ZUG, Switzerland and BOSTON – CRISPR Therapeutics (NASDAQ:CRSP), a leader in gene-based medicine development, announced today its intention to appoint Briggs Morrison, M.D., to its Board of Directors at the upcoming annual general meeting. Morrison's wealth of experience in clinical development and the pharmaceutical industry is expected to support the company's advancement of gene-editing therapies. According to InvestingPro data, CRISPR maintains a strong financial position with its cash reserves exceeding debt obligations, and 12 analysts have recently revised their earnings expectations upward for the upcoming period.
Dr. Morrison, currently serving as CEO and board member of Crossbow Therapeutics, Inc., brings over three decades of industry experience, including executive positions at Syndax Pharmaceuticals (NASDAQ:SNDX), AstraZeneca PLC (LON:AZN), Pfizer Inc. (NYSE:PFE), and Merck (NS:PROR) & Co., Inc. His expertise extends to overseeing the clinical development of several now approved drugs, such as Tagrisso®, Imfinzi®, and Lynparza®.
The CEO and Chairman of CRISPR Therapeutics, Samarth Kulkarni, Ph.D., highlighted Morrison's extensive background as a valuable addition to the company's board, particularly as they continue to progress their innovative platform and pipeline aimed at creating transformative medicines for patients with serious diseases.
Morrison expressed his enthusiasm for joining CRISPR Therapeutics, a company at the forefront of gene editing, and is looking forward to contributing to its ongoing success.
CRISPR Therapeutics has made significant strides in gene editing since its inception, including the historic approval of the first-ever CRISPR-based therapy, CASGEVY™, for the treatment of sickle cell disease or transfusion-dependent beta thalassemia in late 2023. The company maintains strategic partnerships with Bayer (OTC:BAYRY) and Vertex Pharmaceuticals (NASDAQ:VRTX) to further its research and development efforts. With a market capitalization of $3.6 billion and a current ratio of 21.64, InvestingPro analysis shows the company's strong liquidity position, though investors should note the stock's volatile nature with a beta of 1.67. Get access to 10+ additional exclusive ProTips and comprehensive financial analysis through InvestingPro's detailed research reports.
This announcement is based on a press release statement from CRISPR Therapeutics AG.
In other recent news, CRISPR Therapeutics reported significant progress in their Phase 1/2 clinical trial of CTX112 for CD19-positive B-cell malignancies, with the U.S. Food and Drug Administration granting Regenerative Medicine Advanced Therapy designation to CTX112. The trial data demonstrated that CTX112 was well-tolerated and effective in producing complete remissions in patients who have undergone multiple prior treatments. In other developments, CRISPR Therapeutics and Vertex Pharmaceuticals continue to advance the launch of the gene-editing therapy Casgevy, despite no revenue generated from the infusion of Casgevy in one patient during the third quarter.
Analyst firms have varied stances on CRISPR Therapeutics. TD Cowen maintained its Sell rating, while Oppenheimer and Leerink Partners reiterated their Outperform ratings. These ratings came in light of CRISPR Therapeutics' third-quarter financial results, which disclosed operating expenses of $110.1 million and a cash position of $1.94 billion.
CRISPR Therapeutics is also progressing with its in vivo, immuno-oncology, and autoimmune pipelines, with CTX131 and CTX112 entering Phase I studies. The company's ASH abstract for CTX112 reported a 67% overall response rate and a 44% complete response rate among nine patients. These recent developments indicate a focus on increasing patient numbers and further differentiating its clinical data in the competitive field of gene editing therapies.
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