LOS ANGELES, CA — VERAXA Biotech (NASDAQ: VRXA) announced that shareholders voted overwhelmingly in favor of all proposals presented at its Extraordinary General Meeting, with more than 99.94% of votes cast in support and 72.20% of the company’s outstanding share capital represented. The approved measures include the introduction of conditional share capital for shareholder options and warrants, implementation of a capital band through December 31, 2030, and an increase in the maximum size of the board of directors from five to seven members.
The enhanced corporate and financing framework is designed to support VERAXA’s long-term growth strategy by providing greater flexibility for potential acquisitions, strategic collaborations, investment projects, capital markets activities, and continued development of its BiTAC(R) technology platform and oncology pipeline. Management said the vote reflects strong shareholder support for VERAXA’s strategy of advancing antibody-based cancer therapeutics while pursuing long-term value creation.
The approval of conditional share capital allows the company to issue shares for options and warrants, which can be used to attract and retain talent, raise capital, or facilitate partnerships. The capital band provides the board with authority to increase or decrease share capital within a specified range without further shareholder approval, offering operational agility. Expanding the board from five to seven members enables the addition of directors with diverse expertise, potentially strengthening oversight and strategic guidance.
These changes come as VERAXA progresses its pipeline of antibody-based therapeutics, including bispecific T cell engagers and bispecific ADCs, powered by technologies originating from the European Molecular Biology Laboratory (EMBL). The company’s proprietary BiTAC platform is central to its approach to developing next-generation cancer treatments.
“Today’s vote demonstrates strong shareholder confidence in our strategy and governance,” said a company spokesperson. “The new framework positions us to capitalize on opportunities and drive long-term growth.”
The full press release is available at https://ibn.fm/qfL87. For the latest news and updates on VRXA, visit the company’s newsroom at https://ibn.fm/VRXA.
This article contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially. Investors should review the risk factors detailed in the company’s filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
