NEWTON, Mass. - Karyopharm Therapeutics Inc. (NASDAQ:KPTI), a company focused on the development of novel cancer therapies, announced the appointment of Lori Macomber as Executive Vice President, Chief Financial Officer, and Treasurer, effective January 3, 2025. Macomber's role will encompass leading the financial operations of the company, including the strategic management of its finances.
Macomber brings over two decades of financial leadership experience within the life sciences sector, having previously served as CFO at Legend Biotech Corporation, a $6 billion market cap company that achieved 123% revenue growth in the last twelve months. During her tenure, Legend maintained a strong balance sheet with a current ratio of nearly 5x. Her background includes roles at Ametek (NYSE:AME) PDS, Cello Health, Eli Lilly and Company (NYSE:LLY), and Pfizer (NYSE:PFE), and she is recognized for her expertise in financial strategy and operations. She holds a Bachelor of Science in Accounting from Pennsylvania State University and is a Certified Public Accountant.According to InvestingPro, Legend Biotech shows promising growth potential despite current profitability challenges. InvestingPro subscribers have access to over 20 additional key metrics and insights about Legend Biotech, along with comprehensive analysis available in the Pro Research Report.
Richard Paulson, President and CEO of Karyopharm, expressed confidence in Macomber's ability to contribute to the company's growth objectives, particularly in increasing revenue for their lead compound XPOVIO and advancing their clinical pipeline. Macomber also shared her enthusiasm for joining the team and contributing to the company's success in developing therapies for cancer patients.
In conjunction with her appointment, Karyopharm granted Macomber inducement awards, including a stock option to purchase 650,000 shares and 160,000 restricted stock units, set to vest over a period of up to four years, contingent upon her continued service to the company. These awards are in line with Nasdaq Listing Rule 5635(c)(4) and are part of the company's 2022 Inducement Stock Incentive Plan.
Karyopharm is known for its pioneering work in oral compounds that target nuclear export dysregulation, a key factor in oncogenesis. Their main product, XPOVIO, has received approvals in the U.S. and other territories for various oncology indications. The company's pipeline focuses on addressing multiple high-need cancers, including multiple myeloma, endometrial cancer, myelofibrosis, and diffuse large B-cell lymphoma. Investors seeking detailed financial analysis and valuation metrics for Karyopharm can access comprehensive research through InvestingPro, which provides exclusive insights and Fair Value estimates for over 1,400 US-listed companies.
This announcement is based on a press release statement and reflects the company's ongoing efforts to strengthen its executive team and financial capabilities as it continues to develop and commercialize cancer treatments.
In other recent news, Legend Biotech has reported a significant increase in CARVICTI sales, reaching $286 million in Q3 2024. Despite a net loss of $125 million, the company maintains a strong financial position with $1.2 billion in cash reserves. Piper Sandler has reiterated its Overweight rating on Legend Biotech, reflecting confidence in the long-term revenue of CARVYKTI, despite revised revenue projections. Legend Biotech and Johnson & Johnson are working to enhance CARVYKTI's production capacity, with several initiatives underway to achieve this goal. RBC Capital Markets, in its "Biotech Outlook" report, identified Legend Biotech as a top pick with promising prospects for 2025, rating it "Outperform" with an $86 price target. These are recent developments for Legend Biotech.
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