By Katherine Hamilton

Shares of Indaptus Therapeutics rose after David Lazar agreed to buy 1 million shares and become co-chief executive officer and chair of the cancer-treatment company.

The stock climbed 58% to $3.09 in after-hours trading Tuesday. Through the close, the stock had lost 92% of its value this year.

Indaptus entered into a securities purchase agreement with Lazar, who agreed to buy shares from the company at a price of $6 each, for total gross proceeds of $6 million.

The purchase will include 300,000 shares of Series AA convertible preferred stock and 700,000 shares of Series AAA convertible preferred stock.

The company plans to use proceeds from the sale for severance, general corporate and working capital purposes.

In connection with the deal, Indaptus named Lazar as co-chief executive and chair of the board effective immediately prior to closing. Outgoing Chair Roger Pomerantz will continue to serve as a board member.

Lazar is chair and chief executive of Kala Bio, a developer of eye-disease treatments, where he started working earlier this month. He was chief executive of Novabay Pharmaceuticals from August to November of this year.

Before that, he was a director at FiEE, a software as a service company where he was chief executive and chief financial officer for about two years.

Chief Executive Jeffrey Meckler has agreed to change his title to co-chief executive.

Indaptus also said two of its board directors, Robert Martell and Hila Karah, are resigning. The board appointed Avraham Ben-Tzi as a board member, which will go into effect immediately following the closing.

Lazar and Ben-Tzi fill the vacancies left by Martell and Karah, whose terms were set to expire in 2028.

As long as he continues owning more than 10% of Indaptus's shares, Lazar will have the right to recommend three individuals to be nominated to the board, the company said.

Chief Medical Officer Roger Waltzman also tendered his resignation on Monday.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

December 23, 2025 18:22 ET (23:22 GMT)

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