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Hemispherx Biopharma CFO Adam Pascale to retire

CEO Thomas K Equels says his CFO leaves on a ‘well-deserved long vacation in September’ and upon his return will serve in a consulting capacity

Cancer cell
A company veteran, Pascale (pictured) has been an integral part of the leadership team

Hemispherx Biopharma Inc (NYSE American: HEB) announced Friday that Adam Pascale is retiring as the company’s chief financial officer after clocking nearly a quarter century with the company.

Pascale joined Hemispherx in 1995 as an accounting manager, rising to the position of chief accounting officer before being named CFO in 2016.

The company veteran has been an integral part of the leadership team since being named CFO, helping to execute CEO Thomas K. Equels’ long-term business plan to test the company’s lead product Ampligen in the treatment of cancer.

READ: Hemispherx Biopharma initiated with a Buy rating and $8 price target at Maxim

At the core of the promising Ocala, Florida-based company’s pipeline is its flagship drug Ampligen (rintatolimod), an experimental ribonucleic acid that is in clinical trials to address both chronic fatigue syndrome and to treat multiple cancers.

More recently, Pascale helped steer the company’s successful reverse-stock split, which took effect June 10.

Pascale may be stepping down as CFO, but he will still work with Hemispherx as a consultant to assist with the company’s quarterly and year-end financial reports. In fact, he will only step down as CFO on September 15 to ensure that he can file the company’s 10-Q for the quarter ending June 30.

“We deeply appreciate Adam’s service and his willingness to delay retirement while the company established a firm business foundation and while grooming a replacement,” said Hemispherx Biopharma CEO Thomas K Equels. “While he leaves on a well-deserved long vacation in September, we are grateful that upon his return he will still serve in a consulting capacity.”

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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Price: 2.075 USD

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