PITTSBURGH - Jeune Aesthetics, Inc., a subsidiary of Krystal Biotech , Inc. (NASDAQ: NASDAQ:KRYS), announced the appointment of Nishant Saxena as its new Chief Financial Officer (CFO), effective tomorrow. Saxena brings over 20 years of experience in finance and strategy, particularly in the healthcare sector. According to InvestingPro data, Saxena joins at an opportune time, as Krystal Biotech maintains a strong financial position with more cash than debt and an impressive "GREAT" financial health score.
Krish S. Krishnan, CEO of Krystal Biotech and Chairman of Jeune Aesthetics, expressed confidence in Saxena's ability to contribute to the company's growth, especially as it prepares to advance its lead program, KB301, into Phase 2 trials later in the year. The company's strong financial fundamentals, including a remarkable 92.55% gross profit margin and substantial revenue growth, support this expansion. Saxena's background includes a significant tenure at Evercore, where he advised on healthcare transactions worth more than $500 billion.
Saxena's career has spanned various roles in private equity, venture capital, and investment advisory firms. He holds a B.S. in Economics and an MBA from the Wharton School at the University of Pennsylvania.
KB301, Jeune's investigational aesthetic therapy, is designed to address signs of aging skin by delivering the COL3A1 gene, potentially improving collagen levels and the skin's extracellular matrix. The therapy is currently in clinical development, with direct intradermal injections intended for aesthetic priority areas.
Jeune Aesthetics operates with the aim of reversing the biology of aging skin, utilizing Krystal Biotech's gene-delivery platform. Krystal Biotech has a broader focus on genetic medicines for various diseases and has already commercialized VYJUVEK®, a treatment for dystrophic epidermolysis bullosa. For detailed analysis and 13 additional ProTips about Krystal Biotech's potential, investors can access the comprehensive research report available on InvestingPro.
The appointment of Saxena as CFO is part of Jeune's strategic efforts to strengthen its leadership team in anticipation of key clinical milestones and growth in the medical aesthetics market. This news is based on a press release statement.
In other recent news, Krystal Biotech has reported encouraging results from its KYANITE-1 study examining the effects of KB707 on lung cancer patients. The study showed a 27% objective response rate and a 73% disease control rate in patients with advanced non-small cell lung cancer. Krystal Biotech has also amended the KYANITE-1 protocol to explore KB707 in combination with anti-PD-1 therapy for advanced NSCLC.
The company also reported a significant increase in Q3 2024 earnings per share, driven by strong revenue growth from its lead product, VYJUVEK. BofA Securities maintained a Buy rating on the company, highlighting the potential of its product candidates KB407 and KB408.
Krystal Biotech has announced plans for expansion into Europe and Japan, with the launch of its gene therapy product, B-VEC, expected in 2025. The company is also advancing its clinical pipeline, with interim data readouts expected by the end of 2024 from multiple products.
Finally, the company reported a robust financial position, with $374 million in cash and investments at the end of Q3 2024, and anticipates reaching a $300 million milestone payment related to the PeriphaGen settlement in early 2025. These recent developments reflect the company's ongoing efforts to diversify and expand its operations.
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