SAN DIEGO - Gyre Therapeutics (NASDAQ:GYRE), a biotechnology firm specializing in chronic organ disease treatments, announced today the appointment of Ping Zhang as the lead independent director of its Board of Directors. Zhang, who brings a robust financial background to the role, will also serve on the Nominating and Corporate Governance Committee. The announcement comes as the company's stock has experienced a 14.77% decline over the past week, according to InvestingPro data, which shows the stock trading significantly below its 52-week high of $27.10.
The company also reported changes at its indirectly owned subsidiary, Gyre Pharmaceuticals, with Ying Luo stepping down as Chairman to focus on his role at GNI Group Ltd. Songjiang Ma has been appointed as the new Chairman for Gyre Pharmaceuticals. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 3.72, though it operates with moderate debt levels. Get access to 5 more exclusive ProTips and comprehensive financial metrics with an InvestingPro subscription.
Zhang's extensive experience includes his current position as a Managing Partner at String Capital Management since 2018 and previous roles at AEON Life Insurance (NS:LIFI) Company and Japan Asia Investment Co. He has also held directorships at GNI and Asian Star Co (TSE:8946). His academic credentials include a B.S. from Fudan University and an M.B.A. from the University of Chicago Booth School of Business.
Han Ying, CEO of Gyre Therapeutics, expressed enthusiasm for Zhang's addition to the board, citing the potential for a transformative year ahead for the company. He also extended gratitude to Luo for his past leadership and contributions.
Gyre Therapeutics, headquartered in San Diego, CA, is currently focused on the development and commercialization of its drug F351 (Hydronidone) for MASH-associated fibrosis in the U.S. The company's strategy is informed by its experience in rodent model mechanistic studies and clinical studies related to liver fibrosis caused by chronic hepatitis B (CHB).
Its subsidiary, Gyre Pharmaceuticals, is advancing its pipeline in the People's Republic of China (PRC), including ongoing clinical trials for F351 and the commercialization of ETUARY® (Pirfenidone capsule), a leading treatment for idiopathic pulmonary fibrosis (IPF) in the PRC with 2023 net sales of $112.1 million. The company reported total revenues of $105.03 million in the last twelve months, with an impressive gross profit margin of 96.23%. Gyre Pharmaceuticals is also developing treatments for several other conditions, including COPD, PAH, and ALF/ACLF. For detailed financial analysis and Fair Value estimates, visit InvestingPro.
The information for this report is based on a press release statement from Gyre Therapeutics.
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