Unicycive Therapeutics, Inc. (NASDAQ:UNCY), a pharmaceutical company, announced an amendment to its corporate charter to increase the number of its authorized common stock shares. On Monday, the company's stockholders approved a rise from 200 million to 400 million shares. Following the approval, Unicycive filed a Certificate of Amendment with the Delaware Secretary of State on Tuesday to officially enact the change.
This strategic move comes as the company, which specializes in pharmaceutical preparations, continues to navigate the competitive biotech industry. The increase in authorized shares could potentially provide Unicycive with the flexibility to raise capital, fund new research and development, engage in strategic partnerships, or pursue other corporate activities that may require the issuance of additional shares.
The details of the amendment are outlined in the full text of the Certificate of Amendment, which is attached as Exhibit 3.1 to the company's current report on Form 8-K. This document has been filed with the Securities and Exchange Commission and is incorporated into the report by reference.
Unicycive Therapeutics, headquartered in Los Altos, California, is identified as an emerging growth company. The company has not indicated whether it will utilize the extended transition period for complying with any new or revised financial accounting standards.
In other recent news, Unicycive Therapeutics has reported positive results from its pivotal clinical trial for Oxylanthanum Carbonate (OLC), a potential treatment for hyperphosphatemia in chronic kidney disease patients. The trial demonstrated a low discontinuation rate due to adverse events, indicating good tolerability of OLC. The company's CEO, Dr. Shalabh Gupta, stated these results would support a New Drug Application (NDA) submission to the FDA, anticipated in Q3 2024.
Unicycive Therapeutics also held an Annual Meeting of Stockholders where the reelection of four directors and the approval of key proposals were confirmed. The proposals included the Nasdaq 20% Issuance Proposal and the Authorized Share Increase Proposal, potentially paving the way for future financings or corporate activities.
Analyst attention towards Unicycive Therapeutics has been noteworthy. Noble Capital has maintained its Outperform rating on Unicycive shares, citing potential benefits from upcoming changes to Medicare reimbursement policies for dialysis and phosphate binders. Meanwhile, Piper Sandler has initiated coverage on Unicycive Therapeutics, assigning an Overweight rating and establishing a price target of $9.00.
These are recent developments that could influence the company's market position and investor interest. The company is expected to report top-line data from a 16-week Phase 2 trial evaluating OLC's tolerability in chronic kidney disease patients on dialysis in the late second quarter of 2024. Furthermore, a New Drug Application for OLC is anticipated by mid-2024, with potential approval by mid-2025.
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