The life sciences industry continues to see a trend of rebranding as another biotech company decides to embrace change by saying goodbye to the old and welcoming the new.
This time it’s anti-aging biotech MyMD Pharmaceuticals that is changing its name, corporate branding and logo, as it resets to TNF Pharmaceuticals.
The name change is primarily based on the mechanism of action for its most advanced med, MYMD-1, which works as an TNF-alpha inhibitor. It will also change its stock symbol to “TNFA.”
The ethos of the company and its main med is that excess TNF alpha in the blood or tissue can lead to diseases and disorders marked by acute or chronic inflammation, including age-related disorders. MYMD-1 works by blocking the activity of excess TNF-alpha which the company believes can help restore control and regulation of the immune system.
The biotech has however endured a bumpy 12 months. Last July there was good news when its lead asset hit all primary and secondary endpoints in a mid-stage study of age-related inflammation sarcopenia, setting the company up to begin phase 3 talks with the FDA.
But in February this year, the biotech was forced into a reverse stock split to maintain compliance on the Nasdaq amid a dwindling stock price.
It did regain compliance but is now trading under $2 a share, massively down from the $56 a share it saw in August after its midstage data dropped.
It also just last month saw a major change in its leadership, with board member Mitchell Glass, M.D., stepping into the president and chief medical officer role at the company, which the company said was to position itself better as it enters into late-stage trials.