VIENNA, Va. - CEL-SCI Corporation (NYSE American: CVM), a biotechnology company, announced today the appointment of banking and finance expert Mario Gobbo to its Board of Directors. With nearly four decades of experience in the sectors of healthcare and energy, Gobbo brings a wealth of knowledge in venture capital, private equity, and strategic advisory services.
Gobbo's career has been marked by significant positions within the financial industry, including roles at Lazard (NYSE:LAZ) LLC, Swiss Bank Corporation, and the International Finance Corporation, part of the World Bank group.
His academic credentials include a BA in Organic Chemistry from Harvard College, an MS in Biochemistry from the University of Colorado, and an MBA, a Master of Business Economics, and a PhD in Management from the Wharton School of the University of Pennsylvania.
The CEO of CEL-SCI, Geert Kersten, expressed his enthusiasm for Gobbo's appointment, citing his unique background that merges science and finance, which is instrumental in the development of new medicines. Gobbo's track record in healthcare investments and his extensive network within the financial sector are expected to be beneficial as CEL-SCI advances its lead product, Multikine, in the treatment of head and neck cancer.
Gobbo himself remarked on the significance of joining CEL-SCI at a critical juncture in their development of potentially revolutionary cancer therapies. His role on the board is seen as a strategic move as CEL-SCI continues to focus on enhancing immune system responses in cancer patients through its investigational therapy, Multikine.
Multikine is currently under investigation for its use as a neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck, having received Orphan Drug designation from the FDA.
The therapy aims to stimulate the immune system prior to the standard of care treatments, which usually involve surgery followed by radiation or chemoradiation. CEL-SCI's Phase 3 study of Multikine showed promising results, indicating a significant reduction in the risk of death at five years for a targeted patient population.
The company operates out of Vienna, Virginia, and has additional facilities near Baltimore, Maryland. This latest board appointment is part of CEL-SCI's ongoing efforts to strengthen its leadership as it navigates the complex regulatory and commercial pathways ahead.
This news article is based on a press release statement from CEL-SCI Corporation.
InvestingPro Insights
As CEL-SCI Corporation (NYSE American: CVM) welcomes finance veteran Mario Gobbo to its Board of Directors, the company's financial health and stock performance metrics provide a backdrop for understanding its current market position. According to recent InvestingPro data, CEL-SCI's Price / Book ratio stands at 7.81, indicating a valuation that is considerably higher than the book value of its assets. This could reflect the market's expectations for future growth or the intangible assets that are not captured on the balance sheet.
Notably, the company's Gross Profit over the last twelve months as of Q1 2024 is reported at a negative $21.43 million USD, highlighting challenges in generating sufficient revenue to cover the costs of goods sold. This aligns with one of the InvestingPro Tips, which points out CEL-SCI's weak gross profit margins. The company's Operating Income and EBIT over the same period are also in the negative, at -$30.31 million USD, further underscoring the financial hurdles CEL-SCI faces.
Additionally, the company's stock performance has been underwhelming, with a 1 Month Price Total Return of -17.49% and a 3 Month Price Total Return of -43.02%. This suggests that investors have been bearish on the stock in the short term, which could be due to a variety of factors including the broader market sentiment or company-specific news. An InvestingPro Tip also reveals that the stock has fared poorly over the last month, reinforcing this trend.
For those considering an investment in CEL-SCI, it may be beneficial to explore the full spectrum of 11 additional InvestingPro Tips available at https://www.investing.com/pro/CVM. These tips could provide deeper insights into the company's financial health and future outlook. Moreover, readers can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment research with valuable data and analysis.
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