SAN DIEGO, CA – ImmunityBio, Inc., a biotechnology firm specializing in biological products, announced today the resignation of John Owen Brennan from its Board of Directors, effective immediately. Brennan, who has served on the board since 2021, stepped down from his role and all related committee positions on February 7, 2025. According to the company's filing with the Securities and Exchange Commission, his departure is not due to any disagreements with the company's operations, policies, or practices. The announcement comes as the company's stock has shown strong momentum, with a 29.3% gain year-to-date despite an overall weak financial health score according to InvestingPro analysis.
The company, previously known as NantKwest , Inc., and headquartered in San Diego, California, acknowledged Brennan's contributions over his tenure. ImmunityBio expressed gratitude for his service, noting his valuable input to the board and its committees. With the company's next earnings report due on March 4, 2025, InvestingPro data indicates analysts anticipate sales growth in the current year, though profitability remains a challenge.
ImmunityBio, traded on the Nasdaq Global Select Market under the ticker (NASDAQ:IBRX), has not indicated any immediate plans for Brennan's replacement on the board. The company's brief statement did not elaborate on the reasons for Brennan's resignation, maintaining a focus on the factual aspects of the change within its governance structure.
This announcement comes as part of a routine disclosure required by the SEC for publicly traded companies when there are significant changes within their executive ranks or board composition. The information provided is based on a press release statement from ImmunityBio, Inc.
In other recent news, ImmunityBio has made significant strides in its discussions with the FDA concerning its clinical development pipeline in non-muscle invasive bladder cancer (NMIBC) and non-small cell lung cancer (NSCLC). The biotechnology firm plans to submit a supplemental Biologics License Application (sBLA) in 2025 for its innovative treatment targeting Bacillus Calmette-Guérin (BCG) unresponsive NMIBC. This development could potentially increase the number of patients benefiting from this therapy.
BTIG initiated coverage on ImmunityBio with a Buy rating, showing confidence in the company's lead product, ANKTIVA, and its strategic partnership with the Serum Institute of India. In addition, ImmunityBio has been assigned a unique permanent J-code for ANKTIVA by the Centers for Medicare & Medicaid Services, facilitating the billing process for this treatment.
The company also announced plans for a public stock offering, with funds raised earmarked for the commercialization of ANKTIVA and funding trials in bladder cancer and non-small cell lung cancer, among other corporate purposes. Lastly, ImmunityBio has partnered with software company nCartes to automate clinical trial data processes, aiming to expedite data collection and potentially bring new therapies to market more swiftly. These are recent developments in the company's ongoing efforts to enhance the natural immune system's response to cancer and infectious diseases.
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