Specialty pharma company Acerus Pharmaceuticals (Acerus Pharmaceuticals Stock Quote, Chart TSX:ASP) has announced a changeup in the CFO role effective immediately, a move that analyst André Uddin from Mackie Research takes as a positive.
In a note to clients on Tuesday, Uddin maintained his “Speculative Buy” rating and target price of C$0.65.
Mississauga-based Acerus, which specializes in men and women’s health and is marketing its key product Natesto in North America with international launches expected in 2018 and 2019, made the announcement on Tuesday morning, stating that Robert M. Motz will join the company as Chief Financial Officer effective immediately, while Ken Yoon, the current CFO will leave at the end of October.
“I am pleased to announce that Robert Motz is joining our company,” said Ed Gudaitis, President and CEO of Acerus, in a press release. “Bob has an outstanding track record of raising capital, managing finance and operations, working internationally and implementing mergers and acquisitions, which we believe will be critical to our future success.”
Uddin says Motz’s addition will “add some kick” to the company.
“Mr. Motz has more than 30 years of financial and operational experience. Prior to Acerus, he was the CFO of a leading clean tech company, Hydrogenics Corporation – where he raised more than US$75 million and headed up the company’s investor relations, overseas investments and global enterprise resource planning,” the analyst said.
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Last week, Acerus announced the first dosing of subjects in a Phase 1 clinical trial which will test its proprietary intranasal formulation of a THC-rich cannabis oil, a way of ingesting cannabis that the company thinks is superior to the more conventional smoking and edibles.
Uddin thinks ASP will produce revenue and adjusted EBITDA in 2019 of $18.7 million and negative $654,000, respectively, and revenue and adjusted EBITDA in 2020 of $29.9 million and $5.2 million, respectively. (All figures in US dollars unless noted otherwise.)
Uddin’s C$0.65 target represents a projected return of 195 per cent at the time of publication.