WARRINGTON, PA - Today, Windtree Therapeutics Inc. (NASDAQ:WINT), a biotechnology company focusing on biological products, announced the results of its Annual Meeting of Stockholders conducted virtually on September 24, 2024. The meeting saw the approval of all proposals presented, including the election of directors, executive compensation, and ratification of the company's independent auditor.
Stockholders elected four directors to serve until the 2025 annual meeting with Craig E. Fraser, Jed Latkin, Saundra Pelletier, and Mark Strobeck, Ph.D. receiving majority support. The advisory vote on executive compensation and the ratification of EisnerAmper LLP as the independent registered public accounting firm for 2024 both passed with significant majorities.
Additionally, two proposals related to the issuance of common stock were approved. The first involved the committed equity financing, and the second concerned the conversion of Series C Convertible Preferred Stock and the exercise of associated warrants. These approvals are in accordance with Nasdaq Listing Rule 5635(d).
Windtree Therapeutics, previously known as Discovery (NASDAQ:WBD) Laboratories Inc., has undergone several name changes since its inception, reflecting its evolving business strategy and focus. The company's headquarters are located at 2600 Kelly Road, Suite 100, Warrington, Pennsylvania, where it operates under the leadership of President and CEO Craig E. Fraser.
In other recent news, Windtree Therapeutics has seen 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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