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LakeShore Biopharma (Nasdaq: LSB) has announced significant leadership transitions effective September 1, 2024. Xu Wang, previously Chief Operation Officer, has been appointed as the new Chief Executive Officer, succeeding Dave Chenn and Dr. Hui Shao. Dr. Shao transitions to the role of Chief Business Officer, focusing on global strategic planning and transactions. Additionally, he has been appointed as Vice Chairman of the Board.
Rachel Yu, formerly Interim Chief Financial Officer, has been promoted to Chief Financial Officer. She also maintains her role as a partner at Oceanpine Capital's healthcare practice. Xu Wang joins the company's Board of Directors as a new member. These changes aim to strengthen LakeShore Biopharma's leadership team as it continues its mission in developing vaccines and therapeutic biologics for infectious diseases and cancer.
LakeShore Biopharma (Nasdaq: LSB) announced financial results for Fiscal Year 2024, ending March 31, 2024. Despite revenue challenges due to supply chain issues, the company reported:
- Revenue of RMB573.4 million (US$80.8 million), down 16.6% year-over-year
- Gross profit of RMB455.7 million (US$64.2 million)
- Gross margin increased to 79.5%, up 1.8 percentage points
- Net loss of RMB433.5 million (US$61.1 million)
LakeShore Biopharma maintains its position as a leading rabies vaccine producer in China, having sold over 27.3 million doses since October 2020. The company's pipeline continues to advance, with positive interim results from the PIKA rabies vaccine Phase III trial. For Fiscal Year 2025, LakeShore anticipates double-digit revenue growth and expects to achieve breakeven.
LakeShore Biopharma (Nasdaq: LSB) will hold an Extraordinary General Meeting (EGM) on July 25, 2024, following a shareholders' requisition. The requisition, dated June 14, 2024, was issued by shareholders holding at least 10% of the voting shares, including Yi Zhang and several investment firms. The EGM will address key issues such as the reasons for recent director resignations, the establishment of new subsidiaries, and the potential impact of ongoing arbitration proceedings. The meeting will be held virtually via Zoom, and shareholders of record on July 15, 2024, are entitled to vote. Detailed information is available on the company's website and will be included in the Form 6-K filed with the SEC.
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