Lion Biotechnologies Inc (NASDAQ:LBIO)
Lion Biotechnologies Inc (NASDAQ:LBIO) a biotechnology firm advancing novel cancer immunotherapies built on tumor-infiltrating lymphocyte technology, released its fourth quarter and FY2016 financial report.
Dr. Maria Fardis, the CEO of Lion Biotechnologies, reported that in 2H2016, they considerable expanded their employee base, improved the procedure of manufacturing TIL and at the same time increased their capacity, progressed on registration in LN-144 melanoma trial and commenced start up activities for head and neck and cervical indications.
Moreover, they expanded the available information through further associations with the Moffitt Cancer Center and NCI and they shared some of their initial process development report at SITC in the 2H2016. Fardis added that their priorities for this year include implementing their newly advanced shorter manufacturing procedure at their contract manufacturing facilities, extending their clinical plan in melanoma to assess the new process, and launching two firm-sponsored studies.
They intend to start at least 2 other clinical studies via collaborators in attempt to assess the efficacy of TIL in fresh indications. At the same time, they will define their melanoma regulatory course with numerous health authorities and showcase clinical data at imminent medical forums.
Lion Biotechnologies reported that they have strengthened their management team and over doubled the staff base since June 1, 2016. The company elected Iain Dukes, D.Phil. to its Board of Directors as Chairman in August 2016. Dukes was formerly SVP, business development and licensing at renowned firm Merck & Co. and presently is a Venture Associate at OrbiMed Advisors LLC. Another addition to the board was Wayne Rothbaum, who is also the managing member and president of Quogue Capital, LLC.
Maria Fardis, Ph.D., was chosen as the firm ‘s President and CEO and also added to the Board of Directors in last June. Lion Biotechnologies appointed Greg Schiffman as its CFO in October 2016. In all, the headcount increased to 51 employees at close of 2016 from almost 20 employees, as of close of May, 2016.
In November 2016, the firm finalized a new 3-year MSA with WuXi AppTec, Inc., which is a leading international contract researcher for numerous world’s largest pharmaceutical, medical and biotech device firms. This deal considerably enhances the firm’s production capacity to support late-stage clinical advancement as well as commercial demands.
The shares of Lion Biotechnologies declined over 1% to close at $7.35 on previous day. Its beta stands around 4, which clearly indicates that the stock is expected to record increased gains or losses as compared to the index gains or losses.
|Last Price a/o 3:21 PM EST||$7.35|
|Market Cap (mlns)||480.18M|
|Shares Outstanding (mlns)||65.33M|
|Share Float (mlns)||61.30M|
|Short Interest Ratio||25.57|
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.