Windtree Therapeutics Inc. (NASDAQ:WINT), a biotechnology company focused on developing therapeutic products, disclosed changes in its board of directors in a recent SEC filing. On Monday, two members of the company's board, Daniel Geffken and Leslie J. Williams, resigned from their positions, including all board committees they served on. The company stated that these resignations, effective immediately, were not due to any disagreements over operations, policies, or practices.
In response to the vacancies, Windtree's board appointed Jed Latkin and Saundra Pelletier as new directors, also effective Monday. Latkin, now chair of the Audit Committee and a member of the Compensation Committee, and Pelletier, chair of the Compensation Committee and a member of both the Nominating and Corporate Governance Committee and the Audit Committee, will serve until the 2024 annual meeting of stockholders.
The board has confirmed that both Latkin and Pelletier meet the independence criteria set by Nasdaq's listing rules. Neither has any family ties to current directors or executive officers, nor are there any disclosed transactions involving them that would require regulatory disclosure.
Additionally, the board has appointed Mark Strobeck, Ph.D., as the lead independent director, a role he will undertake immediately. Compensation for the new directors will align with the company's non-employee director policy, detailed in Windtree's Annual Report, and they are expected to sign the company's standard indemnification agreement.
The changes come as Windtree continues to advance its pipeline of products in the biologics sector. As per the SEC filing, the company has expressed gratitude to Geffken and Williams for their contributions and has wished them well in future endeavors.
In other recent news, Windtree Therapeutics has undergone significant changes in its board and financial structure. The company appointed new independent directors, Saundra Pelletier and Jed Latkin, following the resignations of Daniel Geffken and Leslie Williams. These appointments coincide with Windtree's preparations for the release of Phase 2b clinical trial results and potential Phase 3 trials of its cardiovascular lead asset, istaroxime.
In financial developments, Windtree Therapeutics secured multiple funding agreements including a private placement expected to yield approximately $1 million, a $12.9 million private placement, and $200,000 through the issuance of senior notes. Additionally, the company entered into an agreement providing the option to sell up to $35 million in common stock to an equity line investor and issued a convertible promissory note for $350,000, maturing in 2025.
These transactions led to a significant change in the company's share structure, with a 1-for-18 reverse stock split reducing the number of outstanding common shares from approximately 9.2 million to about 0.5 million. Following these developments, H.C. Wainwright adjusted its price target on Windtree Therapeutics to $7.00, maintaining a Neutral rating on the stock. These recent developments are part of Windtree Therapeutics' ongoing efforts to secure additional capital and advance its clinical development programs.
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