Pernix Therapeutics Holdings Inc (NASDAQ: PTX) is having a relatively strong start to the trading session this morning after the company announced that it has hired two new directors to its Board. This led to excitement among investors who are pushing the stock up. Today, we'll talk about the new board additions, what we're seeing from the stock as a result, and what we'll be watching for with regard to PTX ahead.
PTX Hires New Board Members
As mentioned above, Pernix Therapeutics is in the green early on this morning after the company announced that it has hired 2 new board members. The new members include John R. Leone and Douglas J. Swirsky. The company's Board has five members total. Four of the members of the Board are independent as incumbant directors. Also, the company announced that Graham Miao, Ph.D. And Tasos Konidaris do not stand for re-election.
The first new Board member, John R. Leone is currently serving as Operating Partner at Madryn Asset Management. Mr. Leon has also served as a Partner at Visium Asset Management from May of 2013 to January of 2017. He has also held leadership positions at Paul Capital Healthcare, Cambrex Corporation, Aventis Pharmaceuticals and Windtree Therapuetics, bringing a vast amount of industry experience to PTX.
The second new Board member, Douglas J. Swirsky was most recently the CEO and director at GenVec. He has also held positions at Stifel Nicolaus, Legg Mason, UBS, PaineWebber, Morgan Stanley, Fibrocell Science and Cellectar Biosciences.
In a statement, John Sedor, Chairman and CEO at PTX, had the following to offer:
“We are pleased to welcome Doug and John to our Board... They both have a wealth of healthcare industry-related operating and capital markets expertise experience. We look forward to their strategic contributions as we continue to grow our core product brands and seek new acquisition opportunities.
On behalf of the Board, I would also like to take this opportunity to thank Graham and Tasos for their valued support through their tenures as Board members... We wish them well in their future endeavors.”
How The Stock Is Reacting
It's clear that Pernix Therapeutics investors are happy about the new hires. That's because they are pushing the stock to the green this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:41), PTX is trading at $3.05 per share after a gain of $0.05 per share or 1.67% thus far today.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTX. In particular, we're interested in following the company to see what the two new board members bring to the table. We'll also be keeping a close eye on the continued growth of Zohydro as well as the rest of the brands in the company's robust product offering. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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