Aspira Women’s Health CFO Dismissed for Cause By Investing.com

Aspira Women’s Health Inc. (NASDAQ:AWH), a company specializing in diagnostic substances, has announced the termination of its Chief Financial Officer, Dr. Torsten Hombeck, due to a personal civil matter that has interfered with his ability to fulfill his role. The company’s CEO, Nicole Sandford, will take on the CFO responsibilities on an interim basis while the search for a permanent replacement is underway.

The decision, effective as of Thursday, was made by the Compensation Committee of Aspira Women’s Health and is based on a “cause” as defined in Dr. Hombeck’s employment agreement, which dates back to May 16, 2023. According to the company’s statement, the civil matter is unrelated to the company’s operations, internal controls, or financial statements. As a result of this termination, Aspira Women’s Health believes it is not obligated to make any further payments to Dr. Hombeck, apart from his salary for the days worked in the current pay period up to June 28, 2024.

Nicole Sandford, 53, has been serving as the CEO of the company since March 2022 and brings over three decades of executive and leadership experience to the role. Prior to her current position, she was the Executive Vice President of Ellig Group and had a significant tenure at Deloitte, where she held various leadership roles. Sandford’s background includes launching new ventures, transforming practices, and leading business units within the firm. Her appointment as interim CFO is supported by her extensive financial expertise and leadership experience, including her time as Aspira’s CEO.

The company’s headquarters is located in Austin, Texas, and it operates under Delaware incorporation. Aspira Women’s Health, formerly known as Vermillion Inc., Ciphergen Biosystems Inc, and Abiotic Systems, has undergone several name changes in its history, with the most recent change occurring in 2007.

This announcement is based on a recent SEC filing and reflects the company’s commitment to transparency in its executive leadership roles. Aspira Women’s Health has not provided further details on the nature of Dr. Hombeck’s civil matter or the search for his successor.

In other recent news, Aspira Women’s Health reported a significant 114% growth in the adoption of its OvaWatch test in Q1 2024 compared to the same period last year. The company’s revenue for the first quarter was $2.2 million, indicating a slight decline from the previous year but an increase from Q4 2023. Aspira is also collaborating with Dana Farber Cancer Institute on the development of new products, OvaMDx and EndoMDx, with design and verification completion targeted for the end of 2024. Despite new FDA regulations for lab-developed tests, the company does not expect significant impacts on its products. Furthermore, Aspira has added 6 million covered lives to its portfolio following an agreement with Anthem. These are among the recent developments for the company, which continues to focus on scaling its business and seeking additional contracts and reimbursement coverage. Aspira is also exploring alternative funding sources, including research grants.

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