Context Therapeutics Inc. (NASDAQ:CNTX), a pharmaceutical company, announced today that its stockholders have approved an amendment to increase the number of authorized shares of common stock. The amendment, passed during a Special Meeting on Monday, raises the authorized shares from 100 million to 200 million.
The company, headquartered in Philadelphia, Pennsylvania, held the meeting with a quorum of 57.67% of outstanding shares represented. The stockholders voted in favor of the proposal with 42,389,461 votes for, 790,853 against, and 71,655 abstentions. There were no broker non-votes.
In addition to the increase in authorized shares, the stockholders also approved adjournments of the Special Meeting, if necessary, to solicit additional proxies in the event of insufficient votes to approve the amendment or in the absence of a quorum. The vote for this proposal was 42,447,035 in favor, 796,099 against, and 8,835 abstentions.
The approval of the amendment to the Amended and Restated Certificate of Incorporation is effective immediately, as filed with the Secretary of State of the State of Delaware on September 17, 2024. The change allows Context Therapeutics the flexibility to issue more shares for future corporate needs, which may include fundraising activities, stock-based compensation, or other corporate purposes.
In other recent news, Context Therapeutics has seen a series of significant developments. Piper Sandler has reaffirmed its Overweight rating on Context Therapeutics, buoyed by promising results from CLDN6-targeting programs by competitors, which bodes well for Context Therapeutics' own CLDN6-targeting therapy, CTIM-76. These findings suggest potential broad anti-tumor efficacy, indicating a positive outlook for CTIM-76's clinical development and future market potential.
In a strategic move, Context Therapeutics has acquired a clinical-stage therapeutic agent, CT-95, from Link Immunotherapeutics, with Phase 1 clinical trial initiation set for early 2025. This aligns with Context's strategy to expand its portfolio of T cell engager assets for tackling solid tumors. In addition, the company has appointed Claudio Dansky Ullmann, M.D., as Chief Medical Officer and Karen Andreas, M.S., as Vice President of Clinical Operations, to advance its clinical-stage T cell engaging assets, CTIM-76 and CT-95, into Phase 1 clinical trials.
H.C. Wainwright has also adjusted its outlook on shares of Context Therapeutics, increasing the price target to $6.00 from $5.00, while reiterating a Buy rating. This adjustment comes in response to the company's announcement of its second-quarter earnings for 2024 and a corporate update provided after the market closed the previous day. It's worth noting that the company has secured approximately $100 million in a private placement led by Nextech Invest Ltd. These are some of the recent developments at Context Therapeutics.
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