PALO ALTO, CA – Scilex Holding Co (NASDAQ:SCLX), a company specializing in biological products with a market capitalization of approximately $85 million, announced the departure of David Lemus from its Board of Directors. The news comes as the company's stock has shown recent momentum, gaining over 23% in the past week.
According to the filing with the Securities and Exchange Commission, Lemus resigned from the Board and all board committees, effective immediately on Wednesday, for personal and professional reasons.
The resignation was formally submitted to the Board on November 27, 2024, and was included as an exhibit in the company's 8-K filing. Scilex, also known under the organization name 03 Life Sciences, is incorporated in Delaware and has its principal executive offices in Palo Alto, California. The company generated revenue of nearly $51 million in the last twelve months, maintaining a strong gross profit margin of 68%.
David Lemus's decision to step down from his role did not stem from any disagreement with the company on any matter relating to the company's operations, policies, or practices, as per the information provided in the resignation letter attached to the SEC filing. According to InvestingPro data, analysts maintain a positive outlook on the stock, with price targets ranging from $4 to $14, significantly above current trading levels.
Scilex Holding Co, which also trades warrants under the ticker symbol SCLXW on The Nasdaq Stock Market LLC, has not yet announced a successor or provided details on the process for filling the vacancy left by Lemus's departure.
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The company's SEC filing also included the Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).
This report is based on a press release statement from Scilex Holding Co.
In other recent news, Scilex Holding Company has been making significant strides in its financial and operational performance. The biotech firm successfully negotiated waivers for potential defaults on its financial obligations, as disclosed in a recent SEC filing.
The waivers prevent immediate acceleration of payment obligations under the senior secured promissory note and the Tranche B notes. Scilex also reported Q3 net sales growth for its non-opioid pain management products, with ZTlido sales reaching between $11.0 million and $13.0 million.
The company secured a $50 million convertible note offering with stakeholders including Murchinson, 3i (LON:III) LP, and Oramed Pharmaceuticals (NASDAQ:ORMP), a move that H.C. Wainwright applauded as it maintained its Buy rating on Scilex. Furthermore, Scilex is exploring strategic options for its subsidiary, Scilex Pharmaceuticals, potentially considering a spinoff or public listing outside the United States.
In addition, Scilex reached a consensus with the FDA for a New Drug Application for SP-103, a product candidate for chronic neck pain treatment, projected to reach peak annual sales of $1.2 billion by the 6th year after its launch.
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