Melinta Therapeutics Inc (NASDAQ:MLNT) closed Monday’s trading session at $1.70 after a downtick during the week following the release of its corporate updates.
Melinta is a commercial stage biopharma that develops and commercializes antibiotics that target serious bacterial infections. The company released updates for its new management appointments, cost savings outlook, and strategic responsibilities appointments. The firm plans to keep executive its strategic initiatives as part of its plan to align its businesses so that they can create value and achieve profitable growth.
“We have been moving with purpose and focus over the past several months to reposition Melinta and set a new trajectory towards growth and value creation,” stated Melinta Therapeutics interim CEO, John H. Johnson.
The CEO also noted that the company is pleased with the progress that it has been making through its numerous financial, operational, and strategic initiatives. The company is currently experiencing good momentum on product sales as well as its activities aimed at bringing down costs. Melinta has also been increasing its chances of strengthening its balance sheet and achieve more with its cash.
One of the vital decisions that the company recently made is the $135 million loan agreement that melinta signed with Vatera Investment Partners LLC and Vatera Healthcare Partners LLC. The loan facility deal was announced in December last year.
Melinta recently announced new hires in some of its positions
The firm also announced that hired Johnson as its new CEO. It also hired Timothy Simon to be its new Chief Commercial Officer. Ryan Lococo is the firm’s new Chief Business Officer after previously serving as its’s VP of strategy and corporate development. Jennifer Sanfilippo was appointed as Melinta’s General Counsel, an upgrade after previously serving as the corporate counsel VP.
Jennifer, Ryan, and Timothy are qualified for their new positions because they have vast experience in the industry. They have also held significant positions and will add value to the company through their experience and skills. Melinta is scheduled to provide its 2018 fourth quarter performance report in March. It is also expected to announce its 2019 guidance at the same time as it announces its Q4 2018 results.