Matinas BioPharma Holdings, Inc. (MTNB) stock surged 0.99% in the pre-market trading session at the price of $1.02 despite no fundamental reason. The last published news was the appointment of Mr. Thomas Hoover as Chief Business Officer.
MTNB is a biopharmaceutical firm centered on improving the intracellular delivery of critical therapeutics using its paradigm-changing lipid nanocrystal platform.
Thomas Hoover Joined as Chief Business Officer
On 6th December 2021, MTNB announced that it had appointed Thomas Hoover as its Chief Business Officer. Mr. Thomas will be responsible for strategic planning, business development, licensing, and partnership management. He has over 20 years of biopharmaceutical experience in various business development positions across a broad range of therapeutic categories.
He was most recently serving at Millendo Therapeutics as Chief Commercial Officer and Chief Business Officer. Before that role, Mr. Thomas was Vice President of Corporate Development and Product Planning at Sepracor, Inc. He has an M.B.A. degree from the University of North Carolina Kenan-Flagler Business School. He did his B.A. in Economics from Harvard University.
Management Comments
Chief Executive Officer of MTNB, Jerome D. Jabbour, remarked that they are excited to welcome Thomas to their executive management team at this transformational time. His comprehensive experience in leading business and corporate development roles will be invaluable as they advance and expand the LNC platform.
Mr. Hoover commented that the LNC technology has the potential to reshape the intracellular delivery of small and complex molecules. He is excited to join at such a critical moment in the company’s trajectory. He looks ahead to collaborating with Jerry and the outstanding team to maximize the true potential of the LNC platform.
MTNB Third Quarter 2021 Financial Results
On 8th November 2021, MTNB published its financial results for the third quarter ended 30th September 2021. On 30th September 2021, cash and cash equivalents totaled $53.8 million. Cash and cash equivalents were $58.7 million on 31st December 2020. For the third quarter of 2021, net loss totaled $6.8 million, or per basic and diluted share of $0.03. Net loss was $5.7 million, or per share of $0.03, for the same quarter of 2020.
