Tharimmune announces board retirements ahead of annual meeting

Tharimmune, Inc. (NASDAQ:THAR), a micro-cap pharmaceutical company with a market value of $2.54 million, has announced the upcoming retirement of two board members. Leonard Mazur and Dr. Lynne Bui will not seek re-election and will retire from the board at the company’s 2025 Annual Meeting of Stockholders, set for June 10, 2025. Their decision to retire is not due to any disagreements with the company or its management, according to a statement filed with the SEC on Friday. InvestingPro data shows the company maintains a positive cash position relative to debt, though its overall financial health score remains weak.

Mazur and Dr. Bui’s departure from the board will take effect on the date of the annual meeting. The announcement comes as Tharimmune continues to navigate the competitive pharmaceutical landscape amid significant stock pressure, with shares down nearly 78% over the past year to $1.21. The company, which has undergone previous name changes, from Tharimmune, Inc. to Hillstream BioPharma Inc., and is incorporated in Delaware, is known for its focus on pharmaceutical preparations.

The retirement of board members is a natural part of corporate governance, and Tharimmune will likely announce their successors in due course. The company’s executive offices are located in Bridgewater, New Jersey, and it is registered under the Securities Exchange Act of 1934.

Investors and stakeholders of Tharimmune will be watching for the impact these changes may have on the company’s strategic direction and governance. The information regarding the board members’ retirement is based on the latest 8-K filing with the Securities and Exchange Commission.

In other recent news, Tharimmune, Inc. has received a non-compliance notice from Nasdaq, as its stockholders’ equity fell below the required $2.5 million threshold, reporting $1.3 million in its annual report for the fiscal year ending December 31, 2024. The company has 45 days from April 1, 2025, to submit a plan to regain compliance, which could lead to an extension of up to 180 days if accepted by Nasdaq. In a positive development, the FDA has approved Tharimmune’s regulatory submission strategy for its drug candidate TH104, allowing the company to submit a New Drug Application through the 505(b)(2) pathway without additional clinical trials. Tharimmune is also advancing its Chemistry, Manufacturing, and Controls plan to meet the FDA’s standards.

Additionally, Tharimmune has announced the development of HS1940, a new cancer treatment targeting PD-1 and VEGF receptors, leveraging its EpiClick Technology for potentially enhanced treatment options. The company plans to continue preclinical testing of HS1940, with IND-enabling studies expected to begin in 2025. In leadership news, Tharimmune has appointed Don Kim as the new Chief Financial Officer following the resignation of Thomas Hess (NYSE:HES). Kim brings extensive financial expertise from his previous roles at UroGen Pharma Ltd. and other pharmaceutical companies. These developments highlight Tharimmune’s ongoing efforts in drug development and strategic management.

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