In a recent shareholder meeting held on Tuesday, 60 Degrees Pharmaceuticals, Inc., a Delaware-based pharmaceutical company, received approval for several significant proposals. The virtual 2024 Annual Stockholders Meeting saw the election of five board members and the passage of amendments to the company's equity incentive plan and certificate of incorporation.
The meeting, which took place on July 16, 2024, had a quorum with approximately 51.86% of the outstanding voting shares represented. Shareholders elected Geoffrey Dow, Charles Allen, Stephen Toovey, Cheryl Xu, and Paul Field to the company's Board of Directors to serve until the 2025 annual meeting.
Additionally, a proposal to amend the 2022 Equity Incentive Plan to increase the number of shares available for issuance by 5 million was approved. This move is expected to provide the company with more flexibility in granting equity to employees and other service providers.
Shareholders also voted in favor of an amendment to the certificate of incorporation to effect a reverse stock split of the common stock at a ratio ranging from 1:5 to 1:12, as determined by the Board of Directors. The specific ratio and timing of the reverse stock split will be decided by the board.
Furthermore, the meeting approved modifications to the strike price of options granted to the Chief Executive Officer and President and Chief Financial Officer of the company, ensuring compliance with Nasdaq Listing Rule 5635(c). The issuance of options to a consultant was also ratified in accordance with the same Nasdaq rule.
These approvals are significant for 60 Degrees Pharmaceuticals as they aim to align the company's governance and compensation structures with market practices and shareholder interests. The information provided in this article is based on the company's SEC filing.
In other recent news, 60 Degrees Pharmaceuticals has been making significant strides in the treatment of babesiosis, an infectious tick-borne disease. The company has received ethics approval to explore the use of tafenoquine for treating babesiosis, with an 80% cure rate observed in previous studies. This forms part of a larger clinical program involving trials for acute and chronic cases of the disease.
The U.S. Food and Drug Administration (FDA) has granted orphan drug designation to tafenoquine, providing market exclusivity, tax credits, and fee waivers to encourage the development of treatments for rare diseases. Ascendiant Capital maintains its Buy rating on 60 Degrees Pharmaceuticals, following a strong first-quarter performance that exceeded expectations with a gross profit of $81,000 and a net profit of $309,000.
The company is set to initiate a clinical trial to evaluate the safety and efficacy of tafenoquine in treating babesiosis. This research is part of a broader effort to develop new treatments for infectious diseases, and it is expected to contribute significantly to the global medical community's understanding of this serious infectious disease.
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