LOS ANGELES, CA – VERAXA Biotech (NASDAQ: VRXA) announced that shareholders voted overwhelmingly in favor of all proposals at its Extraordinary General Meeting, with more than 99.94% of votes cast in favor 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 Dec. 31, 2030, and an increase in the maximum board size from five to seven members.
According to the company, the enhanced corporate and financing framework is intended to support its 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 VERAXA to issue shares upon exercise of options and warrants, which can be used to attract and retain talent, raise capital, or facilitate partnerships. The capital band gives the board flexibility to increase or decrease share capital within defined limits without requiring additional shareholder approval for each transaction, streamlining future financing activities. Expanding the board to seven members enables the company to add expertise as it scales operations and pursues clinical development milestones.
VERAXA is focused on discovering and developing next-generation antibody-based therapeutics, including bispecific T cell engagers, bispecific ADCs, and other innovative formats. The company’s proprietary BiTAC platform aims to improve efficacy and safety in cancer treatment. The shareholder vote underscores confidence in management’s ability to execute on its strategy while maintaining governance standards that align with long-term investor interests.
For more details, the full press release is available at https://ibn.fm/qfL87. Further updates and news on VRXA can be accessed in the company’s newsroom at https://ibn.fm/VRXA.
