Miami-based pharmaceutical company Veru Inc. (NASDAQ:VERU) announced the expansion of its Board of Directors from six to seven members and the appointment of Loren Mark Katzovitz as a new independent director, effective August 1, 2024. Mr. Katzovitz will also serve on the Board's Audit Committee and Compensation Committee.
The company's Nominating and Corporate Governance Committee recommended the appointment, which was approved by the Board. Veru Inc., which operates under the SIC code for Pharmaceutical Preparations [2834], confirmed Katzovitz's independence in accordance with NASDAQ's listing standards.
There are no reported arrangements or understandings between Mr. Katzovitz and any other individuals that led to his appointment, and he does not have any family relationships with any of the company's directors or executive officers. Furthermore, there are no transactions involving Mr. Katzovitz that would require disclosure under Item 404(a) of Regulation S-K of the Securities Act of 1933, as amended.
The announcement, detailed in a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on August 2, 2024, is part of Veru Inc.'s ongoing governance and oversight processes. The company, formerly known as Female Health Co and Wisconsin Pharmacal Company Inc., is incorporated in Wisconsin with fiscal year-end on September 30 and is headquartered at 2916 North Miami Avenue, Suite 1000, Miami, Florida.
In other recent news, Veru Inc. has been in the spotlight due to key developments. The biopharmaceutical company has adjusted its price targets by Jefferies and Oppenheimer. Jefferies revised its target from $1.20 to $1.00, maintaining a Hold rating, while Oppenheimer reduced its target from $7.00 to $5.00, maintaining an Outperform rating.
Veru is currently conducting a Phase IIB clinical trial to evaluate enobosarm for obesity treatment. The trial's outcome, anticipated to be positive, could influence the drug's progress to Phase III trials and Veru's ability to secure a partnership for further development.
Another development involved the company's 2024 Annual Meeting of Shareholders. Initially, Veru faced challenges in achieving the required quorum, with only 49.6% of eligible shares represented. The meeting was rescheduled, allowing Veru additional time to solicit proxies.
Finally, Veru has enlisted obesity expert Dr. Steven B. Heymsfield to lead a Phase 2b clinical trial of enobosarm. The trial aims to preserve muscle and promote fat loss in patients undergoing GLP-1 RA weight loss treatments. Results are expected by the end of 2024. Veru confirmed its current financial resources are sufficient to fund the trial.
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