Gritstone Bio appoints new board members in growth stage

Emeryville, Calif. – Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company, today announced that Stephen Webster has joined its Board of Directors. Webster, a senior financial executive with more than three decades of experience in the biotech sector, joins Gritstone as the company anticipates significant growth in its Phase 2 GRANITE data.

The company also revealed that current board member Steve Krognes will not seek re-election at the upcoming 2024 annual meeting. Gritstone President and Chief Executive Officer Andrew Allen, M.D., Ph.D., expressed optimism about Webster's appointment, emphasizing his extensive background in financing and business development as key to driving shareholder value.

Webster's industry credentials include serving as financial officer at Spark Therapeutics, which was acquired by Roche for $4.3 billion. He also served as financial officer at Optimer Pharmaceuticals and Adolor Corporation, both of which were acquired by Cubist Pharmaceuticals. His profile is further enhanced by investment banking experience at Broadpoint Capital and PaineWebber Incorporated.

In addition to Gritstone, Webster serves on the boards of directors of Cullinan Therapeutics and NextCure (NASDAQ: ), Inc. MBA degree.

Webster expressed enthusiasm for joining Gritstone's board of directors in a statement, calling the company's innovative vaccine platform a potential game-changer in oncology and infectious diseases. He is prepared to work with Gritstone's management and directors to take advantage of growth opportunities.

Dr. Allen also took the opportunity to thank Steve Krognes for his contributions to Gritstone, acknowledging his role in establishing the company as a key player in the field of neoantigen-directed cancer vaccines.

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Gritstone Bio is focused on developing effective vaccines, utilizing innovative vectors and payloads to train the immune system against key disease targets. The company is actively developing a portfolio of product candidates for the treatment and prevention of viral diseases and solid tumors.

This news article is based on a press release from Gritstone Bio.

Investment Professional Insights

As Gritstone Bio, Inc. (NASDAQ: GRTS ) welcomes finance veteran Stephen Webster to its board of directors, the company's financial health and market performance remain critical to investors. With the second phase of GRANITE material now available, Gritstone is at a critical juncture. Here are the latest insights from InvestingPro that could influence investor sentiment:

Despite challenging financial conditions, two analysts upgraded earnings for the period ahead, suggesting expectations for Gritstone's performance may change. The optimism comes despite the company being thought to be burning through cash at a rapid pace, with InvestingPro Tip highlighting the importance of Webster's expertise in raising capital to the company's future plans.

InvestingPro Data further shows that its market capitalization is US$86.54 million, with significant price fluctuations and a 1-week total price return of 9.11%. Still, this contrasts with significant declines over longer periods, including a 1-month total price return of -68.35% and a 3-month return of -71.56%. The current closing price is $0.76, which is only 24.41% of the 52-week high, highlighting the stock's recent poor performance.

Investors interested in learning more about Gritstone's financial health and future prospects can find more InvestingPro tips on InvestingPro. For now, there are 14 additional tips that could provide valuable insights, especially in light of the company's recent board changes and expected data releases.For those considering subscribing to InvestingPro, please use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount.

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