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Gyre Therapeutics Bolsters Board with Ping Zhang's Appointment

AInvestMonday, Jan 6, 2025 7:08 am ET
2min read


Gyre Therapeutics (NASDAQ: GYRE), a biotechnology company focused on organ fibrosis and inflammatory diseases, has announced the appointment of Ping Zhang to its Board of Directors. Zhang, a seasoned financial professional with extensive experience in private equity and fund management, brings valuable insights to the company's strategic decision-making and risk management processes.

Zhang's appointment as the lead independent director and member of the Nominating and Corporate Governance Committee is expected to significantly enhance Gyre Therapeutics' financial governance and risk management practices. His background includes serving as the Head of Private Equity Investment and Fund of Funds Business at AEON Life Insurance Company, Ltd., Managing Partner of Japan Asia Investment Co., Ltd., and Managing Director at AEA Investors LP and Mitsubishi UFJ Securities Co., Ltd. This diverse experience in private equity, fund management, and investment banking will be crucial in guiding Gyre Therapeutics' investment strategies and ensuring the company's financial health.

Zhang's expertise in managing funds and making strategic investments will help Gyre Therapeutics optimize its capital structure, manage risk, and maximize shareholder value. His experience in the financial sector can also provide a different perspective on Gyre Therapeutics' financial reporting, ensuring the company's financial health and transparency.



In addition to Zhang's appointment, Gyre Therapeutics announced changes to its Board of Directors, with Ying Luo, Ph.D., stepping down as Chairman and Board member of both Gyre and Gyre Pharmaceuticals to focus on responsibilities at GNI Group. Songjiang Ma has been appointed as the new Chairman of Gyre Pharmaceuticals, the company's majority-owned subsidiary in China. These changes are expected to bring fresh perspectives and strategic guidance to Gyre Therapeutics, helping the company maintain its momentum in research, development, and commercialization efforts.

Gyre Therapeutics' recent financial results and business updates highlight the company's progress in its clinical development programs and commercialization efforts. The company reported cash and cash equivalents totaling $15.9 million as of September 30, 2024, and revenues of $25.5 million for the third quarter of 2024, compared to $32.0 million for the same period in 2023. Net income for the third quarter of 2024 was $2.9 million, down from $7.5 million for the same period in 2023.

For the nine months ended September 30, 2024, Gyre Therapeutics reported revenues of $77.9 million, compared to $86.3 million for the same period in 2023. Net income for the nine months ended September 30, 2024, was $17.3 million, up from $15.5 million for the same period in 2023.

Gyre Therapeutics' pharmaceutical subsidiary in China, Gyre Pharmaceuticals, reported sales of $25.3 million for Etuary (pirfenidone) for the third quarter of 2024. Additionally, Gyre Pharmaceuticals received approval for Avatrombopag maleate tablets and is planning to start commercializing Nintedanib, a small-molecule drug for the treatment of idiopathic pulmonary fibrosis in 2025.

Gyre Therapeutics is also progressing with its clinical development programs, including the completion of a 52-week phase 3 trial for F351 in CHB-associated liver fibrosis and plans to initiate a phase 2 clinical trial for F351 in MASH-associated liver fibrosis in 2025. Moreover, the company is conducting a phase 2 trial for F573, a caspase inhibitor for injection in the treatment of acute liver failure, and advancing preclinical development of F230 for pulmonary arterial hypertension and F528 for chronic obstructive pulmonary disease.

In conclusion, Gyre Therapeutics' appointment of Ping Zhang to its Board of Directors is expected to bring valuable financial expertise and experience to the company, enhancing its strategic decision-making and risk management processes. The changes in Gyre Pharmaceuticals' leadership, including the resignation of Ying Luo and the appointment of Songjiang Ma, are expected to bring fresh perspectives and strategic guidance to the company, helping it maintain its momentum in research, development, and commercialization efforts. Gyre Therapeutics' recent financial results and business updates demonstrate the company's progress in its clinical development programs and commercialization efforts, positioning it for continued growth and success.
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