Patriot National Bancorp Appoints Steven Sugarman as President and Board Member

Patriot National Bancorp, Inc., the parent company of Patriot Bank, N.A., declared on December 30, 2024, the appointment of Steven Sugarman as the President of the Company and a member of the Board of Directors. This appointment comes as Patriot National Bancorp embarks on an evaluation process aimed at exploring capital markets and strategic initiatives to enhance shareholder value, potentially involving activities like capital raises, strategic partnerships, sales, and mergers and acquisitions.

Steven Sugarman brings a wealth of relevant experience to his new role at Patriot National Bancorp. Previously, he founded The Change Company CDFI LLC and worked at Michelman & Robinson, LLP as Of Counsel. Additionally, he served in various capacities at Banc of California, Inc. and COR Securities Holdings Inc., among other notable positions in his career. Mr. Sugarman received his educational background from Dartmouth College and Yale Law School.

As per the Offer Letter signed between the Company and Mr. Sugarman, he will receive a base salary of $120,000 annually until the successful conclusion of a capital raise to meet all regulatory capital requirements. Post a successful capital raise, the Board will assess granting Mr. Sugarman a discretionary bonus and consider a long-term employment agreement comparable to other financial institutions with aligned strategic objectives.

In conjunction with his appointment, Mr. Sugarman has adopted the Company’s standard indemnification agreement for directors and executive officers. Further details about the Offer Letter and the agreement can be found in the company’s filings.

The Company revealed a plan to host an update call on Tivoxavir Marboxil in the first quarter of 2025. Tivoxavir Marboxil represents a significant step forward for Traws Pharma, especially with a financing effort of up to $72.6 million from leading healthcare institutional investors aimed at advancing the development of Tivoxavir Marboxil for H5N1 Bird Flu treatment.

Tungsten Advisors acted as the sole placement agent for the Traws Pharma financing. This announcement does not constitute an offer to sell, solicit, or buy any security. Interested parties should refer to the prospectus regarding the offered securities for further details.

Investors and curious individuals can find more information about Traws Pharma and its initiatives on their official website. The Company reminds individuals that statements within this announcement may contain forward-looking information and encourages readers to note risks and uncertainties associated with such statements.

For any additional information regarding Traws Pharma, including investor relations, please contact Mark Guerin at 267-759-3680 or via email at [email protected].

This news piece reflects the latest development involving Patriot National Bancorp and its strategic appointment in light of its ongoing evaluation process. Traws Pharma’s financing updates and advancements in the field of healthcare are vital steps towards innovative solutions for H5N1 Bird Flu treatment.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Patriot National Bancorp’s 8K filing here.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit, on-line national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service.