides’ focus on key European markets, particularly in Spain and Germany, has been pivotal for its growth. The company has also made significant regulatory progress in Japan, aligning with local regulators and advancing negotiations with a potential partner for a licensing deal. This deal is anticipated to have a significant financial impact. Additionally, Oncopeptides is working on securing regional access in Italy following a reimbursement decision, which is expected to support the launch in this market.

The company’s cash position at the end of 2024 was SEK 179 million, which is in line with its plans to achieve cash flow positivity by 2026. Analyst firm DNB Markets has noted the importance of Oncopeptides’ ongoing commercialization activities in Europe, which are expected to drive further sales growth. The company is also exploring opportunities in other markets, with potential partnerships expected to contribute to its financial strategy.

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