EnteroMedics Inc. (NASDAQ:ETRM) revealed on Wednesday that Gary Blackford, former Universal Hospital Services, Inc. CEO, had been appointed to the Board of Directors effective August 16 along with the stepping down of Anthony Jansz.
In line with this, Mark Knudson, Ph.D., EnteroMedics Board of Directors Chairman, expressed his gratitude to Jansz for his significant contributions to the company, in a press release.
Knudson noted that the company is pleased to welcome Blackford on board. He believes that Blackford, with more than three decades of experience in the healthcare industry, will play a crucial role in the company’s leadership.
Prior to being at the helm of corporate governance at Universal Hospital Services in 2002, Blackford had served as the CEO of Curative Health Services, Inc. He also had held numerous executive posts at Medintell Systems Corp. and ValueRx. Presently, he is a member of the Board of Directors of Halyard Health Inc (NYSE:HYH), PipelineRx, and Wright Medical Group NV (NASDAQ:TRNX).
Q2 Financial Highlights
Earlier this month, EnteroMedics has issued its earnings report for the second quarter.
The company has a total of $276,000 in sales and a total of $120,696 in gross profit. For the period, EnteroMedics had a net loss of $5 million, which is equivalent to a net loss of $0.49 per share.
Selling, General, and Administrative (SG&A) expenses amounted to $5.60 million while Research and Development (R&D) expenses amounted to $1.20 million. Consequently, the consolidated operating expenses tumbled 11.70% year-over-year.
Dan Gladney, EnteroMedics CEO, reiterated that the company, further encouraged by the results of its efforts, remains focused on sustaining its accomplishments over the period.
The company ended the period with a total of $11.50 million in cash, cash equivalents, and short-term investments.
H1 Financial Highlights
For the first half of the fiscal year (FY) 2016, EnteroMedics had a total of $348,000 and $152,561 in sales and gross profit, respectively. The company had a net loss of $12.40 million, which is equivalent to a net loss of $1.37 per share, during the six-month period.