Scilex Director Resignation: Latest News and Updates
Scilex Holding Co, a company specializing in biological products, recently announced the departure of David Lemus from its Board of Directors. This news comes at a time when the company’s stock has been gaining momentum, showing an increase of over 23% in the past week.
Lemus resigned from the Board and all board committees on Wednesday, citing personal and professional reasons. The formal resignation was submitted to the Board on November 27 and included in the company’s 8-K filing. Scilex, also known as 03 Life Sciences, is based in Delaware with its principal executive offices in Palo Alto, California. The company has generated nearly $51 million in revenue in the last twelve months, with a strong gross profit margin of 68%.
It’s important to note that Lemus’s decision to step down did not result from any disagreements with the company. Analysts have a positive outlook on the stock, with price targets ranging from $4 to $14, which is significantly above current trading levels.
As of now, Scilex Holding Co has not announced a successor or provided details on filling the vacancy left by Lemus’s departure. For in-depth insights into Scilex’s financial health and exclusive analysis, InvestingPro subscribers have access to over 30 key financial metrics and expert tips.
In recent news, Scilex Holding Company has made significant progress in its financial and operational performance. The biotech firm successfully negotiated waivers for potential defaults on its financial obligations, as revealed in a recent SEC filing. These waivers prevent the immediate acceleration of payment obligations under certain notes.
Scilex also reported growth in Q3 net sales for its non-opioid pain management products, with ZTlido sales reaching between $11.0 million and $13.0 million. The company secured a $50 million convertible note offering with stakeholders, including Murchinson, 3i (LON:III) LP, and Oramed Pharmaceuticals (NASDAQ:ORMP), which was praised by H.C. Wainwright.
Furthermore, Scilex is exploring strategic options for its subsidiary, potentially considering a spinoff or public listing outside the United States. Additionally, Scilex reached a consensus with the FDA for a New Drug Application for SP-103, a product candidate for chronic neck pain treatment, projected to reach peak annual sales of $1.2 billion by the 6th year after its launch.
Please note that this article is based on a press release statement from Scilex Holding Co.
