Mira Pharmaceuticals, Inc., a Florida-based pharmaceutical company, announced the departure of Michael Jerman from its board of directors and the immediate appointment of Matthew Pratt Whalen as a new board member and Chairman of the Audit Committee, effective Monday.
Michael Jerman, who served as the Chair of the Audit Committee, resigned on Monday to pursue other activities. His resignation was not due to any disagreement with the company's operations, policies, or practices.
Matthew Pratt Whalen, 45, joins Mira Pharmaceuticals with a strong background in public accounting and corporate finance. He has been a Certified Public Accountant for over 20 years. Recently, he served as a director and member of the compensation committee at Telmoir Pharmaceuticals, Inc. (NASDAQ: TELO) and has been the Chief Financial Officer of Power Digital Marketing Inc. since May 2021.
In his role at Power Digital Marketing Inc., Whalen was instrumental in driving revenue growth and leading significant financial transactions. His previous experience includes a tenure as Chief Financial Officer at MRC Smart Technology Solutions, a Xerox Corporation (NASDAQ:XRX) subsidiary.
Whalen holds a Bachelor of Arts in Accounting from the University of San Diego and is a Certified Public Accountant in California. He has also contributed to the finance committee of United Way San Diego.
InvestingPro Insights
As Mira Pharmaceuticals, Inc. undergoes this significant change in its board composition, investors may find additional context from recent financial data and expert insights valuable. According to InvestingPro, Mira's market capitalization stands at $20.95 million, reflecting its current position in the pharmaceutical landscape.
InvestingPro Tips highlight that Mira "holds more cash than debt on its balance sheet" and "liquid assets exceed short term obligations." These factors could provide some financial stability as the company navigates through leadership changes and continues its pharmaceutical development efforts.
However, it's important to note that Mira "suffers from weak gross profit margins" and is "not profitable over the last twelve months," with a negative operating income of $8.64 million in the last twelve months as of Q3 2023. This financial performance aligns with the InvestingPro Tip that "analysts do not anticipate the company will be profitable this year."
The appointment of Matthew Pratt Whalen as the new Chairman of the Audit Committee could be particularly significant given these financial challenges. His extensive experience in public accounting and corporate finance may prove valuable in steering the company towards improved financial health.
Investors should be aware that Mira's stock has experienced volatility, with a "strong return over the last month" of 20.48%, but a significant decline of 67.56% over the past year. This volatility is further emphasized by the stock trading at just 24.96% of its 52-week high.
For those seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Mira Pharmaceuticals, providing a deeper understanding of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.