PALO ALTO, Calif. - Scilex Holding Company (NASDAQ:SCLX), a company engaged in the development of non-opioid pain management therapies, announced today the appointment of Dr. Annu Navani to its Board of Directors. Dr. Navani is recognized for her leadership in interventional spine and multidisciplinary care and brings a wealth of experience to the Scilex team.
Dr. Navani, who has been at the helm of Comprehensive Spine and Sports Center since 2008, has a notable history of expanding her practice into a significant multi-specialty group. After selling her practice to a private equity group in 2022, she now serves as the Chief Medical Officer of Boomerang Healthcare.
Her academic contributions as an Adjunct Clinical Associate Professor at Stanford University School of Medicine since 2003 and as Medical Director at Le Reve Regenerative Wellness underscore her expertise in the field.
With board certifications in Anesthesiology, Pain Medicine, Interventional Pain, and Regenerative Medicine, Dr. Navani's extensive experience in pain management is expected to provide valuable insights to Scilex's Board. She has also authored several national guidelines and is a recognized authority on healthcare trends, including digital health and biologics.
Jaisim Shah, CEO and President of Scilex, expressed enthusiasm about Dr. Navani's addition to the Board, highlighting her track record in academia and private practice in sports and pain medicine. Shah anticipates that her expertise will significantly contribute to the company's growth and the advancement of its non-opioid pain management therapies.
Scilex's focus remains on addressing unmet needs in pain management with a portfolio that includes FDA-approved products such as ZTlido® for neuropathic pain, ELYXYB® for acute migraine treatment, and Gloperba® for gout flare prophylaxis. The company also has several product candidates in development, including SP-102, SP-103, and SP-104, which are designed to address various pain conditions.
The information in this article is based on a press release statement from Scilex Holding Company.
In other recent news, Scilex Holding Co. announced receiving a $10 million non-refundable deposit from FSF 33433 LLC. The deposit is part of a financial arrangement that supports Scilex's ongoing business operations and strategic initiatives. In another development, Scilex published positive Phase 3 trial results for SP-102, a potential FDA-approved corticosteroid for epidural injections.
The company also launched GLOPERBA®, the first oral liquid medication for gout flare prevention in the United States, and received FDA approval for its commercial manufacturing. Scilex settled a patent lawsuit with Takeda Pharmaceuticals over Gloperba. H.C. Wainwright analysts adjusted their outlook on Scilex shares, reducing the price target while maintaining a Buy rating.
Scilex secured an agreement for a registered direct offering involving the sale of 15 million common stock shares, anticipating gross proceeds of approximately $15 million. These are recent developments in the company's operations.
InvestingPro Insights
As Scilex Holding Company (NASDAQ:SCLX) welcomes Dr. Annu Navani to its Board of Directors, investors may be curious about the company's financial health and market performance. Scilex, which specializes in non-opioid pain management therapies, has a current Market Cap of approximately $211.79 million. Despite the positive development of strengthening its board, Scilex faces financial challenges. The company's P/E Ratio stands at -1.33, reflecting its lack of profitability in the last twelve months as of Q1 2024.
Revenue growth, a critical measure of a company's expansion, has been positive at 12.54% over the last twelve months. Still, Scilex's short-term financial obligations are a concern as they exceed the company's liquid assets. This could imply potential liquidity issues, which is in line with one of the InvestingPro Tips that suggests the company may have trouble making interest payments on its debt.
Investors should note that the stock has experienced a significant decline over the past year, with a 1 Year Price Total Return of -68.98%. Although there has been a strong return over the last three months of 78.15%, the company does not pay dividends, which might influence the investment decisions of income-focused shareholders. For a deeper dive into the company's financials and to access additional tips, investors are encouraged to visit InvestingPro. Here, they can find 5 more InvestingPro Tips to guide their investment strategy.
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