Telomir Pharmaceuticals, Inc. (NASDAQ:TELO), a company specializing in pharmaceutical preparations, announced today that Michelle Yanez, MBA, has been appointed as the new Chief Financial Officer following the departure of Nathan Fuentes. The change in the company's financial leadership took place on Monday, with Fuentes agreeing to a separation on mutual terms.
According to the SEC filing, Fuentes's resignation was not due to any disagreements with the company's operations, policies, or practices. Under the terms of the separation agreement, Fuentes will receive a total of $62,500 paid over three months and will retain the right to exercise his stock options as per the company's 2023 Omnibus Incentive Plan.
Yanez brings over 25 years of financial experience in the biotech and pharmaceutical sectors. Since May 2022, she has served as Telomir's part-time Corporate Controller and, since May 2023, as the CFO of MIRA Pharmaceuticals. Her background includes significant roles at BioDelivery (NASDAQ:BDSI) Sciences International and as a non-employee director of Inhibitor Therapeutics. Additionally, Yanez co-founded Santander (BME:SAN) Pharma Consulting, where she serves as CFO.
The employment agreement with Yanez, effective on her appointment date, stipulates an annual salary of $137,500, with eligibility for a sign-on bonus and a discretionary annual bonus based on performance objectives. While Yanez will not receive equity compensation with her new role, she is entitled to participate in company benefit plans and a long-term incentive bonus.
The information for this article is based on a press release statement.
In other recent news, Telomir Pharmaceuticals has launched a key study to evaluate the safety of its therapeutic candidate, Telomir-1, in geriatric canines. The study aims to explore the potential of Telomir-1 for treating age-related conditions in dogs, with a particular focus on conditions such as gait weakness and joint damage. In parallel, Telomir-1 is being administered to a 12-year-old German Shepherd to provide additional insights for the company's future research strategies.
Additionally, Telomir Pharmaceuticals has partnered with Argenta to conduct a study evaluating Telomir-1's efficacy in addressing canine osteoarthritis. This study is of significance as nearly 18 million dogs in the United States suffer from osteoarthritis, with current therapies focusing solely on symptom management. Telomir-1 is being investigated for its potential to modify the disease process itself.
These developments represent important steps in Telomir's ongoing research into age-related conditions.
InvestingPro Insights
As Telomir Pharmaceuticals (NASDAQ:TELO) welcomes Michelle Yanez as the new CFO, investors and stakeholders may consider the financial health and performance metrics of the company. According to real-time data from InvestingPro, TELO has a market capitalization of $155.45 million and is trading at a high Price / Book multiple of 51.53 as of the last twelve months ending Q1 2024. The company's P/E Ratio stands at -7.71, reflecting challenges in profitability, as TELO has not been profitable over the last twelve months. Additionally, the stock has experienced a significant downturn over the last month with a price total return of -22.11%.
InvestingPro Tips highlight that while TELO operates with a moderate level of debt, it also has liquid assets that exceed short-term obligations, which may offer some financial flexibility. Furthermore, it's worth noting that TELO does not pay dividends, which could be a consideration for income-focused investors. For those interested in deeper analysis, there are additional InvestingPro Tips available, and by using the coupon code PRONEWS24, new subscribers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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