MINNEAPOLIS - Celcuity Inc. (NASDAQ:CELC), a clinical-stage biotechnology company, has announced the hiring of Eldon Mayer as its Chief Commercial Officer. Mayer brings over three decades of experience in the biopharmaceutical industry, with a focus on oncology, to the Minneapolis-based company known for its targeted cancer therapies.
The new CCO's extensive background includes leadership roles at Eiger Biopharmaceuticals (NASDAQ:EIGR) and Rigel (NASDAQ:RIGL) Pharmaceuticals, where he was instrumental in the commercial launch of drugs such as Zokinvy® for progeria and Tavalisse® for chronic immune thrombocytopenia. His tenure at Questcor Pharmaceuticals was marked by the successful build-out of a commercial team that achieved over $1 billion in annual sales, leading to the company's acquisition by Mallinckrodt (OTC:MNKKQ) for $5.6 billion in 2014.
Brian Sullivan, Celcuity's CEO and co-founder, expressed confidence in Mayer's capabilities to steer the commercial launch of the company's lead product, gedatolisib. Sullivan highlighted gedatolisib's potential as a "transformational therapy" for multiple tumor types.
Celcuity's pipeline includes gedatolisib, currently in a Phase 3 trial for advanced breast cancer, and a planned Phase 1b/2 trial for metastatic castration-resistant prostate cancer. The company also offers a diagnostic platform, CELsignia, which assesses live patient tumor cells to identify candidates for existing targeted therapies.
Mayer's arrival comes at a crucial juncture for Celcuity, with significant milestones for gedatolisib on the horizon. He expressed enthusiasm for his new role and the opportunity to contribute to the company's growth and the advancement of gedatolisib.
The information in this article is based on a press release statement from Celcuity Inc.
InvestingPro Insights
As Celcuity Inc. (NASDAQ:CELC) welcomes Eldon Mayer as its new Chief Commercial Officer, the company's financial health and market performance remain critical for investors monitoring its potential growth trajectory. According to the latest metrics from InvestingPro, Celcuity's market capitalization stands at an adjusted $384.62 million, reflecting investor confidence in the biotech firm's market value.
Despite the challenges faced in the biopharmaceutical sector, Celcuity exhibits a strong liquidity position with liquid assets that exceed its short-term obligations. This financial stability is underscored by an InvestingPro Tip highlighting that the company holds more cash than debt on its balance sheet, which could provide a cushion against market volatility and fund ongoing research and development activities.
Investors are also keeping an eye on the company's stock performance, which has seen a substantial price uptick over the last six months, with a 66.56% total return. This momentum is further supported by a strong return of 16.51% over the last three months, as noted in another InvestingPro Tip.
However, it's important to consider that analysts, according to InvestingPro Tips, do not anticipate Celcuity will be profitable this year, with net income expected to drop. The company's P/E ratio stands at -5.55, and when adjusted for the last twelve months as of Q3 2023, it's at -6.77, reflecting these profitability concerns.
For investors interested in a deeper analysis of Celcuity's financials and future prospects, InvestingPro offers additional insights. There are currently 9 more InvestingPro Tips available, which can be accessed through InvestingPro's Celcuity page. To enhance your investing strategy with these tips, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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