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Viracta Therapeutics, a clinical-stage precision oncology company, announced new employment inducement grants in connection with the appointment of Michael Faerm as the Chief Financial Officer. The Board granted Faerm a non-qualified stock option to purchase 500,000 shares of common stock under the 2021 Inducement Equity Incentive Plan. A new non-executive employee was also granted options to purchase 10,000 shares. Each option vests over four years, with 25% vesting on May 13, 2025, and the rest in monthly increments over the next 36 months, contingent on continuous service. The exercise price is $0.804 per share, matching the closing price on May 14, 2024.
Viracta Therapeutics (Nasdaq: VIRX) has appointed Michael Faerm as Chief Financial Officer, effective immediately. Faerm brings over 25 years of experience in life sciences, equity research, and investment banking. His previous roles include Interim CFO at Harpoon Therapeutics, CFO at Artiva Biotherapeutics, and senior positions at Innoviva, Forest Laboratories, and Regeneron Pharmaceuticals. CEO Mark Rothera highlighted Faerm's experience as important for advancing Viracta's Nana-val treatment for EBV-associated cancers. Faerm expressed enthusiasm for joining Viracta and contributing to its mission of developing innovative therapies.
Viracta Therapeutics reported positive topline results from Stage 1 of the Phase 2 NAVAL-1 trial, showing strong efficacy and safety of Nana-val in treating EBV+ PTCL. The company plans to engage with the FDA for accelerated approval and expects more data in Q3 2024. Nana-val also showed promising results in Phase 1b/2 study for advanced EBV+ solid tumors. Positive engagement with PMDA enables enrollment in Japan. Financially, Viracta has $39.6 million in cash as of Q1 2024.
Viracta Therapeutics, a clinical-stage precision oncology company, is set to present at the RBC Capital Markets Global Healthcare Conference. The event will feature the President and CEO, Mark Rothera, and the Chief Medical Officer, Dr. Darrel P. Cohen. The presentation is scheduled for May 14, 2024, at 11:00 a.m. EDT and will be available for live webcast and archived on the Viracta website.
