On Monday, Veru (NASDAQ:VERU) Inc., a pharmaceutical company, faced a setback as it could not achieve the required quorum for its 2024 Annual Meeting of Shareholders. The meeting, which took place on June 18, 2024, saw approximately 49.6% of eligible shares represented, falling short of the majority needed.
The Miami-based company, with a Central Index Key (CIK) of 0000863894, reported that out of the 146,381,186 shares eligible to vote, only 72,634,840 shares were present or represented by proxy. A quorum necessitates a majority of the shares outstanding and eligible to vote, which would be 73,190,594 shares.
Due to the lack of quorum, the only agenda item addressed was the adjournment proposal. Shareholders approved the adjournment of the Annual Meeting, which is now rescheduled for Thursday, June 27, 2024, at 9:00 a.m. local time. The adjournment will provide Veru Inc. additional time to solicit proxies in an effort to reach the required quorum.
Veru Inc., previously known as Female Health Co and Wisconsin Pharmacal Company Inc., is headquartered at 2916 N. Miami Avenue, Suite 1000, Miami, Florida, and operates under the NASDAQ Capital Market with the trading symbol VERU.
In other recent news, Veru Inc., a biopharmaceutical company, has enlisted renowned obesity expert Dr. Steven B. Heymsfield as Principal Investigator for a Phase 2b clinical trial of enobosarm. The trial's objective is to evaluate enobosarm's potential to preserve muscle and promote fat loss in patients undergoing GLP-1 RA weight loss treatments. The study will involve approximately 90 patients with sarcopenic obesity or those aged over 60 years old receiving semaglutide. Enobosarm, a selective androgen receptor modulator, has been studied in 27 clinical trials involving 1,581 participants, showing potential in increasing muscle mass and reducing fat mass. Topline results from the trial are expected by the end of 2024.
In tandem with this development, 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 are part of Veru's larger mission to address unmet medical needs in patients at risk of muscle atrophy and weakness during weight loss treatment.
InvestingPro Insights
As Veru Inc. navigates the challenge of achieving a quorum for its Annual Meeting, investors may be evaluating the company's financial health and market performance to inform their decisions. According to real-time data from InvestingPro, Veru holds a market capitalization of $112.57 million USD. The company's revenue over the last twelve months as of Q2 2024 stands at $13.48 million USD, reflecting a notable decline of 36.67%. Additionally, the price of Veru's stock at the previous close was $0.78 USD.
InvestingPro Tips suggest that Veru's stock is currently in oversold territory, which could interest investors looking for potential entry points. Moreover, the company's liquid assets surpass its short-term obligations, indicating a degree of financial stability. For investors seeking a deeper analysis, InvestingPro provides further tips on Veru Inc., including insights into valuation multiples and profitability forecasts. Those interested in accessing these additional tips can utilize the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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