WARRINGTON, PA – In a recent virtual event held on September 24, 2024, Windtree Therapeutics Inc. (NASDAQ: WINT), a biotechnology firm specializing in biological products, disclosed the outcomes of its Annual Meeting of Stockholders. All presented proposals received approval, including the election of directors, executive compensation, and the ratification of the company’s independent auditor.
Stockholders elected four directors to serve until the 2025 annual meeting. The elected directors included Craig E. Fraser, Jed Latkin, Saundra Pelletier, and Mark Strobeck, Ph.D., each gaining majority support. Furthermore, the advisory vote on executive compensation, along with the ratification of EisnerAmper LLP as the independent registered public accounting firm for 2024, passed with substantial majorities.
Two proposals regarding the issuance of common stock were also approved. The first proposal pertained to committed equity financing, while the second involved the conversion of Series C Convertible Preferred Stock and the exercise of associated warrants, both in compliance with Nasdaq Listing Rule 5635(d).
Previously known as Discovery Laboratories Inc., Windtree Therapeutics has experienced several name changes to align with its evolving business strategy. The company’s headquarters are located at 2600 Kelly Road, Suite 100, Warrington, Pennsylvania, and it operates under the leadership of President and CEO Craig E. Fraser.
In other recent developments, Windtree Therapeutics has experienced notable changes within its board and financial structure. New independent directors, Saundra Pelletier and Jed Latkin, were appointed following the resignations of Daniel Geffken and Leslie Williams.
These appointments align with Windtree’s preparations for releasing Phase 2b clinical trial results and potential Phase 3 trials of its cardiovascular lead asset, istaroxime.
Financially, Windtree Therapeutics secured several funding agreements, including an anticipated $1 million from a private placement, $12.9 million from another private placement, and $200,000 through issuing senior notes. Additionally, the company entered an agreement to sell up to $35 million in common stock to an equity line investor and issued a convertible promissory note for $350,000, set to mature in 2025.
There was a significant alteration in the company’s share structure due to 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 for Windtree Therapeutics to $7.00, maintaining a Neutral rating on the stock. These developments are part of Windtree Therapeutics’ ongoing efforts to secure additional capital and advance its clinical development programs.
