MONTREAL and CHARLOTTE, N.C. - Milestone Pharmaceuticals Inc . (NASDAQ:MIST), a company dedicated to the development of cardiovascular treatments, announced on Tuesday the addition of Joseph Papa to its Board of Directors. Papa, a seasoned leader in the pharmaceutical industry with over three decades of expertise, has taken on the role effective September 3, 2024.
Papa's extensive background includes leadership positions at Bausch + Lomb, Bausch Health, and Perrigo, as well as current roles at Emergent BioSolutions (NYSE:EBS) and on the boards of SparingVision and Candel Therapeutics (NASDAQ:CADL). His experience spans from facilitating company growth and strategic mergers and acquisitions to overseeing product innovation that impacts patient care.
Robert J. Wills, PhD, Chairman of the Milestone Board, expressed confidence in Papa's ability to contribute to the company's strategic direction, especially as it anticipates the potential approval of its investigational drug, CARDAMYST™ (etripamil nasal spray), designed to treat paroxysmal supraventricular tachycardia (PSVT).
Papa, reflecting on his appointment, praised Milestone's leadership and innovative culture, recognizing the potential for CARDAMYST to address unmet needs in heart condition treatments.
Milestone Pharmaceuticals is actively pursuing the development of etripamil, a self-administered nasal spray for patients with PSVT and AFib-RVR, conditions known for their episodic and symptomatic attacks. The company's forward-looking statements highlight the ongoing clinical trials and the anticipated review and potential approval by the FDA.
The company's progress and future plans are subject to various factors, including interactions with the FDA, the outcomes of clinical trials, and the overall economic and market conditions. Milestone's filings with the SEC and Canadian securities regulatory authorities detail the risks associated with their endeavors.
This news article is based on a press release statement from Milestone Pharmaceuticals Inc.
In other recent news, Candel Therapeutics has seen a series of significant developments. The biopharmaceutical company's recent earnings and revenue results reflect its market capitalization growth, leading to its inclusion in the Russell 3000 Index starting July 1, 2024. This move is expected to enhance investor visibility and support the company's mission to develop novel immunotherapies.
In addition, Candel Therapeutics' investigational therapy, CAN-3110, has been granted Orphan Drug Designation by the FDA for the treatment of recurrent high-grade glioma, a form of aggressive brain cancer. Also, the company's immunotherapy candidate, CAN-2409, has shown promising results in clinical trials for non-small cell lung cancer and pancreatic cancer, leading to another Orphan Drug Designation for the treatment of pancreatic cancer.
Furthermore, the company has re-elected three Class III directors and ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These corporate governance actions are part of the company's annual procedural requirements. These developments highlight the ongoing progress at Candel Therapeutics in the realm of cancer therapies.
InvestingPro Insights
As Joseph Papa joins the board of Candel Therapeutics (NASDAQ:CADL), it's worth noting the company's current financial health and market performance. According to InvestingPro data, Candel Therapeutics has a market capitalization of $202.45 million, reflecting its standing in the biopharmaceutical market. Despite a challenging financial landscape, with a negative P/E ratio of -3.65 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at -4.05, the company has experienced a significant price total return of 421.49% over the last year. This suggests a strong market confidence in its potential, despite the fact that the company is not currently profitable.
InvestingPro Tips highlight that Candel Therapeutics operates with a moderate level of debt and has seen a substantial return over the last month, with a 16.64% increase. However, the company has been quickly burning through cash and suffers from weak gross profit margins, as evidenced by a gross profit of -$21.66 million for the last twelve months as of Q2 2024. These factors could influence the strategic decisions of the board on which Papa will now serve.
For investors interested in Candel Therapeutics' future trajectory, additional context is available. There are 9 more InvestingPro Tips listed on the platform that can provide deeper insights into the company's performance and outlook. These tips can be accessed at https://www.investing.com/pro/CADL, offering valuable information for those considering investment opportunities in the biopharmaceutical sector.
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