Microvast Holdings announces departure of chief financial officer
Protagenic Therapeutics, Inc. (NASDAQ:PTIX), a micro-cap biotech company with a market capitalization of $1.91 million, announced the appointment of Timothy R. Wright to its board of directors, effective immediately, according to a statement released Thursday based on a recent SEC filing. The company’s stock currently trades at $3.25, near its 52-week low of $3.13.
The board voted unanimously on July 18 to name Wright as a Class II director. He will serve in this role until the company’s 2026 annual meeting of shareholders. With his appointment, Protagenic Therapeutics now has three independent directors, as defined by Nasdaq listing rules.
Wright is currently the executive chairman of Isosceles, a position he has held since April 2019. He is also president and CEO of BIORG, INC since November 2023. His previous roles include serving as CEO of MiMedX, a regenerative medicine company. According to InvestingPro data, Wright joins at a challenging time for PTIX, with the stock down nearly 70% over the past year, though the company maintains a positive cash-to-debt position. Wright has been a director at Agenus Inc (NASDAQ:AGEN). since 2006, and is the founder and former chairman of The Ohio State University Comprehensive Cancer Center Drug Development Institute. He also serves on advisory boards at Washington University Medical (TASE:BLWV) School and North Carolina Veterinary School, and has held executive roles at companies such as Covidien (now Medtronic (NYSE:MDT)), Teva Pharmaceuticals Industries Ltd., DuPont (NYSE:DD) Merck (NSE:PROR), Elan Bio-Pharmaceuticals, and M2Gen Corp.
Wright will participate in Protagenic Therapeutics’ standard compensation arrangements for non-employee directors, as described in the company’s proxy statement filed with the SEC on January 3, 2025.
According to the company, there are no arrangements or understandings between Wright and any other person related to his selection as a director, and he does not have a material interest in any transaction requiring disclosure under SEC regulations.
This information is based on a press release statement and details provided in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Protagenic Therapeutics has raised $3.1 million through warrant exchanges and exercises, a move aimed at supporting its working capital and advancing its drug development efforts. This financial boost follows the company’s merger with Phytanix Bio Inc., completed on May 19, 2025, combining their drug programs to target conditions such as stress disorders and epilepsy. Additionally, Protagenic Therapeutics entered into a Warrant Exchange Agreement with an unnamed investor, exchanging 459,420 warrants for 367,544 shares of common stock. This transaction is expected to be finalized within six months. In a strategic move, the company also announced a reverse stock split at a 1-for-14 ratio, effective May 5, 2025, to meet Nasdaq’s listing requirements. The merger with Phytanix Bio has resulted in the formation of Phytanix, Inc., which will focus on developing treatments for obesity and metabolic disorders. The combined pipeline now includes six drug candidates, with PT-00114 being a notable asset in Phase I/IIa trials. These developments reflect Protagenic Therapeutics’ ongoing efforts to expand its capabilities and market presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.