NEW YORK - Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), a company specializing in central nervous system disorders, announced the promotion of Michael Halstead to President. Halstead, previously serving as Executive Vice President and General Counsel, will now oversee multiple company functions including legal and human resources.
Halstead has been with Intra-Cellular Therapies since 2014 and has played a pivotal role in the company's growth. His prior experience includes leadership positions at Warner Chilcott plc and as an attorney with Davis Polk & Wardwell. Dr. Sharon Mates, CEO of Intra-Cellular Therapies, commended Halstead's broad industry experience and contributions to the company's success.
The company also reported that Larry Hineline, Senior Vice President and Chief Financial Officer, will retire after over two decades. Hineline has been with the company since June 2002, witnessing its transition from a private to a public entity. An external search for a new CFO is underway, with Hineline assisting until a successor is appointed.
InIntra-cellular therapiesas founded on Nobel prize-winning research that focuses on the intracellular mechanisms of therapies for psychiatric and neurological diseases. This promotion is part of the company's ongoing efforts to strengthen its leadership team and continue its commercial and developmental progress.
This article is based on a press release statement from Intra-Cellular Therapies, Inc.
InvestingPro Insights
As Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) continues to evolve its leadership structure, it's important for investors to stay informed about the financial health and market performance of the company. According to the latest data from InvestingPro, Intra-Cellular boasts a robust market capitalization of approximately $6.28 billion USD. Despite not being profitable over the last twelve months, the company has demonstrated a significant revenue growth of 85.51% in the same period. This may indicate a strong potential for future profitability, aligning with the company's strategic personnel changes.
InvestingPro Tips suggest that while analysts do not expect the company to be profitable this year, Intra-Cellular operates with a moderate level of debt and its liquid assets exceed short-term obligations. This financial positioning could provide the company with a degree of resilience and flexibility in its operations. Moreover, the company has experienced a strong return over the last five years, which may be an attractive point for investors considering the long-term growth prospects of Intra-Cellular Therapies.
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