Viracta Therapeutics announces employee terminations, operational wind down, and strategic alternatives exploration under new CEO Craig R. Jalbert.
Quiver AI Summary
Viracta Therapeutics, Inc. announced the termination of its employees and plans to wind down operations as of February 5, 2025. The company is seeking strategic alternatives for its development programs and has appointed Craig R. Jalbert as the new CEO and sole board member to oversee the wind-down process. Jalbert has extensive experience in managing distressed businesses and has been a principal at an accounting firm since 1987. The press release also includes cautionary notes about forward-looking statements concerning the company's plans and the uncertainties surrounding the wind-down process.
Potential Positives
- Appointment of Craig R. Jalbert as CEO, who has extensive experience in managing distressed businesses and wind-down processes.
- Company is actively exploring potential strategic alternatives for its development programs, which may provide opportunities for value realization.
Potential Negatives
- The termination of employees and winding down of operations signals significant distress and a potential failure of the company's business model.
- The appointment of a CEO with a background in distressed businesses may reflect a lack of confidence in the company's viability moving forward.
- The focus on exploring strategic alternatives suggests that the company is struggling to find a viable path forward, raising concerns about its future prospects.
FAQ
What recent changes have occurred at Viracta Therapeutics?
Viracta Therapeutics has terminated its employees and is winding down operations.
Who has been appointed to lead Viracta's wind-down process?
Craig R. Jalbert has been appointed as the CEO and sole member of the board to oversee the wind-down.
What is Viracta Therapeutics focusing on after termination of operations?
The company is exploring potential strategic alternatives for its development programs following the wind-down.
What is Craig R. Jalbert's background?
Craig R. Jalbert has over 30 years of experience in managing distressed businesses and leading wind-down phases.
Where can I find more information about Viracta's risks?
Additional information regarding Viracta's risks can be found in its SEC filings at www.sec.gov.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VIRX Hedge Fund Activity
We have seen 15 institutional investors add shares of $VIRX stock to their portfolio, and 18 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BVF INC/IL removed 3,614,662 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $836,432
- STONEPINE CAPITAL MANAGEMENT, LLC added 500,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $115,700
- VANGUARD GROUP INC removed 206,795 shares (-17.8%) from their portfolio in Q3 2024, for an estimated $47,852
- HRT FINANCIAL LP added 138,822 shares (+inf%) to their portfolio in Q3 2024, for an estimated $32,123
- MORGAN STANLEY removed 103,875 shares (-77.2%) from their portfolio in Q3 2024, for an estimated $24,036
- LAURION CAPITAL MANAGEMENT LP removed 75,110 shares (-18.4%) from their portfolio in Q3 2024, for an estimated $17,380
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 74,000 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $17,123
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Viracta Therapeutics, Inc. (Nasdaq: VIRX), a clinical-stage precision oncology company focused on the treatment and prevention of virus-associated cancers that impact patients worldwide, announced today that the Company has terminated its employees and will wind down operations. The company is also exploring potential strategic alternatives for its development programs.
The board of directors appointed Craig R. Jalbert, age 63, as the Company’s CEO, President, CFO, Treasurer and Corporate Secretary, and sole member of the board to implement the wind down. Mr. Jalbert has served as a principal of the Foxborough, Massachusetts accounting firm of Verdolino & Lowey, P.C. since 1987. For over 30 years he has focused his practice in distressed businesses and has served, and continues to serve, in the capacities of officer and director for numerous firms in their wind-down phases.
Forward-Looking Statements
This communication contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company’s plans to wind down operations and explore potential strategic alternatives. Risks and uncertainties related to Viracta that may cause actual results to differ materially from those expressed or implied in any forward-looking statement include, but are not limited to, the timing and prospects of the wind down process and the likelihood and viability of any potential strategic alternatives.
Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in Viracta's reports and other documents that Viracta has filed, or will file, with the SEC from time to time and available at www.sec.gov.
The forward-looking statements included in this communication are made only as of the date hereof. Viracta assumes no obligation and does not intend to update these forward-looking statements, except as required by law or applicable regulation.
Contact Information:
Verdolino & Lowey, P.C.
124 Washington Street, Suite 101
Foxborough, MA 02035
Phone: 508-543-1720
[email protected]
