Scilex Director Resigns: Latest News from Nigeria
Scilex Holding Co (NASDAQ:SCLX), a company that specializes in biological products with a market capitalization of around $85 million, recently shared the news of David Lemus stepping down from its Board of Directors. This update comes as the company’s stock has seen a positive uptick, rising over 23% in the last week.
Lemus decided to resign from the Board and all board committees on Wednesday, citing personal and professional reasons. His formal resignation was submitted on November 27, 2024, and included in the company’s 8-K filing with the Securities and Exchange Commission. Scilex, also known as 03 Life Sciences, is based in Delaware with its main executive offices in Palo Alto, California. Over the past twelve months, the company has generated revenue of nearly $51 million, maintaining a solid gross profit margin of 68%.
In his resignation letter attached to the SEC filing, Lemus clarified that his decision to step down was not due to any disagreements with the company on operational matters. Analysts reviewing InvestingPro data have expressed optimism about the stock, with price targets ranging from $4 to $14, well above current trading levels.
Scilex Holding Co, which trades warrants under the ticker symbol SCLXW on The Nasdaq Stock Market LLC, has not yet announced a replacement for Lemus or provided details on how the vacancy will be filled.
For more in-depth insights into Scilex’s financial health and exclusive analysis, InvestingPro subscribers can access over 30 key financial metrics and expert tips. The company’s recent SEC filing also included an Interactive Data File formatted in Inline Extensible Business Reporting Language (iXBRL).
In a separate development, Scilex Holding Company has been achieving notable progress in its financial and operational performance. The biotech firm successfully negotiated waivers for potential defaults on its financial obligations as disclosed in a recent SEC filing. These waivers prevent the immediate acceleration of payment obligations under the senior secured promissory note and the Tranche B 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.
Through a $50 million convertible note offering, which includes stakeholders like Murchinson, 3i (LON:III) LP, and Oramed Pharmaceuticals (NASDAQ:ORMP), Scilex has garnered support. H.C. Wainwright, maintaining its Buy rating on Scilex, praised this move. Additionally, the company is exploring strategic options for its subsidiary, Scilex Pharmaceuticals, potentially considering a spinoff or public listing outside the United States.
Moreover, Scilex has reached an understanding with the FDA for a New Drug Application for SP-103, a product candidate for chronic neck pain treatment. Projections suggest this product could reach peak annual sales of $1.2 billion by the 6th year after its launch.
Please note that this report is based on information from a press release statement from Scilex Holding Co.
