Indaptus Therapeutics Inc. (INDP) stock gained a further 17.50% in the after-hours on January 03. The stock seems to have advanced further after the announcement of Boyan Litchev, M.D. as CMO of the company.
During the regular session, the stock added 8.25% at its close of $6.17 with 1.28 million shares exchanging. Following the announcement, INDP saw further gain to reach $7.25 at an after-hours volume of 1.01 million shares.
The clinical-stage biopharmaceutical company has a market capitalization of $46.7 million. Currently, the company has 8.19 million shares outstanding in the market. Furthermore, in the past year, the stock has seen a loss of 57.51%.
New CMO Boyan Litchev M.D.
As per Monday’s announcement, Dr. Litchev has been appointed as the Chief Medical Officer of the company. This appointment will be effective on January 31, 2022. Furthermore, Dr. Litchev will be responsible for overseeing clinical strategy, clinical development, and the conduct of all clinical programs.
INDP’s CEO, Jeffery A. Meckler welcomed the new CMO who has vast experience both as an oncology clinical researcher and an executive leader. Moreover, Dr. Litchev will join the company as it plans to commence clinical studies of Decoy20.
Previously, Dr. Litchev has served with many great companies including Shoreline Biosciences, Poseida Therapeutics, Halozyme, Akcea Therapeutics, and many others. The positions he has served under with these companies include Senior Vice President, Head of Global Clinical Development, Head of Medical Affairs and Safety, etc.
INDP’s Recent Developments
Previously, on December 01, INDP had announced the appointment of Mark Gilbert, M.D. to its board of directors. Moreover, Dr. Gilbert succeeded Director Hoonmo Lee, who stepped down from the board as per the new appointment. Currently, Dr. Gilbert is the Executive Vice President of Research and Development at Acepodia.
Dr. Gilbert while has been serving in positions in the pharmaceutical industry, he also remained a faculty member at Fred Hutchinson Cancer Research Center and the University of Washington in the past.
INDP’s Q3 2021
On November 15, the company announced its financial results for the third quarter of 2021.
In the third quarter of 2021, INDP incurred a loss per share of $0.81, against $0.79 for the year-ago period.
Moreover, at the end of the third quarter of 2021 on September 30, the company’s cash and cash equivalents totaled $41.9 million approx. Comparatively, the cash and cash equivalents were $1.6 million on December 31, 2020.
