PRINCETON, N.J. - UroGen Pharma Ltd. (NASDAQ: URGN), a biotech company focused on urothelial and specialty cancer treatments, has announced the appointment of Chris Degnan as Chief Financial Officer. Mr. Degnan takes over from Don Kim, who has departed to explore new opportunities.
Liz Barrett, President and CEO of UroGen, expressed gratitude to Kim for his contributions, particularly highlighting the company's strengthened financial position and progress towards the commercial launch of UGN-102, a treatment for low-grade intermediate-risk non-muscle-invasive bladder cancer (LG-IR-NMIBC).
Chris Degnan brings a wealth of experience from his previous roles, including his time as CFO at Galera Therapeutics (OTC:GRTX) and Verrica Pharmaceuticals (NASDAQ:VRCA), as well as senior positions at Endo International (OTC:ENDPQ) plc and over a decade at AstraZeneca (NASDAQ:AZN) plc. His expertise encompasses financial strategy, investor relations, SEC reporting, accounting, and compliance.
With UroGen's recent completion of the New Drug Application (NDA) submission for UGN-102 in August 2024, the company anticipates potential FDA approval in early 2025. The treatment, which utilizes UroGen's proprietary RTGel technology, is currently in Phase 3 development.
In line with Nasdaq Listing Rule 5635(c)(4), Degnan received an inducement grant of restricted stock units and a stock option to purchase company shares, vesting over three years, subject to continued service with UroGen.
This transition in CFO roles comes at a time when UroGen is preparing for the potential approval and commercialization of UGN-102, aiming to provide new treatment options for patients with urological cancers. The company's forward-looking statements include the anticipation of UGN-102's approval and its contribution to long-term growth, as well as the potential of RTGel technology to enhance the therapeutic profiles of existing drugs.
The information in this article is based on a press release statement from UroGen Pharma Ltd.
In other recent news, UroGen Pharma has made significant strides in its drug development efforts, with the progression of its investigational drug UGN-103 to a Phase 3 trial aimed at treating low-grade intermediate-risk non-muscle invasive bladder cancer. The company has also secured a $25 million loan and is anticipating FDA approval for its new drug, UGN-102. H.C. Wainwright has maintained a Buy rating for UroGen Pharma, citing these developments as part of their affirmation.
The company's Q2 2024 report showed a 16% sequential increase and a 3% year-on-year growth in net product revenue for JELMYTO, totaling $21.8 million. Additionally, UroGen Pharma raised approximately $116.2 million in a public offering to support the launch of UGN-102.
UroGen Pharma has also been granted a US patent for its RTGel® technology combined with a mitomycin formulation, set to last until December 2041. This technology targets the treatment of specific low-grade urothelial cancers.
Lastly, Fred E. Cohen, M.D., D.Phil., a board member of UroGen Pharma, has resigned from his position. His departure was not due to any disagreements with the company's operations, policies, or practices. These are all recent developments within the company.
InvestingPro Insights
As UroGen Pharma Ltd. (NASDAQ: URGN) prepares for the potential approval and commercialization of UGN-102, investors should consider some key financial metrics and insights from InvestingPro.
UroGen's market capitalization stands at $552.12 million, reflecting the market's current valuation of the company's potential. The company's revenue for the last twelve months as of Q2 2023 was $85.01 million, with a notable revenue growth of 17.22% over the same period. This growth aligns with the company's progress towards commercializing UGN-102 and expanding its treatment options for urological cancers.
An InvestingPro Tip highlights UroGen's impressive gross profit margins, which is evident in the reported gross profit margin of 89.87% for the last twelve months as of Q2 2023. This high margin suggests that the company's products, including its lead candidate UGN-102, have the potential for strong profitability if successfully commercialized.
However, another InvestingPro Tip indicates that UroGen is quickly burning through cash. This is not uncommon for biotech companies in the development and pre-commercialization stages, but it's a factor that investors should monitor, especially as the company approaches potential FDA approval for UGN-102 in early 2025.
It's worth noting that InvestingPro offers 8 additional tips for UroGen Pharma, providing a more comprehensive analysis for investors interested in delving deeper into the company's financial health and prospects.
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