CLEVELAND - Abeona Therapeutics Inc. (NASDAQ:ABEO), a clinical-stage biopharmaceutical company, announced today the appointment of two new independent members to its Board of Directors. Dr. Bernhardt G. Zeiher and Dr. Eric Crombez have joined the board, bringing with them extensive experience in drug development and clinical programs for rare genetic disorders, respectively.
Dr. Zeiher's career spans over two decades, during which he has played a significant role in the approval of 15 new treatments for serious diseases with limited therapeutic options. His expertise stems from various leadership positions at Astellas Pharma, and prior roles at Pfizer (NYSE:PFE) and Eli Lilly and Company (NYSE:LLY). In addition to his new appointment, Dr. Zeiher serves on the boards of Entrada Therapeutics and Amylyx Pharmaceuticals, Inc.
Dr. Crombez is the current Chief Medical Officer at Ultragenyx Pharmaceutical (NASDAQ:RARE) Inc., where he oversees the strategic leadership of clinical development and translational research programs. His previous experience includes serving as Chief Medical Officer at Dimension Therapeutics and as an assistant professor at the David Geffen School of Medicine at UCLA.
Michael Amoroso, Chairman of Abeona’s Board of Directors, expressed enthusiasm for the new appointments, highlighting the importance of their diverse expertise to the company's future, particularly as it focuses on bringing its investigational gene therapy, pz-cel, to patients with recessive dystrophic epidermolysis bullosa.
Abeona Therapeutics is actively developing cell and gene therapies for serious diseases, with pz-cel being their lead candidate currently in a Phase 3 trial. The company operates a fully integrated manufacturing facility capable of supporting commercial production of pz-cel, pending FDA approval.
The company's portfolio also includes AAV-based gene therapies for ophthalmic diseases and novel AAV capsids evaluated for a variety of diseases with high unmet medical needs.
In other recent news, Abeona Therapeutics has received a product-specific procedure code from the Centers for Medicare and Medicaid Services for its gene therapy candidate pz-cel, a significant development that could streamline hospital billing and reimbursement processes.
The company is also making substantial progress towards the resubmission of its Biologics License Application for pz-cel, with a planned resubmission date in the latter half of 2024. Financial services companies H.C. Wainwright and Stifel have both reaffirmed their positive outlook on Abeona, citing the potential of the company's gene therapy advancements.
Additionally, Abeona has partnered with Beacon Therapeutics to explore potential gene therapies for eye diseases, focusing on Abeona's patented AAV204 capsid. The company reported a net income of $7.4 million for Q2 of 2024 and successfully closed a $75 million securities offering in May 2024.
InvestingPro Insights
As Abeona Therapeutics Inc. (NASDAQ:ABEO) welcomes new board members with impressive backgrounds in drug development and clinical programs, it's worth noting the company's financial health and market performance for a comprehensive understanding of its current standing. According to InvestingPro, Abeona holds a notable financial position with more cash than debt on its balance sheet, which is a positive sign for the company's liquidity and financial resilience.
InvestingPro Data indicates that Abeona has experienced a significant return over the last week, which may reflect investor optimism around the strategic appointments and potential advancements in their clinical trials. Additionally, the company's liquid assets exceed its short-term obligations, further underscoring its ability to meet immediate financial commitments.
However, InvestingPro Tips suggest some cautionary elements. Analysts have revised their earnings forecasts downwards for the upcoming period, and the company is quickly burning through cash. Moreover, while Abeona has posted high returns over the last year and the past three months, analysts do not anticipate the company will be profitable this year, and it also suffers from weak gross profit margins. These factors could influence the company's ability to sustain its research momentum and bring its therapies to market.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available for Abeona Therapeutics, which delve into various aspects of the company's financial health and market performance. These insights can be particularly valuable in the context of the company's operational strategy and the potential impact of the new board members on its future.
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