Liminatus Pharma, Inc. (NASDAQ:LIMN), a $173 million market cap pharmaceutical company, announced Thursday that its board of directors has expanded to six members with the appointment of Philip Lemons and Richard Baek as directors, effective immediately. According to InvestingPro data, the company faces some financial challenges, with a weak financial health score and no profitability over the last twelve months.
According to a statement in the company's SEC filing, Lemons, 54, has more than twenty years of experience in clinical research and development. He currently serves as Chief Business Officer and board member of ICE Global Consulting, Inc., a clinical research consulting company, a role he has held since October 2020. Lemons is also the owner of Nine18 Consulting, LLC and has previously held senior executive positions at Duke Clinical Research Institute, Clintrax Global, and Momentum Research. He holds a bachelor's degree in business management from Guilford College.
Baek, 33, brings experience in financial oversight and regulatory compliance. Since December 2022, he has served as Vice President, Head of Finance & Business at Studio City PXL, a marketing and advertising agency. Prior to this, Baek was Finance Director at Hawke Media from November 2021 to June 2022 and Associate Finance Director at RAPP, an Omnicom company, from April 2021 to November 2021. He holds a bachelor's degree in business management from the University of San Francisco.
The company stated that there are no arrangements or understandings between either Baek or Lemons and any other persons pursuant to which they were selected as directors. Neither new director is party to any transaction with the company that would require disclosure under SEC regulations.
This information is based on a press release statement included in a recent SEC filing. Liminatus Pharma's common stock and warrants are listed on the Nasdaq Stock Market under the symbols LIMN and LIMNW, respectively.
In other recent news, Liminatus Pharma has formed a consortium with Samda Biolab Co., Ltd. and INNOCS AI to develop a new diagnostic kit for early detection of pancreatic cancer. The initiative will focus on the CA19-9-combined INNOCS diagnostic platform, which has shown high sensitivity and specificity in clinical trials. Liminatus Pharma will lead the regulatory approval process in the U.S. and South Korea, aiming to commercialize the product in a growing market projected to reach $3 billion by 2026. In addition, Liminatus Pharma announced its return to compliance with Nasdaq's listing requirements after addressing a delay in filing its quarterly report. The company quickly filed the necessary documentation, which restored investor confidence and ensured its continued listing on the Nasdaq. This compliance allows Liminatus to maintain access to public capital markets crucial for funding its research and development efforts. These developments highlight Liminatus Pharma's focus on advancing its diagnostic and therapeutic projects while adhering to regulatory standards.