GARDEN CITY, N.Y. - Beyond Air, Inc. (NASDAQ: NASDAQ:XAIR), a company focusing on medical devices and biopharmaceuticals for respiratory diseases, neurological disorders, and solid tumors, announced the appointment of David Webster as its new Chief Commercial Officer, set to take his post on July 8, 2024.
Webster, with a long track record in the medical device sector, joins Beyond Air as it prepares to expand its market share with LungFit PH, a system designed to deliver inhaled nitric oxide (NO) at the patient's bedside.
Webster's career spans decades in the life sciences industry, with significant roles in clinical development, regulatory submissions, and global commercialization. His most recent position was CEO of Body Vision Medical, where he led the global commercialization of the Lung Vision system.
Webster's experience also includes nearly 18 years at NeuroLogica, where he was Vice President of Global Sales and Marketing before its acquisition by Samsung Electronics (KS:005930) Co. Ltd., after which he served as Chief Marketing Officer and Chief Operating Officer at Samsung NeuroLogica.
Steve Lisi, Chairman and CEO of Beyond Air, expressed confidence in Webster's ability to lead the commercial team and drive significant market share gains, especially after positive feedback from customers and successful engagements with potential customers. Webster himself is eager to join the team and leverage the technological advancements of the LungFit system, noting its potential cost savings for hospitals.
Beyond Air has already received FDA approval for LungFit PH for treating hypoxic respiratory failure in neonates and is advancing clinical trials for other severe lung infections. Additionally, Beyond Cancer, an affiliate of Beyond Air, is exploring the use of high-concentration NO for treating certain solid tumors in pre-clinical settings.
In line with his appointment, Beyond Air has granted Webster an inducement stock option award for the purchase of 125,000 shares of the company's common stock, vesting over four years, subject to continued service with the company. This inducement award complies with Nasdaq Stock Market Listing Rule 5635(c)(4).
This article is based on a press release statement from Beyond Air, Inc.
InvestingPro Insights
As Beyond Air, Inc. (NASDAQ: XAIR) welcomes David Webster as its new Chief Commercial Officer, the company's financial health and market performance remain a point of interest for investors. According to InvestingPro data, Beyond Air is navigating the market with a modest market capitalization of 56.45 million USD.
Despite the challenges faced by many companies in the biopharmaceutical and medical device sectors, Beyond Air holds more cash than debt on its balance sheet, a positive sign for stakeholders looking for financial stability in their investments.
Still, the company's P/E ratio stands at -0.59, reflecting investor concerns about its profitability. Analysts contributing to InvestingPro have raised flags about the company's cash burn, with the expectation that Beyond Air will not be profitable this year. With a gross profit margin at -159.94% for the last twelve months as of Q3 2023, the company's ability to turn revenues into profits is under scrutiny.
InvestingPro Tips highlight that while Beyond Air has liquid assets exceeding short-term obligations, indicating a degree of financial flexibility, the company is quickly burning through cash and suffers from weak gross profit margins. Moreover, Beyond Air's stock price has fallen significantly over the last year, with a one-year price total return of -78.71%. This performance may present opportunities for investors who believe in the company's potential and are willing to weather the volatility.
For those interested in deeper analysis, InvestingPro offers additional tips on Beyond Air's financials and market performance, which can be accessed with the special coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With Webster's expertise and Beyond Air's technological advancements in the LungFit system, the company is poised to make strides in the medical device market. Investors and analysts will be watching closely to see how these developments translate into financial performance and market valuation in the coming quarters.
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