UroGen Pharma Ltd. (NASDAQ:URGN), a pharmaceutical company, announced the immediate resignation of board member Fred E. Cohen, M.D., D.Phil., as of September 12, 2024. According to the company's filing with the Securities and Exchange Commission (SEC) on Friday, Dr. Cohen's departure is not due to any disagreements with the company's operations, policies, or practices.
The Israel-based company, with a focus on pharmaceutical preparations, did not provide specific details regarding the reason for Dr. Cohen's resignation. The announcement came as a current report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Dr. Cohen had been serving as a director for UroGen Pharma, which is known for its address at 400 Alexander Park Drive, 4th Floor, Princeton, New Jersey. The company's business phone number is listed as +1 (646) 768-9780.
The company's ordinary shares are traded on The Nasdaq Stock Market under the ticker symbol URGN. UroGen Pharma's SEC filing confirms that the resignation of Dr. Cohen was effective immediately and clarifies that his decision to step down was not due to any internal conflict.
The filing was signed by Don Kim, the Chief Financial Officer of UroGen Pharma, on behalf of the company. The information provided is based on the press release statement from UroGen Pharma Ltd. and aims to offer a concise overview of the key facts surrounding this corporate change.
In other recent news, UroGen Pharma has been the focus of several significant developments. The biopharmaceutical company has successfully submitted its New Drug Application (NDA) to the FDA for UGN-102, a treatment for non-muscle invasive bladder cancer.
This submission follows promising results from the Phase 3 ENVISION trial, which reported a notable 12-month complete response rate of 82.3% in patients who had achieved a complete response at three months.
In addition to this key milestone, UroGen Pharma has also reported robust Q2 2024 results, with a 16% sequential increase and a 3% year-over-year growth in net product revenue for JELMYTO, reaching $21.8 million. Furthermore, the company raised approximately $116.2 million in a public offering to support the launch of UGN-102.
On the analyst front, H.C. Wainwright reaffirmed its Buy rating on UroGen Pharma with a steady price target of $60. This endorsement comes in light of UroGen's recent achievements and the potential market for UGN-102, which is estimated to exceed $5 billion annually.
InvestingPro Insights
Amid the recent board member resignation at UroGen Pharma Ltd. (NASDAQ:URGN), investors may be seeking additional context on the company's financial health and future prospects. According to InvestingPro data, UroGen Pharma holds a market capitalization of approximately $553 million. The company's impressive gross profit margin stands at nearly 90% for the last twelve months as of Q2 2024, highlighting its ability to maintain profitability on its products. However, it's important to note that UroGen Pharma is not profitable over this period, with an operating income margin of -93.15%.
InvestingPro Tips suggest that while UroGen Pharma has more cash than debt on its balance sheet, indicating some financial stability, the company is also quickly burning through cash. Analysts have revised their earnings downwards for the upcoming period, and they do not anticipate the company will be profitable this year. These factors may be crucial for investors considering the company's stock, especially in light of the recent board member resignation.
For those interested in a deeper analysis, InvestingPro offers additional tips on UroGen Pharma, which can be found at InvestingPro. These insights could provide valuable guidance for investors navigating the current situation at UroGen Pharma.
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