CHAPEL HILL, NC – Tenax Therapeutics, Inc. (NASDAQ:TENX), a pharmaceutical company with a market capitalization of $21.48 million, announced a change in its executive team with the appointment of Thomas A. McGauley as the Interim Chief Financial Officer (CFO), effective Monday.
The company, which according to InvestingPro analysis is currently trading below its Fair Value, maintains a strong liquidity position with a current ratio of 38.95. The announcement was made in a recent 8-K filing with the Securities and Exchange Commission.
McGauley, 51, brings over twenty-five years of financial and executive experience to Tenax. He will take over the accounting and finance functions and serve as the principal financial officer and principal accounting officer. This transition is part of an existing consulting agreement with Danforth Advisors, LLC, where McGauley has been a consultant since July 2021.
Under the terms of the agreement, Danforth will receive $410 per hour for McGauley's services, with the possibility of an annual increase of up to 4%. The appointment comes as the company's stock has shown strong momentum, with a 74% return over the past six months, according to InvestingPro data.
Prior to joining Tenax, McGauley served as a director at CBIZ (NYSE:CBZ) in their accounting advisory practice and held roles as interim CFO for various life sciences companies, including a stint at Galectin Therapeutics Inc. (NASDAQ:GALT). His career began in public accounting, with his most recent position as a manager at PricewaterhouseCoopers LLP, specializing in life sciences and technology companies.
The SEC filing also detailed the departure of Lawrence R. Hoffman from the interim CFO position, transitioning responsibilities to McGauley as of Monday. McGauley's military background includes service as an officer in the U.S. Army and the MA National Guard, where he ended his military career as a captain and company commander.
McGauley holds no familial relationships with any executive officer or director of the company, and there have been no disclosed transactions involving McGauley that would require reporting under SEC regulations.
The appointment comes at a pivotal time for Tenax, which specializes in pharmaceutical preparations, as the company continues to navigate the complexities of the life sciences sector. This move is part of Tenax's broader strategy to strengthen its leadership team and enhance its financial operations.
Analysts maintain a bullish outlook on the stock, with price targets ranging from $7 to $30 per share. For deeper insights into Tenax's financial health and growth prospects, including 16 additional ProTips, visit InvestingPro. The information in this article is based on a press release statement from Tenax Therapeutics, Inc.
In other recent news, Tenax Therapeutics, Inc. has seen several key developments. The pharmaceutical company has expanded its 2022 Stock Incentive Plan, approving an increase in the number of shares authorized for issuance by 7,935,912, bringing the total to 8,336,600 shares. This move reflects Tenax's intention to attract, retain, and motivate its employees, officers, and directors.
In addition, Tenax Therapeutics raised approximately $100 million through an oversubscribed private placement led by new investor BVF Partners LP. These funds are expected to advance the Phase 3 development program for oral levosimendan, also known as TNX-103, a potential treatment for Pulmonary Hypertension Due to Heart Failure with Preserved Ejection Fraction.
On the analysis front, Leerink Partners initiated coverage of Tenax Therapeutics, assigning an Outperform rating based on a discounted cash flow analysis and setting a price target of $16.00. The firm's positive outlook for Tenax is largely attributed to the potential of TNX-103, which is currently in Phase 3 trials.
Other company news includes a transition in the role of Chief Medical (TASE:PMCN) Officer, Dr. Stuart Rich, to a part-time position. Tenax also secured a new U.S. patent for levosimendan, extending intellectual property protection for the drug and its metabolites through December 2040. Lastly, during its annual meeting, the company's shareholders elected directors for a one-year term expiring in 2025 and ratified Cherry Bekaert (EBR:BEKB) LLP as the independent registered public accounting firm for the year ending December 31, 2024.
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