Allarity Therapeutics Appoints New CMO, Adds Directors
Ticker: ALLR · Form: 8-K · Filed: Sep 13, 2024 · CIK: 1860657
Sentiment: neutral
Topics: leadership-change, board-appointment, material-agreement
TL;DR
Allarity beefs up leadership with a new CMO and two board members.
AI Summary
Allarity Therapeutics, Inc. announced on September 9, 2024, the appointment of Dr. Torbjörn Bjerke as Chief Medical Officer and the election of Dr. Bjerke and Ms. Ann-Christine Sundberg to its Board of Directors. The company also entered into a material definitive agreement, the details of which are not fully disclosed in this filing.
Why It Matters
Changes in key leadership and board composition can signal strategic shifts or new directions for a pharmaceutical company, potentially impacting its drug development and market strategy.
Risk Assessment
Risk Level: medium — Leadership changes and new board appointments can introduce uncertainty regarding future strategy and execution, especially in the volatile biotech sector.
Key Players & Entities
- Allarity Therapeutics, Inc. (company) — Registrant
- Dr. Torbjörn Bjerke (person) — Appointed Chief Medical Officer and elected to Board of Directors
- Ms. Ann-Christine Sundberg (person) — Elected to Board of Directors
- September 9, 2024 (date) — Date of earliest event reported
FAQ
What is the effective date of the reported changes?
The date of the earliest event reported is September 9, 2024.
Who has been appointed as the new Chief Medical Officer?
Dr. Torbjörn Bjerke has been appointed as the new Chief Medical Officer.
Who has been elected to the Board of Directors?
Dr. Torbjörn Bjerke and Ms. Ann-Christine Sundberg have been elected to the Board of Directors.
What type of agreement did Allarity Therapeutics enter into?
Allarity Therapeutics, Inc. entered into a material definitive agreement.
What is the principal executive office address of Allarity Therapeutics, Inc.?
The address of the principal executive offices is 24 School Street, 2nd Floor, Boston, MA 02108.
Filing Stats: 1,616 words · 6 min read · ~5 pages · Grade level 13.1 · Accepted 2024-09-13 08:53:18
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share ALLR The Nasdaq Stock Mar
- $50 million — f the Second Amendment was increased to $50 million. The foregoing description of the Seco
- $120,000 — ntly proposed transaction, in excess of $120,000 in which the Company is or was a partic
- $340,000 — Employment Agreement provides for (i) a $340,000 annual base salary (the "Base Salary"),
- $160,000 — (the "RSUs") with an aggregate value of $160,000; the number of shares to be granted sha
- $50,000.00 — icy, (viii) a one-time signing bonus of $50,000.00 in exchange for Mr. Epshinsky's promise
Filing Documents
- ea0214462-8k_allarity.htm (8-K) — 38KB
- ea021446201ex10-1_allarity.htm (EX-10.1) — 7KB
- ea021446201ex10-2_allarity.htm (EX-10.2) — 117KB
- 0001213900-24-078294.txt ( ) — 367KB
- allr-20240909.xsd (EX-101.SCH) — 3KB
- allr-20240909_lab.xml (EX-101.LAB) — 33KB
- allr-20240909_pre.xml (EX-101.PRE) — 22KB
- ea0214462-8k_allarity_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. As previously reported in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 20, 2024, on March 19, 2024, Allarity Therapeutics, Inc. (the "Company"), entered into an At-The-Market Issuance Sales Agreement (the "Agreement") with Ascendiant Capital Markets, LLC (the "Agent"), pursuant to which the Company may offer and sell, from time to time, through the Agent, shares (the "Placement Shares") of the Company's common stock. As previously reported in our Current Report on Form 8-K filed with the SEC on May 21, 2024, on May 17, 2024, the parties to the Agreement entered into a First Comprehensive Amendment to the Agreement. On September 9, 2024, the parties to the Agreement entered into a Second Amendment to the Agreement (the "Second Amendment"). The amount of the Placement Shares that may be sold under and pursuant to the terms of the Second Amendment was increased to $50 million. The foregoing description of the Second Amendment is qualified in its entirety by reference to the full text of such Second Amendment, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein in its entirety by reference.
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Chief Financial Officer On September 12, 2024, the Company received a notice of resignation from Joan Y. Brown, its Chief Financial Officer, effective September 12, 2024. Ms. Brown's resignation was not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including accounting principles, practices and disclosures. Appointment of Chief Financial Officer On September 12, 2024, the Board of Directors (the "Board") of the Company approved the appointment of Alexander Epshinsky as the Chief Financial Officer of the Company as of September 12, 2024, succeeding Ms. Brown. Following his appointment as Chief Financial Officer, Mr. Epshinsky will report to Thomas H. Jensen, the Company's Chief Executive Officer. Alexander Epshinsky, 41, is a CPA and has a wealth of experience in the finance and accounting field. Prior to joining the Company, since January of 2023, Mr. Epshinsky held the position of Controller at Avenue Therapeutics, a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of neurologic diseases. Prior to this role, from October 2021 to January 2023, Mr. Epshinsky served as Controller at Aruvant, a private clinical-stage gene therapy company focused on developing and commercializing transformative therapies for patients with severe hematological conditions. From September 2019 to October 2021, Mr. Epshinsky worked as an Assistant Controller at Turnstone Biologics, a clinical stage biotechnology company focusing on developing medicines to treat and cure patients with solid tumors. Mr. Epshinsky holds a Master of Science degree in Accounting from Kean University, and a Bachelor of Arts degree in Economics from Rutgers University. Mr. Epshinsky has no family relationsh
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. While the Company largely paused its financing strategy and initiatives over approximately the last 2 months, including with respect to its ATM, it is continually evaluating the need to consummate various types of financings in order to accomplish its operational and strategic goals and reach new milestones. Accordingly, and particularly since that the Company has modified their management team with a new CFO, the Company will now look to pursue any of the various financing opportunities available to it and which align with its business objectives and allow the Company to support its strategic initiatives and growth plans.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1 Second Amendment to At-The-Market Issuance Sales Agreement, dated September 9, 2024. 10.2 Employment Agreement, dated as of September 12, 2024, by and between Allarity Therapeutics, Inc., and Alexander Epshinsky. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Allarity Therapeutics, Inc. By: /s/ Thomas H. Jensen Thomas H. Jensen Chief Executive Officer Dated: September 13, 2024 3