BOSTON - Compass Therapeutics, Inc. (NASDAQ:CMPX), a biopharmaceutical company engaged in the development of antibody-based treatments for cancer and other diseases, announced Monday the appointment of Barry Shin as its new Chief Financial Officer effective December 9, 2024. The company, currently valued at $227 million, maintains a strong financial position with more cash than debt on its balance sheet, according to InvestingPro data. Mr. Shin brings over 20 years of experience in the biopharmaceutical industry to the role, having previously held significant positions in finance, operations, and corporate advising.
CEO of Compass, Thomas Schuetz, MD, PhD, expressed confidence in Shin's ability to contribute to the company's future, especially with upcoming clinical milestones in 2025. Schuetz highlighted Shin's expertise in financial and strategic planning, which is expected to be crucial as Compass progresses with its clinical and pre-clinical assets, including CTX-009, which is anticipated to have top-line data readout in the first quarter of 2025. While the company's current ratio of 31.84 indicates strong short-term liquidity, InvestingPro analysis shows the company is quickly burning through cash, making strategic financial management critical.
Shin's background includes roles as Executive Vice President, Chief Operating Officer & Chief Financial Officer at Trevena (OTC:TRVN), Inc., and as a Managing Director in Healthcare Investment Banking at Mizuho (NYSE:MFG) Securities and Guggenheim Securities. He also served at Piper Sandler and began his career as a corporate attorney. Shin holds a B.Sc. and a joint JD/MBA from the University of Toronto.
In his statement, Shin expressed enthusiasm about joining Compass at a critical time and cited the promising data generated by CTX-009 and the company's pipeline. He is looking forward to applying his financial acumen to support Compass's growth and strategy.
Compass Therapeutics focuses on the interplay between angiogenesis, the immune system, and tumor growth in its scientific endeavors. The company's pipeline includes product candidates designed to modulate the microvasculature, induce immune responses, and counteract the immunosuppressive mechanisms tumors use to evade detection. The stock has shown strong momentum with a 36% gain over the past six months, though analysts anticipate the company will not be profitable this year. Additional financial insights and 8 more ProTips are available on InvestingPro.
This news comes from a recent press release statement by Compass Therapeutics. The release also contains forward-looking statements regarding the company's financial position, development plans, and the potential of its product candidates. These statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are advised to consult the company's filings with the U.S. Securities and Exchange Commission for further details.
In other recent news, Compass Therapeutics has received an upgrade from Ladenburg Thalmann, moving from a Neutral to a Buy rating. This decision comes after the firm reassessed the company's prospects, particularly its CTX-009 treatment for biliary tract cancers (BTC) and colorectal cancer (CRC). Important data from a phase 2/3 trial for second-line BTC treatment is expected in the first quarter of 2025. The trial is examining the efficacy of CTX-009 in combination with paclitaxel.
In recent developments, Compass Therapeutics has made changes to its board of directors, adding Ellen V. Chiniara, J.D., and Mary Ann Gray, Ph.D. The company also welcomed a new President and Chief Executive Officer, Thomas Schuetz, M.D., Ph.D. Meanwhile, Jefferies has maintained a Buy rating for the company, despite adjusting the stock price target.
The company recently presented promising preclinical data at the American Association for Cancer Research Annual Meeting, emphasizing the potential effectiveness of its proprietary antibodies, CTX-009 and CTX-471, against tumors resistant to current immune-oncology therapies.
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