Salarius Pharmaceuticals appoints Mark J. Rosenblum as acting CEO

Salarius Pharmaceuticals, Inc. (NASDAQ:SLRX), a micro-cap biotech company with a market capitalization of $3.53 million, announced Monday that its board of directors has appointed Mark J. Rosenblum as acting chief executive officer, effective August 17. Rosenblum will also continue in his roles as executive vice president and chief financial officer. According to InvestingPro data, the company currently maintains a weak financial health score of 0.4 out of 1.0.

The appointment follows the resignation of David J. Arthur as chief executive officer, also effective August 17. According to the company’s statement, Arthur’s resignation was not due to any disagreement with Salarius Pharmaceuticals. He will remain a member of the board and continue to support the company as it works to finalize its previously announced merger with Decoy Therapeutics Inc.

In connection with Arthur’s resignation, Salarius terminated a consulting agreement with him, which had been in place since February 20, 2024, effective immediately.

Rosenblum, 72, has served as executive vice president and chief financial officer since September 2019, and previously worked as a financial consultant to Salarius. Before joining the company, Rosenblum held executive and financial leadership roles at several healthcare and biotechnology firms, including serving as chairman and CEO of ActiveCare, Inc. (formerly NASDAQ:ACAR), which was sold to Biotelemetry, Inc., now part of Royal Philips (NYSE:PHG). He also served as chief financial officer of Advaxis, Inc. (NASDAQ:OTC:ADXS), and held various positions at Wellman, Inc., a public chemical manufacturer.

No new employment or consulting agreement was entered into with Rosenblum in connection with his appointment as acting CEO, and his existing employment agreement remains in effect. The company stated there are no arrangements or understandings with any other person regarding Rosenblum’s appointment, nor are there any family relationships or related party transactions that require disclosure.

This information is based on a statement released in a recent SEC filing.

In other recent news, Salarius Pharmaceuticals announced that it will implement a 1-for-15 reverse stock split, effective August 15, 2025. This decision follows shareholder approval for a reverse stock split at a ratio between 1-for-4 and 1-for-40, with the final decision resting with the board of directors. Additionally, Salarius Pharmaceuticals has received an extension from the Nasdaq Hearings Panel to regain compliance with listing requirements, with deadlines set for mid and late August 2025 to meet equity and minimum bid price standards, respectively. The company had previously been notified of noncompliance due to its stock closing below the $1.00 minimum bid price for 30 consecutive days. Furthermore, Salarius Pharmaceuticals has amended its merger agreement with Decoy Therapeutics Inc. to allow certain debt holders to exchange their promissory notes for shares of a newly created Series B Non-Voting Convertible Preferred Stock. This amendment aims to facilitate a debt-for-equity exchange under specific terms. The reverse stock split and merger amendment are part of the company’s strategy to meet compliance and strengthen its financial position.

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