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Xenetic Biosciences names James Parslow as interim CEO

EditorNatashya Angelica
Published 2024-05-23, 02:04 p/m
© Reuters.
XBIO
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FRAMINGHAM, MA – Xenetic Biosciences, Inc. (NASDAQ:XBIO), a biopharmaceutical company specializing in immune-oncology technologies for treating difficult cancers, has announced the appointment of James F. Parslow as interim Chief Executive Officer, effective last Monday.

Parslow, who has been the company's Chief Financial Officer since April 2017, steps into the role with over 35 years of experience in finance and business leadership across various sectors.

The company is currently moving forward with its DNase-based oncology program, aiming to initiate Phase 1 clinical trials for pancreatic carcinoma and other advanced solid tumors. Xenetic's focus is on leveraging its DNase platform to enhance the efficacy of existing treatments, including immunotherapies, by targeting neutrophil extracellular traps (NETs) known to contribute to cancer progression.

Parslow's appointment is part of Xenetic's strategic plan to drive its pipeline towards clinical studies and extend its cash runway. The company anticipates sharing data from ongoing preclinical studies before the end of the year.

The forward-looking statements in the press release are subject to various risks and uncertainties, including the potential impact of public health issues like the COVID-19 pandemic, market conditions, and regulatory challenges. Xenetic's future performance could differ materially from current expectations due to these factors.

This news report is based on a press release statement from Xenetic Biosciences, Inc.

InvestingPro Insights

As Xenetic Biosciences, Inc. (NASDAQ:XBIO) ushers in a new chapter with James F. Parslow at the helm, the biopharmaceutical company's financial health and market performance are under scrutiny by investors and industry analysts alike. According to InvestingPro data, Xenetic holds a market capitalization of $5.7 million, reflecting its stature in the biopharmaceutical landscape.

InvestingPro Tips reveal that Xenetic's balance sheet carries more cash than debt, which could provide the company with financial flexibility as it advances its DNase-based oncology program into clinical trials. This is a crucial aspect for investors considering the company's ability to fund its research and development without excessive borrowing.

On the performance front, Xenetic has seen a significant return over the last week, with a 1 Week Price Total Return of 11.55%. This could be indicative of market optimism following the leadership transition, or a response to other strategic moves by the company. Moreover, the company's liquid assets exceed its short-term obligations, which suggests a stable financial position in the near term.

Nevertheless, challenges lie ahead. Analysts anticipate a sales decline this year, and net income is expected to drop. Xenetic's P/E ratio stands at -1.27, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at -1.36, reflecting concerns about profitability. The company's revenue growth also presents a mixed picture, with a notable increase of 27.09% over the last twelve months as of Q1 2024, yet a quarterly decline of -15.69% in Q1 2024.

For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available on https://www.investing.com/pro/XBIO, which could further inform investment decisions. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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