WARRINGTON, Pa. - Windtree Therapeutics, Inc. (NASDAQ:WINT), a biotechnology firm engaged in developing therapies for critical conditions, today announced the addition of Leanne Kelly to its board of directors. Kelly, who is currently the Chief Financial Officer at GRI Bio, brings over two decades of experience in finance within the life science, technology, and e-commerce sectors. According to InvestingPro data, the company faces significant financial challenges with a current ratio of 0.27, indicating potential liquidity concerns.
Kelly's appointment as an independent director and chair of the audit committee is part of Windtree's broader strategy to transition into a revenue-generating biotech company. According to Windtree's CEO, Jed Latkin, Kelly's expertise is expected to bolster the board's capabilities as the company aims to expand by acquiring smaller biotech firms with FDA-approved products. With a market capitalization of just $2.29 million and an EBITDA of -$24.68 million in the last twelve months, InvestingPro analysis suggests the company is currently undervalued, though it faces significant operational challenges. (Discover more insights with InvestingPro's 15+ additional tips for WINT.)
With a history of financial leadership roles at companies like Vallon Pharmaceuticals and OptiNose (NASDAQ:OPTN), Inc., Kelly's addition to the board is seen as a strategic move for Windtree. Her tenure in various senior financial positions, coupled with her academic background from Lehigh University and her CPA credentials, are anticipated to contribute to the company's financial and strategic planning.
Windtree is currently advancing a range of product candidates, including istaroxime for acute heart failure, and has a licensing business model with existing partnership out-licenses. The company's focus remains on clinical development programs for its various candidates, including preclinical oncology candidates. Financial metrics from InvestingPro indicate the company is quickly burning through cash, with negative free cash flow of -$15.3 million, highlighting the importance of strategic financial management in its development phase.
The information in this article is based on a press release statement from Windtree Therapeutics.
In other recent news, Windtree Therapeutics, a biotechnology firm, has unveiled a new acquisition strategy aimed at becoming a revenue-generating entity. The company plans to acquire smaller firms with FDA-approved products to build its commercial portfolio while continuing to develop its cardiovascular and oncology pipelines. Windtree Therapeutics also faces compliance challenges with Nasdaq's listing standards, following the appointment of Jed Latkin as President and CEO, which reduced the number of audit committee members.
The company has undergone significant executive leadership changes, with CEO Craig Fraser announcing his retirement and Jed Latkin set to succeed him. Windtree Therapeutics has disclosed a potential sale of up to $27.24 million of its common stock to Seven Knots, LLC. The company has also completed national phase patent filings for its istaroxime treatment, designed to treat cardiogenic shock, in several countries, including a Japanese patent that will remain in effect until 2039.
Windtree Therapeutics reported positive results from its Phase 2b SEISMiC Extension Study and is preparing for Phase 3 trial readiness in the cardiogenic shock area. Additionally, Jamie McAndrew was appointed as Senior Vice President and Chief Financial Officer, and new independent directors, Saundra Pelletier and Jed Latkin, were added to the board. Finally, the analyst firm H.C. Wainwright has maintained a Neutral rating on Windtree Therapeutics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.