LAWRENCEVILLE, NJ – Imunon, Inc. (NASDAQ:IMNN), a pharmaceutical company specializing in preparations, announced the results of its 2024 Annual Meeting of Stockholders, which took place on Wednesday. Shareholders voted on several key proposals, including the election of directors and the ratification of the company's independent auditor.
The election saw Dr. Stacy R. Lindborg and James E. Dentzer secure their positions on the Board of Directors until the 2027 Annual Meeting of Stockholders. The results were affirmative, with Dr. Lindborg receiving 1,632,902 votes for and 63,031 withheld, and Dentzer obtaining 1,561,144 votes for and 134,789 withheld. The number of broker non-votes for both was 1,935,151.
Other directors, including Frederick J. Fritz, Christine A. Pellizzari, Dr. Donald P. Braun, and Michael H Tardugno, will continue their service following the meeting.
Additionally, shareholders ratified the appointment of WithumSmith + Brown, PC as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal received strong support with 3,558,842 votes for, 52,812 against, and 19,430 abstentions.
The advisory vote on the 2023 compensation of the company's named executive officers, commonly referred to as "Say-on-Pay," was also approved. The compensation plan received 1,107,571 votes for, 187,627 against, and 400,735 abstentions, with 1,935,151 broker non-votes.
These voting outcomes reflect the shareholders' support for the company's current governance and oversight structures. Imunon, previously known as Celsion (NASDAQ:IMNN) Corp and before that as Cheung Laboratories Inc., operates out of its headquarters in Lawrenceville, New Jersey, and is incorporated in Delaware.
The company's SEC filing on June 13, 2024, provided the detailed results of the Annual Meeting, ensuring transparency and compliance with regulatory requirements.
The information is based on a press release statement.
In other recent news, Imunon has released its financial results for the first quarter of 2024, reporting a net loss of $4.9 million. Despite this, the company maintains a cash runway extending into Q1 2025. The firm is also conducting Phase 2 trials for its lead immunotherapy, IMNN-001, targeting ovarian cancer. Following the release of this data, H.C. Wainwright revised the price target for Imunon, reducing it to $12.00 from the previous $13.00, while maintaining a Buy rating.
The interim analysis of the OVATION 2 study, evaluating IMNN-001 in combination with neoadjuvant chemotherapy, showed a median progression-free survival of 14.95 months for the combination therapy. This indicates a 33% delay in disease progression. The combination therapy was particularly beneficial for patients with BRCA mutations and/or homologous recombination deficiency, which accounts for approximately 45% of ovarian cancer cases.
As a result of these findings, Imunon plans to design a Phase 3 trial based on the OVATION 2 study outcomes. These recent developments demonstrate Imunon's commitment to advancing their lead investigational immunotherapy, IMNN-001, and their potential for treating ovarian cancer.
InvestingPro Insights
Imunon, Inc. (NASDAQ:IMNN), while advancing its clinical trials and securing shareholder confidence as evidenced in its recent Annual Meeting, faces significant financial headwinds. According to the latest metrics from InvestingPro, Imunon's market capitalization stands at a modest $11 million, reflecting the small size of the company within the pharmaceutical industry. This is coupled with a negative P/E ratio for the last twelve months as of Q1 2024, recorded at -0.59, indicating that the company is not currently generating profits relative to its share price.
InvestingPro Tips reveal that Imunon holds more cash than debt, which is a positive sign for its liquidity and may provide some comfort to investors about the company's short-term financial health. Additionally, the company's liquid assets exceed its short-term obligations, suggesting that Imunon is in a good position to meet its immediate financial liabilities. However, analysts are not optimistic about the company's profitability in the short term, with expectations that Imunon will not be profitable this year.
Investors should note the volatility in Imunon's stock price, which has seen a large uptick over the last six months with a 40.23% price total return, yet the stock has also experienced a significant 17.57% drop in the last month. The company's stock price is currently at 58.5% of its 52-week high, with a previous close at $1.22.
For those interested in a deeper analysis, InvestingPro offers additional tips on Imunon, which can be accessed by visiting the dedicated page at https://www.investing.com/pro/IMNN. Investors looking to leverage these insights can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 14 additional InvestingPro Tips available, providing a comprehensive outlook on Imunon's financial and stock performance.
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