Traws Pharma appoints new interim CEO with compensation details

Traws Pharma, Inc., a pharmaceutical company previously known as Onconova Therapeutics (NASDAQ:TRAW), has officially entered into an employment agreement with Iain Dukes as the company’s Interim Chief Executive Officer, effective April 1, 2025. The agreement, detailed in a recent SEC filing, sets forth the terms of Dr. Dukes’ compensation and tenure. According to InvestingPro data, the company, currently valued at $10 million, faces significant challenges with its stock down nearly 78% year-to-date.

Dr. Dukes’ employment contract, which began on the first of April, has an initial one-year term that may be extended automatically unless either party opts out with a 90-day notice before the end of the current term. He will receive a base salary of $610,000, with the possibility of adjustments following annual reviews. Additionally, Dr. Dukes is eligible for an annual bonus with a target of 50% of his base salary, contingent on his and the company’s performance, as determined by the Board of Directors or its compensation committee. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 2.16, though it currently shows an overall WEAK financial health score.

The new interim CEO will also have access to company benefits, up to four weeks of vacation annually, and reimbursement for reasonable business expenses. In the event of termination, Dr. Dukes is eligible for severance payments under certain conditions, including a lump sum equivalent to one and one-half times his base salary and target bonus if the termination occurs within 12 months following a change in control of the company.

In a concurrent board reshuffle, Dr. Dukes stepped down as Chairman of the Board on April 15, 2025, and was succeeded by Jack Stover, an independent director since 2016. Dr. Dukes will, however, maintain his position as a member of the Board.

Investors and market watchers note that this executive transition comes at a time when the pharmaceutical industry is experiencing significant shifts, and leadership changes are closely monitored for indications of strategic realignment. While currently unprofitable, InvestingPro analysts project the company will return to profitability this year, with detailed insights available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.

This report is based on a press release statement and reflects the factual information provided by Traws Pharma, Inc. in their SEC filing.

In other recent news, Traws Pharma has reported its financial results for the first quarter of 2025, showcasing a robust cash position with $21.3 million in cash and cash equivalents as of December 31, which is expected to support operations into the first quarter of 2026. The company is actively pursuing opportunities in the antiviral drug market, particularly focusing on treatments for bird flu and COVID-19, which have shown promising developments. Additionally, Traws Pharma has announced a $50 million stock offering under an At The Market Offering Agreement with Citizens JMP Securities, LLC, allowing the company to sell shares of its common stock periodically. This decision reflects Traws Pharma’s strategy to potentially raise capital flexibly. Furthermore, the company is preparing for a pre-IND meeting with the FDA to discuss its antiviral candidates, with expectations of receiving feedback in the second quarter of 2025. The company is also exploring the expansion of treatment durations for long COVID studies. These recent developments indicate Traws Pharma’s ongoing efforts to strengthen its financial standing and expand its market presence in the pharmaceutical industry.

Traws Pharma appoints new interim CEO with compensation details

Traws Pharma, Inc., previously Onconova Therapeutics (NASDAQ:TRAW), has appointed Iain Dukes as its Interim Chief Executive Officer, effective April 1, 2025. The company, valued at $10 million, is pursuing opportunities in antiviral drug markets, particularly bird flu and COVID-19 treatments. Traws Pharma is also preparing for a pre-IND meeting with the FDA and exploring long COVID studies. The company has announced a $50 million stock offering to support its operations.