CHESTERBROOK, PA - Trevena Inc (OTC:TRVN)., a pharmaceutical company specializing in the development of treatments for gastrointestinal disorders, announced a change in its financial leadership on Monday. Katrine Sutton has been named the new principal financial officer and principal accounting officer of the company, effective immediately.
Sutton, 48, has been with Trevena since July 2019, serving as Vice President of Finance Planning and Analysis. Her experience includes a previous role as Vice President of Finance and Accounting at Synergy Pharmaceuticals Inc. She holds a Bachelor of Science in Accounting from the University of Richmond and is a Certified Public Accountant.
The board's decision to appoint Sutton comes as Barry Shin, the former principal financial officer and principal accounting officer, steps down from his role. According to the company's statement, Shin's departure is not due to any disagreement with the company's operations, policies, or practices.
In other recent news, Trevena Inc. has unveiled a series of executive changes aimed at enhancing operational efficiency. The pharmaceutical firm has terminated the employment of three key executives, including President and CEO Carrie L. Bourdow, EVP and CFO Barry Shin, and SVP and CMO Mark A. Demitrack. Despite this, the said officers will continue to play active roles in the company.
The terminations were part of a broader strategy to reduce costs, with no reported disagreements over operations, policies, or practices. As part of the transition, Trevena has entered into separation agreements with each executive, outlining their severance entitlements. These agreements have been filed with the SEC as part of the company's disclosure process.
In addition, Trevena has initiated consulting agreements with Shin and Demitrack, allowing them to provide advice on various business matters, including corporate strategy and commercial assets. The compensation for these consulting services aligns with their previous salary levels.
InvestingPro Insights
As Trevena Inc. (TRVN) undergoes this leadership transition, InvestingPro data provides additional context to the company's financial situation. Despite recent challenges, including a significant stock price decline of 90.03% year-to-date, Trevena maintains a strong liquidity position. An InvestingPro Tip highlights that the company's liquid assets exceed its short-term obligations, which could provide some financial flexibility as it navigates through this period of change.
Another InvestingPro Tip notes that Trevena holds more cash than debt on its balance sheet, potentially offering a buffer for ongoing operations and development efforts in the competitive pharmaceutical industry. However, investors should be aware that the company is not currently profitable, which aligns with its focus on developing novel therapies.
For those seeking a deeper understanding of Trevena's financial health and market position, InvestingPro offers 5 additional tips that could provide valuable insights for investment decisions.
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