Investor names new director to Arca board
BOULDER — Arca Biopharma Inc. (Nasdaq: ABIO) has added investor James Flynn to its board of directors.
Flynn is the founder and portfolio manager for Nerium Capital LLC.
His appointment is a result of an agreement this year between pharmaceutical company Arca and investor Cable Car Capital LLC that allowed CCC to name an independent director to Arca’s board.
Arca — which has two drugs in its pipeline: COVID-19 drug candidate rNAPc2 and Gencaro (bucindolol hydrochloride), a beta-blocker and mild vasodilator that could be a potential treatment for atrial fibrillation in heart-failure patients — is struggling financially and has established a committee to weigh options for maximizing shareholder value amid a 2021 that saw it double its year-over-year losses.
The company continues exploring cost-cutting measures and its options for a strategic merger or sale.