Kairos Pharma, Ltd. (NYSE American: KAPA), a pharmaceutical company with a market capitalization of $22.1 million, announced the resignation of Dr. Rosemary Mazanet from its board of directors and the appointment of Dr. Rahul Singhvi as a new board member.
The announcement comes as the company's stock has shown strong momentum, gaining nearly 18% over the past week. Dr. Mazanet's departure, effective once a new independent director is appointed, is due to personal reasons and not because of any disagreement with the company's operations, policies, or practices.
Dr. Singhvi, 59, brings extensive experience in the life sciences industry. He co-founded Resilience (National Resilience, Inc.), a U.S.-based biomanufacturing company, and has previously held leadership roles at Flagship Pioneering, Takeda’s Vaccine Business Unit, and Novavax , Inc. (Nasdaq:NASDAQ:NVAX). His early career included positions at Merck (NS:PROR) & Co. Dr. Singhvi also serves on the boards of Codexis (Nasdaq:NASDAQ:CDXS) and Garuda Therapeutics, and the Board of Trustees of the Keck Graduate Institute.
Alongside his director role at Kairos Pharma, Dr. Singhvi will serve on the audit committee and chair both the compensation committee and the nominating and corporate governance committee. The company has agreed to compensate Dr. Singhvi with an annual cash fee of $50,000, paid quarterly, and a grant of $50,000 in restricted stock units (RSUs) under the company's 2023 Equity Incentive Plan. These RSUs will vest annually over three years.
This board transition comes at a time when Kairos Pharma continues to navigate the competitive pharmaceutical industry, with analysts setting an ambitious target price of $9 per share. While the company currently maintains a FAIR financial health score according to InvestingPro analysis, it faces near-term profitability challenges with an EBITDA of -$1.83 million in the last twelve months. The company expresses its gratitude to Dr. Mazanet for her service and welcomes Dr. Singhvi's expertise to the board.
In other recent news, Kairos Pharma has been spotlighted by EF Hutton with a Buy rating initiation. The firm has set a price target of $9.00 for Kairos Pharma shares. A key highlight of the company's work is its focus on developing innovative cancer therapeutics, including its work on immune suppression and drug resistance. Kairos Pharma's portfolio targets a range of cancers with antibodies and small molecules.
The company's most advanced drug, KROS 101, a GITR inhibitor, is currently in a significant Phase 2 trial. EF Hutton has expressed confidence in the potential of KROS 101 to meet the medical needs of cancer patients dealing with immune suppression and drug resistance.
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