Traws Pharma, Inc. (NASDAQ:TRAW), a pharmaceutical company based in Newtown, Pennsylvania with a market capitalization of $15.9 million, announced the resignation of board member Luba Greenwood. The departure was made public through a filing with the Securities and Exchange Commission on Monday, December 16, 2024.
According to the company's 8-K filing, Greenwood's decision to leave the board was voluntary and not due to any disagreement with the company's operations, policies, or practices. The filing did not indicate any immediate plans for a replacement or the impact, if any, that her departure may have on the company's governance or strategic direction. InvestingPro analysis shows the company maintains a strong cash position, holding more cash than debt on its balance sheet.
Greenwood's resignation comes at a time when Traws Pharma continues its operations in the pharmaceutical preparations sector under the SIC code 2834. While the stock has declined 71% year-to-date, it has shown recent momentum with a 15% gain over the past week. The company, formerly known as Onconova Therapeutics (NASDAQ:TRAW) Inc., has undergone several name changes, with the most recent being in 2009. InvestingPro subscribers have access to 12 additional insights about TRAW's financial health and growth prospects.
The company's stock, which is listed on The Nasdaq Stock Market LLC under the ticker symbol TRAW, is part of a highly competitive and regulated industry. While currently unprofitable, analysts expect the company to achieve profitability this year. Traws Pharma has not disclosed further details regarding Greenwood's resignation or any potential candidates to fill the vacancy on the board.
The information provided in this article is based on the company's latest SEC filing, reflecting the company's current status and recent corporate governance events.
In other recent news, Traws Pharma is facing potential delisting from the Nasdaq Capital Market for not meeting the minimum stockholders’ equity requirement, as per Nasdaq Listing Rule 5550(b)(1). The company has reported a stockholders' deficit of approximately $105.5 million. Traws Pharma has also announced positive results from Phase 1 trials for two potential treatments: tivoxavir marboxil, an oral treatment for influenza, and ratutrelvir, an oral treatment for COVID-19. Furthermore, a merger with Onconova Therapeutics and Trawsfynydd Therapeutics is expected to improve Traws Pharma's financial position with an estimated cash balance of $28 million.
In terms of personnel changes, Luba Greenwood has joined the company's Board of Directors, following the departure of James J. Marino. Additionally, Steven M. Fruchtman, the President and Chief Scientific Officer, Oncology, has resigned. To maintain robust financial practices, Traws Pharma has engaged KPMG LLP as its new independent registered public accounting firm and has amended its corporate bylaws, lowering the quorum requirement for stockholder meetings.
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