When a company makes an important appointment to its executive team, then the stock often goes one way or another and that is what happened with the Humanigen Inc’s (OTCMKTS:HGEN) stock on Monday.

Major Details

The company announced yesterday that veteran biotech executive and member of the Humanigen board, Timothy Morris, has been appointed as both the chief financial officer as well as the chief operating officer. The news of the appointment proved to be a boost for the Humanigen stock and it gained as much as 7%. It also indicates that the appointment has got the endorsement of investors and that is quite significant for any company.

Morris has been a biotech executive for more than 20 years and most recently, he had been serving as the chief financial officer at Iovance Biotherapeutics. He has had a fairly impressive run as the CFO at Iovance, where he raised as much as $1 billion in equity, which took his career total to $2 billion. He joins the company at a critical time as Humanigen is currently working towards advancing its coronavirus medicine lenzilumab.

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It could prove to be the springboard for further success for Humanigen and it remains to be seen how Morris leads the company through it all. It should be noted that he has been intimately involved with the company for some years and had served as a member of the Humanigen board since 2016.

In addition to this appointment, the company also announced that it is also going to host an investor call and webcast in which Humanigen will discuss the selection of lenzilumab by the National Institute of Health. The selection of the company’s coronavirus medicine lenzilumab in the upcoming trial being conducted by the National Institute of Health is a major milestone for the company.

It was announced back on July 31 and since then the Humanigen stock has been in sharp focus among investors. The announcement was made by the company’s Chief Executive Officer Cameron Durrant. He stated that the product is going to be tested at the National Institute of Allergy and Infectious Diseases’ (NIAID) Big Effect Trial (BET). It should also be noted that the tests in question are going to be conducted on patients who are in hospital due to COVID 19 infection.

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The news had also been a source of a lot of positivity around the stock and it could be useful for potential investors to keep an eye on the developments going forward. In the middle of July, the company has also announced that it extended its partnership with Catalent Biologics for the manufacturing of lenzilumab. That was another important development and will ensure an established product supply for lenzilumab.

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