BOCA RATON, Fla., Feb. 07, 2025 (GLOBE NEWSWIRE) — Entero Therapeutics, Inc. (Nasdaq: ENTO), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced today that it has secured a $2 million revolving loan agreement and subsequently appointed three new members to its Board of Directors.
As a condition for the loan, Entero replaced three of five members of its Board of Directors with three new directors designated by the lender. These appointments follow the resignations of James Sapirstein, Alastair Riddell and Timothy Ramdeen from the Board. Richard Paolone, a Toronto-based securities lawyer with leadership experience at public and private companies, joins the Board alongside Eric Corbett, a managing director with experience in capital markets and corporate finance advisory services, and Manpreet Uppal, a seasoned professional with experience in capital markets and real estate.
James Sapirstein, CEO of Entero, commented on the developments, stating, “Securing this financing is key to strengthening our balance sheet and provides the working capital to support our operations while bridging us to the anticipated completion of a subsequent public offering. I am also pleased to welcome Richard, Eric and Manpreet to our Board, whose diverse expertise and leadership experience will be invaluable as we continue to develop our GI program and drive value for our shareholders. I would like to extend my sincere thanks to Alastair and Timothy for their guidance and contributions to Entero. We are excited about the opportunities that lie ahead and confident that Entero is well-positioned for future success.”
For more information about Entero Therapeutics, visit www.enterothera.com and connect on X and LinkedIn.
About Entero Therapeutics
Entero Therapeutics, Inc., is a late clinical-stage biopharmaceutical company focused on the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company’s programs address significant unmet needs in GI health and include: latiglutenase, potentially first-in-class, targeted, oral biotherapeutic for celiac disease; capeserod, a selective 5-HT4 receptor partial agonist for indications including gastroparesis; and adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients in cystic fibrosis and chronic pancreatitis patients with exocrine pancreatic insufficiency. For more information visit www.enterothera.com.
