SAN DIEGO - Viracta Therapeutics, Inc. (NASDAQ:VIRX), a precision oncology company, announced today the immediate appointment of Michael Faerm as Chief Financial Officer. Faerm brings over 25 years of experience in the life sciences sector, including roles in equity research and investment banking.
Mark Rothera, President and CEO of Viracta, expressed confidence in Faerm's ability to contribute to the company's next development phase, highlighting his strategic, operational, and financial leadership skills. Faerm's appointment comes at a pivotal time as Viracta advances its lead product candidate, Nana-val, through late-stage development. Nana-val is an all-oral combination therapy currently undergoing clinical trials for the treatment of Epstein-Barr virus-positive (EBV+) cancers.
Faerm's recent tenure includes serving as Interim CFO at Harpoon Therapeutics (NASDAQ:HARP), Inc., which was acquired by Merck for approximately $680 million. He played a significant role in a $150 million private investment in public equity (PIPE) financing and has held CFO positions at Artiva Biotherapeutics, Inc. and consulting roles for various biopharma companies. His Wall Street experience includes senior positions at Credit Suisse, Wells Fargo Securities, and Merrill Lynch.
The new CFO's arrival coincides with ongoing clinical trials for Nana-val, including the Phase 2 NAVAL-1 trial for EBV+ lymphoma and a Phase 1b/2 trial for recurrent or metastatic EBV+ nasopharyngeal carcinoma and other advanced EBV+ solid tumors. Viracta is also exploring the application of its "Kick and Kill" approach in other EBV-related diseases.
InvestingPro Insights
As Viracta Therapeutics welcomes Michael Faerm as the new Chief Financial Officer, the financial community is closely monitoring the company's metrics and performance. With a market capitalization of approximately $30.28 million, Viracta's financial position is of particular interest to investors considering the potential of Nana-val, its lead product candidate. According to InvestingPro data, the company's Price to Book ratio for the last twelve months as of Q1 2024 stands at 5.38, which can be a point of analysis for assessing company valuation in relation to its net assets.
Despite the challenges faced by the company, such as not being profitable over the last twelve months and a negative return on assets of -75.51%, Viracta has demonstrated resilience with a strong return over the last three months, showing a price total return of 25.35%. This aligns with the InvestingPro Tip that the stock has fared well in the recent quarter, which is a positive sign for investors looking for short-term performance. However, it's important to note that analysts do not anticipate the company will be profitable this year, a factor that should be considered when evaluating the company's future prospects.
For investors seeking a deeper dive into Viracta's financials and future outlook, InvestingPro offers additional tips, including insights on the company's cash burn rate and gross profit margins. With the current total of 11 InvestingPro Tips available, investors can gain a comprehensive understanding of Viracta's position and potential. To access these insights and more, consider using the special coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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