Ms. Delphine Davan reports
MEDICENNA ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
Medicenna Therapeutics Corp. has released the voting results from the company's annual and special meeting of shareholders held today, Sept. 28, 2023.
All of the nominees listed in the management information circular dated Aug. 9, 2023, were elected as directors. Each director was elected with greater than 97 per cent of the votes cast by shareholders present at the meeting or represented by proxy. The results of the vote are detailed in the attached table.
Rosemina Merchant and Dr. Chandrakant Panchal decided not to stand for re-election at the meeting. Ms. Merchant remains the chief development officer of the company. Albert Beraldo, lead independent director, commented, "On behalf of my fellow board members and the Medicenna management team, I would like to thank Rosemina and Chandra for their service to the company over the past years."
The shareholders approved the adoption of an amendment to the company's articles to effect a reverse stock split of the company's outstanding common shares at a ratio in the range of one for five to one for 15, all as more particularly described in the circular and subject to the determination by the board of directors to implement the reverse stock split. If the board of directors determines at a later date to implement such reverse stock split, the company would then announce a reverse stock split ratio and the anticipated effective date of the reverse stock split.
A reverse stock split would reduce the total number of Medicenna's issued and outstanding common shares, which is expected to result in an increase in the trading price per share. A reverse stock split is primarily intended to ensure that the company regains compliance with the minimum required closing bid price for continued listing on the Nasdaq Stock Market. The company's management is evaluating all possible options to regain compliance with Nasdaq requirements. The reverse stock split will be implemented only if the board of directors considers it in the best interests of the company.
Medicenna shareholders also voted for the appointment of PricewaterhouseCoopers LLP as auditor of the company and the approval of the unallocated options under the company's stock option plan. A total of 48.457 per cent of the issued and outstanding common shares of the company were represented in person and by proxy at the meeting.
Please refer to the circular available on SEDAR+ for more information on the business transacted at the meeting. A report on voting results will also be filed on SEDAR+.
Medicenna is a clinical-stage immunotherapy company focused on the development of novel, highly selective versions of IL-2, IL-4 and IL-13 superkines and first-in-class class-empowered superkines. Medicenna's long-acting IL-2 superkine, MDNA11, is a next-generation IL-2 with superior CD122 (IL-2 receptor beta) binding without CD25 (IL-2 receptor alpha) affinity, thereby preferentially stimulating cancer-killing effector T cells and NK cells. Medicenna's IL-4 empowered superkine, bizaxofusp (formerly MDNA55), has been studied in five clinical trials, including a phase 2b trial for recurrent GBM, the most common and uniformly fatal form of brain cancer. Bizaxofusp has obtained fast-track and orphan drug status from the United States Food and Drug Administration and FDA/EMA (European Medicines Agency), respectively. Medicenna's early-stage Biskits program, (bifunctional superkine immunotherapies) is designed to enhance the ability of superkines to treat immunologically cold tumours.
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