In a recent development, Veru Inc. (NASDAQ:VERU), a pharmaceutical company, held its 2024 Annual Meeting of Shareholders, where a quorum was achieved, and the election of its Board of Directors took place. The meeting, which reconvened on June 27, 2024, after an adjournment on June 18, saw a majority of shareholders voting in favor of the nominated individuals.
The elected directors will serve on the board until the next annual meeting of shareholders, where their roles can be reaffirmed, changed, or new appointments made. The outcome of this meeting is crucial for Veru Inc. as the board of directors plays a significant role in guiding the company's strategic direction and governance.
The company, headquartered in Miami, FL, is known for its specialization in pharmaceutical preparations. This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Veru Inc. faced a challenge when it was unable to reach the required quorum for its 2024 Annual Meeting of Shareholders. Approximately 49.6% of eligible shares were represented, falling short of the majority needed. As a result, the only agenda item addressed was the adjournment proposal, and the meeting has been rescheduled to allow Veru Inc. additional time to solicit proxies to reach the required quorum.
Simultaneously, the pharmaceutical company has enlisted obesity expert Dr. Steven B. Heymsfield to lead a Phase 2b clinical trial of enobosarm. The trial aims to evaluate the potential of enobosarm to preserve muscle and promote fat loss in patients undergoing GLP-1 RA weight loss treatments. The study will involve approximately 90 patients, with results expected by the end of 2024.
In related news, Oppenheimer has adjusted its price target for Veru Inc., reducing it to $5.00 from $7.00, while maintaining an Outperform rating on the stock. The firm remains optimistic about enobosarm's potential, citing its clinical history in various settings.
Veru has confirmed that its current financial resources are sufficient to fund both the 12-week double-blind phase and the subsequent 16-week open-label extension of the Phase 2b trial. These developments reflect Veru's ongoing commitment to addressing unmet medical needs in patients at risk of muscle atrophy and weakness during weight loss treatment.
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