EMERYVILLE, Calif. - Gritstone bio, Inc. (NASDAQ:GRTS), a clinical-stage biotechnology company, announced today the addition of Stephen Webster to its Board of Directors. Webster, an established finance executive with over three decades of experience in the biotech sector, joins Gritstone as the company anticipates significant growth with its Phase 2 GRANITE data.
The company also disclosed that Steve Krognes, a current board member, will not be seeking re-election at the upcoming 2024 Annual Meeting. Gritstone's President and CEO, Andrew Allen, M.D., Ph.D., expressed optimism about Webster's appointment, highlighting his extensive background in capital raising and business development as key to driving shareholder value.
Webster's industry credentials include his tenure as Chief Financial Officer at Spark Therapeutics, which was acquired by Roche for $4.3 billion. He also held CFO roles at Optimer Pharmaceuticals and Adolor Corporation, both of which were acquired by Cubist Pharmaceuticals. His investment banking experience at Broadpoint Capital and PaineWebber Incorporated further bolsters his profile.
Beyond Gritstone, Webster serves on the boards of Cullinan Therapeutics and NextCure (NASDAQ:NXTC), Inc. His educational background includes an A.B. in Economics from Dartmouth College and an M.B.A. in Finance from The Wharton School of the University of Pennsylvania.
In a statement, Webster expressed enthusiasm for joining Gritstone's board, citing the company's innovative vaccine platforms as potential game changers in oncology and infectious disease. He is poised to work alongside Gritstone's management and directors to capitalize on growth opportunities.
Dr. Allen also took the opportunity to thank Steve Krognes for his contributions to Gritstone, acknowledging his role in establishing the company as a key player in the neoantigen-directed cancer vaccine field.
Gritstone bio focuses on developing potent vaccines by leveraging innovative vectors and payloads to train the immune system against critical disease targets. The company is actively advancing a portfolio of product candidates to treat and prevent viral diseases and solid tumors.
This news article is based on a press release statement from Gritstone bio.
InvestingPro Insights
As Gritstone bio, Inc. (NASDAQ:GRTS) welcomes finance veteran Stephen Webster to their Board of Directors, the company's financial health and market performance remain pivotal to investors. With the Phase 2 GRANITE data on the horizon, Gritstone is at a critical juncture. Here are the latest insights from InvestingPro that could influence investor perspective:
Despite a challenging financial landscape, two analysts have revised their earnings upwards for the upcoming period, signaling a potential shift in expectations for Gritstone's performance. This optimism comes even as the company is identified as quickly burning through cash, an InvestingPro Tip that underscores the importance of Webster's expertise in capital raising for the company's future initiatives.
InvestingPro Data further reveals a market capitalization of $86.54 million USD, with a notable price volatility, as indicated by a high 1-week price total return of 9.11%. Still, this is juxtaposed against a significant decline over longer periods, including a 1-month price total return of -68.35% and a 3-month return of -71.56%. The current price, at the previous close, stands at $0.76 USD, which is only 24.41% of its 52-week high, highlighting the stock's recent underperformance.
Investors interested in a deeper dive into Gritstone's financial health and future prospects can find additional InvestingPro Tips on InvestingPro. Currently, there are 14 additional tips available, which could offer valuable insights, especially in light of the company's recent board changes and anticipated data releases. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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