SAN FRANCISCO - FibroGen, Inc. (NASDAQ: FGEN), a biopharmaceutical company currently trading at $0.33 per share with a market capitalization of $33.55 million, today announced the appointment of David DeLucia as its new Chief Financial Officer (CFO), effective immediately. DeLucia succeeds Juan Graham, who stepped down from his role on Sunday.
DeLucia will report to Chief Executive Officer Thane Wettig and will be responsible for leading FibroGen's global finance organization. His promotion comes after serving as the company's Vice President, where he oversaw Corporate Financial Planning and Analysis, Investor Relations, and Treasury. According to InvestingPro data, DeLucia faces significant challenges, as the company's financial health score is currently rated as WEAK, with the company burning through cash rapidly despite maintaining more cash than debt on its balance sheet.
CEO Thane Wettig expressed confidence in DeLucia's capabilities, citing his comprehensive understanding of the company's operations and his strategic insights. Wettig believes DeLucia will be instrumental as FibroGen advances its product pipeline, including FG-3246, a novel antibody-drug conjugate targeting CD46, and its companion diagnostic FG-3180, alongside the continued performance of roxadustat.
DeLucia, who is taking on the CFO role with nearly 15 years of financial leadership in the life sciences industry, expressed his enthusiasm about leading the company through its next phase. Prior to joining FibroGen, he held various financial roles at TherapeuticsMD (NASDAQ:TXMD) and was a buy-side investor at JP Morgan Asset Management.
FibroGen is engaged in developing novel therapies for cancer and related conditions. Its product, roxadustat, is approved in multiple regions for the treatment of anemia in chronic kidney disease patients. The company also has several immuno-oncology product candidates in the pipeline. While revenue grew by 16.15% in the last twelve months to $180 million, the company faces profitability challenges with a negative gross profit margin of -8.42%. For deeper insights into FibroGen's financial health and growth prospects, InvestingPro subscribers have access to over 10 additional ProTips and comprehensive financial metrics.
This announcement is based on a press release statement from FibroGen, Inc. The company's forward-looking statements about its products and development plans are subject to the usual risks and uncertainties that could affect the clinical and commercial success of its pipeline.
FibroGen's shares are traded on the NASDAQ stock exchange under the ticker symbol FGEN. The stock has experienced significant volatility, declining 70.28% over the past six months and currently trading at 89% below its 52-week high of $2.93. Based on InvestingPro's Fair Value analysis, the stock appears undervalued at current levels. The company's progress and strategic developments are closely watched by investors, given its focus on novel therapeutic areas in oncology.
In other recent news, FibroGen Inc (NASDAQ:FGEN). reported substantial Q3 sales and updates on its oncology pipeline, including drug candidates FG-3246 and FG-3180. Despite reporting a net loss for the quarter, the company's robust cash position, standing at $160 million, is projected to sustain operations into 2026. Roxadustat sales in China hit a high of $96.6 million, marking a 25% increase year-over-year. The company's share of these sales was $46.2 million, up 57% from the previous year.
FibroGen is set to initiate a Phase 2 trial for FG-3246 in Q1 2025 and is currently exploring partnership opportunities after regaining U.S. rights for roxadustat. The company's full-year net product revenue guidance remains within the range of $135 million to $150 million. Additionally, roxadustat sales guidance in China has been revised upwards to $330 million to $350 million.
Although the PET imaging agent FG-3180 won't be ready for the first patient dosing in the upcoming monotherapy trial, FibroGen continues to maintain a 45% brand value share in China and anticipates cash collections from AstraZeneca (NASDAQ:AZN) in Q4 2024 and Q1 2025. Investors will be closely monitoring the company's progress as it approaches key milestones in drug development and seeks to expand the indications for roxadustat.
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