Xenetic Biosciences, Inc. (NASDAQ:XBIO), a biopharmaceutical company specializing in the development of pharmaceutical preparations, disclosed in an 8-K filing with the Securities and Exchange Commission (SEC) that two of its board members, James E. Callaway and Adam Logal, have decided not to stand for re-election. The announcement came on Monday, with the company stating that the departures are not due to any disagreements over operations, policies, or practices.
The company, headquartered in Framingham, Massachusetts, expressed its gratitude to Dr. Callaway and Mr. Logal for their service on the board. Their decision to leave the board will take effect at the upcoming 2024 Annual Meeting of Stockholders. Xenetic Biosciences did not provide information on potential replacements or the future composition of the board.
This news comes as the latest development from Xenetic Biosciences, which has undergone several name changes in the past, previously known as General Sales & Leasing, Inc., and before that, GENERAL AIRCRAFT INC. The company is incorporated in Nevada and has been listed on The Nasdaq Stock Market under the ticker symbol XBIO.
In other recent news, biopharmaceutical company Xenetic Biosciences has entered into a Materials Transfer Agreement with Tokyo Medical University, aiming to explore the potential of Xenetic's recombinant DNase I enzyme in treating Ewing sarcoma, a severe pediatric cancer. This research partnership will employ a unique preclinical mouse model, led by Professor Takuro Nakamura, to evaluate the enzyme's effectiveness when used in tandem with chemotherapy.
Ewing sarcoma is a rare, aggressive cancer primarily affecting children and adolescents, with a survival rate of just 20 to 30 percent after relapse, underscoring the need for innovative treatments. Studies from the Tel Aviv Medical Center suggest that the presence of neutrophil extracellular traps (NETs) in the tumor environment correlates with a poorer prognosis. Xenetic's recombinant DNase I targets NETs, potentially enhancing chemotherapy's effectiveness.
James Parslow, Interim CEO and CFO of Xenetic, reaffirmed the company's commitment to the DNase program and to leveraging partnerships to broaden their data. The DNase-based oncology platform developed by Xenetic aims to enhance existing cancer treatments' outcomes by reducing NETs' burden. The company plans to bring this program into clinical trials as an adjunct therapy for pancreatic carcinoma and other advanced solid tumors.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Xenetic Biosciences' financial position and market performance. Despite the recent board changes, the company has shown a significant return over the last week, with a 15.36% price increase. This short-term gain contrasts with the company's long-term performance, as InvestingPro Tips indicate that XBIO's stock price has performed poorly over the last decade.
Financially, Xenetic Biosciences holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. This strong liquidity position could provide some stability as the company navigates the upcoming board transitions. However, it's worth noting that XBIO is not currently profitable, with a negative P/E ratio of -1.34.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for XBIO, which could be particularly valuable given the company's recent corporate governance changes and volatile stock price movements.
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