NASHVILLE - Harrow Inc. (NASDAQ:HROW), a prominent eyecare pharmaceutical company in North America with a market capitalization of $1.28 billion and impressive revenue growth of 48% over the last twelve months, announced today the appointment of Dr. Amir H. Shojaei as the new Chief Scientific Officer (CSO). According to InvestingPro data, the company has demonstrated remarkable performance with a 241% return over the past year. Dr. Shojaei, with a 28-year career in life sciences, is recognized for his expertise in clinical development, regulatory affairs, and the commercialization of biopharmaceutical products, particularly in the field of ophthalmology.
Dr. Shojaei's most recent position was at AsclepiX Therapeutics, where he led the development of therapies for neovascular retinal disorders. His past roles include CEO of TherOptix Corporation, advancing a drug-eluting contact lens platform, and various senior positions at Novartis (SIX:NOVN) Pharmaceuticals and Shire Pharmaceuticals, which was later acquired by Takeda. Notably, his work at Shire Pharmaceuticals contributed to the FDA approval of Xiidra®, a significant treatment for dry eye disease.
Mark L. Baum, CEO of Harrow, praised Dr. Shojaei's scientific acumen and regulatory expertise, expressing confidence that his leadership will further Harrow's mission to provide accessible and affordable eyecare solutions. Dr. Shojaei's arrival is expected to bolster Harrow's growth and innovation in ophthalmic pharmaceuticals. The company maintains a strong gross profit margin of 73% and operates with a moderate debt level, as revealed in InvestingPro's comprehensive analysis, which includes over 30 additional key metrics and insights available to subscribers.
Dr. Shojaei, a PharmD and PhD graduate from the University of the Pacific, holds multiple patents and has authored over 25 peer-reviewed publications. His extensive experience in both anterior and posterior segments of ophthalmology positions him to lead Harrow's scientific advancements.
He succeeds Dennis E. Saadeh, PharmD, who is retiring after nearly a decade, including his recent role as CSO. Baum acknowledged Saadeh's significant contributions to Harrow's success, particularly in developing market-leading compounded products for eyecare professionals and patients.
Harrow Inc. is engaged in the discovery, development, and commercialization of ophthalmic pharmaceuticals, aiming to make its products widely accessible. This announcement is based on a press release statement, and further information regarding Harrow can be found on their website.
The forward-looking statements included in the press release are subject to risks and uncertainties, which may affect actual future results. While analysts maintain a strong buy consensus with price targets ranging from $50.40 to $69.00, these statements are not guarantees of future performance, and undue reliance should not be placed on them. Harrow does not undertake any obligation to update these statements in light of new information or future events. For detailed analysis and future projections, investors can access the complete Pro Research Report available on InvestingPro, offering comprehensive insights into Harrow's financial health and growth potential.
In other recent news, Harrow Inc. has experienced significant developments. The company's subsidiary, ImprimisRx, won a legal victory in a trademark infringement lawsuit, with a jury awarding $34.9 million in damages against OSRX, Inc. and Ocular Science, Inc. This decision underscores the company's commitment to intellectual property rights.
In financial news, Harrow reported a 44% increase in revenue, reaching $49.3 million in the third quarter of 2024. Despite a temporary shortage of its dry eye product, VEVYE, prescription volume still rose by 55%. Harrow also expanded its sales territories from 51 to 61 and is making strides with Medicare Part D contracts for VEVYE.
Analysts project that VEVYE's revenue could more than double next year, and Harrow's other product, IHEEZO, could potentially reach $75 million in quarterly revenue by 2027. These recent developments signal Harrow's continued growth trajectory.
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