CARLSBAD, Calif. - Lineage Cell Therapeutics (NYSE:LCTX), Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company, announced the appointment of Michael H. Mulroy, J.D., as the new Chairman of the Board of Directors following the passing of the long-serving Chairman, Mr. Alfred D. Kingsley. The company expressed its condolences to Mr. Kingsley's family, highlighting his significant contributions since July 2009 and his role in shaping the company's direction.
Michael H. Mulroy will assume the role of Chairman effective April 27, 2024. Mulroy, who has been a member of the Board since 2014, brings a wealth of experience from his previous roles in corporate finance and development, as well as clinical and strategic operations. His background includes executive positions in biotech and biopharma companies, such as Chief Executive Officer of Asterias Biotherapeutics, Inc., and a Senior Advisor role at CamberView Partners, LLC.
In a statement, Mulroy praised Mr. Kingsley's dedication to Lineage and his impact on the company, committing to continue building upon his legacy. He remarked on Kingsley's innovation, leadership, and generosity, both within the company and the broader community.
Lineage Cell Therapeutics is focused on developing "off-the-shelf" cell therapies to meet unmet medical needs. Their proprietary technology platform allows for the design and manufacture of specialized human cells to replace or support dysfunctional cells due to disease, aging, or injury. The company's neuroscience-focused pipeline includes several therapies in various stages of development, targeting conditions such as age-related macular degeneration, spinal cord injuries, auditory neuropathy, and vision loss due to photoreceptor dysfunction.
InvestingPro Insights
As Lineage Cell Therapeutics, Inc. (LCTX) welcomes Michael H. Mulroy as the new Chairman of the Board, the company's financial health and market performance remain key factors for investors. According to InvestingPro data, as of the last twelve months ending Q4 2023, LCTX holds a Price to Book (P/B) ratio of 3.78, indicating the market's valuation of the company relative to its book value. Despite a challenging revenue growth rate of -39.16% during the same period, the company has managed a gross profit margin of an impressive 92.5%, reflecting its ability to maintain profitability on the cost of goods sold.
The InvestingPro Tips suggest that LCTX holds more cash than debt, which is a positive sign for financial stability, and the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs. However, analysts are not anticipating profitability this year, and the net income is expected to drop. Additionally, the stock has experienced a downturn over the last month, with a price total return of -22.97%.
For investors looking to delve deeper into Lineage Cell Therapeutics' financials and market predictions, InvestingPro offers a comprehensive suite of tools and additional tips. Currently, InvestingPro has a total of 9 tips available for LCTX, providing insights that could help investors make more informed decisions. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes these valuable tips.
As LCTX continues to develop its cell therapy technologies and navigates the leadership transition, these financial metrics and insights can help investors monitor the company's progress and potential investment opportunities.
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