SAN DIEGO - Artiva Biotherapeutics, Inc. (NASDAQ: ARTV), a biotech firm focusing on cell therapies for autoimmune diseases and cancers, announced today the addition of Alison Moore, Ph.D., to its Board of Directors. Dr. Moore, with over two decades of experience in the biotech and pharmaceutical industry, currently serves as the Chief Technical Officer of Codexis Inc. (NASDAQ: NASDAQ:CDXS).
Her previous role as the CTO of Allogene Therapeutics (NASDAQ: NASDAQ:ALLO) and her 20-year tenure at Amgen (NASDAQ:AMGN), where she concluded as Senior Vice President of Process Development, highlight her extensive background in cell therapy manufacturing. Dr. Moore's expertise is expected to be particularly valuable as Artiva continues to develop its lead program, AlloNK®, an allogeneic, non-genetically modified NK cell therapy candidate.
Artiva's CEO, Fred Aslan, M.D., expressed confidence that Dr. Moore's experience in allogenic cell therapies will provide critical insights to the company's clinical pipeline advancement. Dr. Moore herself remarked on the potential of AlloNK® to meet unmet needs for patients with autoimmune diseases and cancers, citing the therapy's scalable manufacturing process and its clinical promise based on current data.
AlloNK® is currently undergoing clinical trials for systemic lupus erythematosus, including lupus nephritis, and in a basket trial for multiple autoimmune indications. Additionally, Artiva's pipeline includes CAR-NK candidates targeting solid and hematologic cancers.
This appointment comes as Artiva aims to distinguish itself within the allogeneic cell therapy space, leveraging its manufacturing process history to potentially expedite the therapy's path to patients. The company, founded in 2019 and headquartered in San Diego, operates under a strategic partnership with GC Cell, formerly GC Lab Cell Corporation, for exclusive rights to GC Cell's NK cell manufacturing technology and programs in various regions excluding Asia, Australia, and New Zealand.
The information regarding Dr. Moore's appointment and Artiva's ongoing efforts is based on a press release statement. As with any forward-looking statements, these are subject to risks, uncertainties, and assumptions, and actual results may differ from current expectations.
In other recent news, Codexis, Inc. has experienced a change in its executive team with Sriram Ryali stepping down as the CFO and a consulting agreement has been entered into. The company has yet to announce a successor for the CFO position. Codexis also reported Q2 2024 revenues of $8 million and expects double-digit product revenue growth for 2024, driven by its pharmaceutical manufacturing business and the ECO Synthesis platform. The company has also secured $31 million to extend its cash runway into 2027. Analysts from Piper Sandler maintained their Overweight rating for Codexis, reflecting confidence in the company's strategic focus. Additionally, Codexis has appointed Alison Moore as CTO and Georgia Erbez as CFO, both entering into Change of Control and Severance Agreements with the company. Lastly, Codexis has entered into an enzyme license deal with Alphazyme, underlining the company's commitment to growth and innovation. These are all recent developments regarding Codexis, Inc.
InvestingPro Insights
As Artiva Biotherapeutics welcomes Dr. Alison Moore from Codexis to its Board of Directors, it's worth taking a closer look at Codexis's financial health. According to InvestingPro data, Codexis has a market capitalization of $233.71 million, reflecting its position in the biotech industry.
InvestingPro Tips reveal that Codexis holds more cash than debt on its balance sheet, which could provide financial flexibility for research and development initiatives. This is particularly relevant given Dr. Moore's expertise in cell therapy manufacturing and her potential contributions to Artiva's AlloNK® program.
However, it's important to note that Codexis is currently facing some financial challenges. The company's revenue for the last twelve months as of Q2 2023 was $60.89 million, with a significant revenue decline of 38.59% over the same period. This decline might reflect the volatile nature of the biotech industry and the ongoing development stages of many projects.
Despite these challenges, Codexis has seen a remarkable 93.53% price total return over the past year, indicating strong investor confidence. This positive market sentiment could be beneficial for Artiva as it brings on Dr. Moore, potentially boosting credibility for their cell therapy programs.
For investors interested in a deeper analysis, InvestingPro offers 5 additional tips for Codexis, providing a more comprehensive view of the company's financial situation and market position.
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