Abeona Therapeutics Posts Q1 Net Loss Of $20.79 Mln

05/13/2022

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By Melissa Clark

Adm. Linda Fagan Confirmed As First Woman Commandant Of US Cost Guard

The Senate has confirmed Adm. Linda L. Fagan as the next commandant of the U.S. Coast Guard, paving the way for her to become the first woman to lead the Coast Guard as well as the first woman Service Chief of any U.S. military service.

Nominated by President Joe Biden in April, Fagan will succeed Adm. Karl Schultz as head of the Coast Guard when he retires by the end of May. A change of command ceremony is scheduled to take place on June 1.

Adm. Linda Fagan, 58, has been serving as Vice Commandant of U.S. Coast Guard since June 18, 2021. She is the Coast Guard’s first woman to hold the rank of four-star admiral.

Over her 36 years in the Coast Guard, Admiral Fagan has served on seven continents.

Possessing extensive interagency as well as intergovernmental experience, Fagan was previously Commander of the Coast Guard Pacific Area, and is the officer with the longest service record in the Marine Safety Field.

“Admiral Fagan’s leadership, experience, and integrity are second to none, and I know she will advance the Coast Guard’s mission to ensure our nation’s maritime safety and security,” President Joe Biden said in a statement congratulating Linda Fagan in her new role.

Biden said his administration is committed to seeing more qualified women in senior leadership and command roles; making sure women can succeed and thrive throughout their military careers.

Bill.com Rally Continues

Bill.com Holdings, Inc. (BILL) shares are gaining more than 16 percent on Friday morning trade, continuing an uptick since yesterday. There were no corporate announcements on the day to influence the stock movement on the day.

On Wednesday, the cloud-based software company had announced the appointment of Michael DeAngelo as Chief People Officer. He is an expert in scaling teams and organisations.

Currently, shares are at 116.08, up 16.08 percent from the previous close of $99.99 on a volume of 961,257.

Adm. Linda Fagan Confirmed As First Woman Commandant Of US Cost Guard

Adm. Linda Fagan, 58, has been serving as Vice Commandant of U.S. Coast Guard since June 18, 2021. She is the Coast Guard’s first woman to hold the rank of four-star admiral.

Over her 36 years in the Coast Guard, Admiral Fagan has served on seven continents.

Biden said his administration is committed to seeing more qualified women in senior leadership and command roles; making sure women can succeed and thrive throughout their military careers.

Lightspeed Stock Soars 21%

Shares of Lightspeed Commerce Inc. (LSPD) are surging over 21% Friday morning. The stock is currently trading at $19.66, up $3.49 or 21.58%, with trading volume of over 668K versus an average volume of 1.22 million shares. LSPD has been trading in the range of $15.03 – $130.02 for the past one year.

Lightspeed Commerce announced that it will be showcasing its new Lightspeed Restaurant flagship POS and commerce platform at the 2022 National Restaurant Association show in Chicago May 21-24.

Abeona Therapeutics Posts Q1 Net Loss Of $20.79 Mln

Abeona Therapeutics Inc. (ABEO), a biotech firm focused on cell and gene therapies, on Friday posted a wider net loss for the first quarter, amidst increased research and development or R&D and administrative expenses, and non-cash impairment charges. However, per share loss narrowed on higher share count at the end of the latest quarter.

For the quarter ended in March, the Dallas-headquartered company reported a net loss of $20.791 million or $0.14 per share, compared with $16.00 million or $0.17 per share loss reported for the same period a year ago.

The net loss includes a $6.2 million in non-cash impairment charges resulting from the disposition of the ABO-102 and ABO-101 development programs as Abeona targets resources on its EB-101 pivotal program and preclinical eye gene therapy initiatives, the company said in a statement.

Operating loss was at $20.591 million, higher than $14.597 million of previous year.

R&D, general and administrative expenses were reported at $10.545 million and $ 4.224 million, respectively, compared with $8.317 million and $6.280 million, reported for the first quarter of 2021.

License and other revenues in the quarter were $0.3 million with no such revenues comparable with last year.

Vish Seshadri, CEO of Abeona, said: “During the quarter, we took significant steps to preserve our capital with the goal to fund operations over the next 12 months with existing cash resources… Furthermore, we have initiated steps toward regaining compliance with Nasdaq listing requirements.”