Matinas BioPharma Announces Agreement for the Acquisition of Preferred Stock and Appointment of Dr. Robin L. Smith to the Board of Directors
Investment Agreement: Matinas BioPharma has entered into a securities purchase agreement with investors to sell 3,300 shares of Series C Convertible Preferred Stock and warrants for a total of $3.3 million, with an initial closing generating $1.65 million on February 13, 2025.
Board Changes and Strategic Focus: Dr. Robin L. Smith has been appointed to the Board of Directors, while Herbert J. Conrad has resigned; the company aims to reduce operating costs and explore strategic alternatives for its antifungal drug candidate MAT2203.
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US Stocks Show Varied Performance; Riskified Shares Decline Following Q2 Earnings Report
Market Overview: U.S. stocks showed mixed results, with the Dow and NASDAQ slightly up while the S&P 500 fell by 0.03%.
Sector Performance: Information technology shares increased by 0.3%, whereas energy stocks dropped by 1.1%.
Notable Stock Movements: Riskified shares fell 13% despite meeting earnings expectations, while Propanc Biopharma surged 210% after uplisting to Nasdaq.
Global Market Trends: European shares declined, with the eurozone's STOXX 600 down 0.1%, while Asian markets mostly closed higher, led by Japan's Nikkei 225 gaining 0.77%.
Matinas BioPharma Appoints Seasoned Biotech Leaders to Board of Directors
Board Appointments: Matinas BioPharma has appointed Keith Murphy and Edward Neugeboren as independent members of its Board of Directors, effective March 11, 2025, while thanking departing directors Matthew Wikler and Natasha Giordano for their service.
Product Development: The company is advancing its oral antifungal treatment MAT2203, which aims to provide a safer alternative to intravenous amphotericin B, having successfully completed a Phase 2 study in HIV patients with cryptococcal meningitis and planning further evaluation in a Phase 3 trial.
