Velan Capital, L.P. (together with the added associates of its group, “Velan” or “we”), one of the better stockholders of Progenics Pharmaceuticals, Inc. (“Progenics” or the “Company”) (NASDAQ:PGNX), comprised of accustomed specialty biologic operators and banking casework experts, today arise that a arch proxy advising firm, Institutional Actor Casework Inc. (“ISS”), has recommended that shareholders vote on the GREEN accord agenda in abutment of Velan’s administrator nominees, Dr. Gérard Ber, Dr. Eric Ende and David Mims.
Bala Venkataraman, Managing Partner of Velan Capital, issued the afterward statement: “We are admiring with ISS’s cessation that change is bare at Progenics, including the advocacy for the abatement of CEO Mark Baker and for the acclamation of Velan nominees Dr. Gérard Ber, Dr. Eric Ende and David Mims to the Board. We additionally appetite stockholders to vote for the acclamation of Ann MacDougall and Heinz Mäusli. In our view, the accession of alone three of our administrator nominees would represent bereft change accustomed the amount annihilative behavior of the accepted Lath – behavior that ISS broadly acknowledges throughout its report.
Notably, ISS’ abode does not accommodate a advocacy on why stockholders should vote for Dr. Scheinberg and Ms. Williams, and instead states that “some shareholders may able-bodied opt for greater coercion by electing the abounding agitator slate, decidedly accustomed that all of the agitator nominees arise able and the agitator has presented a go-forward plan that, admitting not risk-free, appears sound,” but ISS is advising three admiral instead of all bristles to abstain “triggering the abounding alienation fee.”
While we acknowledge ISS’ affair and its “conservative approach”, our accepting is the burning allegation for cogent change outweighs the affair of the alienation fee, and that Progenics’ accepted Lath should not be adored for “effectively chastening shareholders…if they accept to abutment (Velan).” In Velan’s estimate, the alienation fee would be according to or beneath than the added amount abolition that may action by accepting a majority of the bounden admiral to prolong their already boundless and adverse tenures.
Our bristles fully-independent, highly-qualified nominees acquire the skillsets and adeptness bare to abode the carelessness of stockholder interests, assiduous underperformance and cardinal failures that accept been overseen by the accepted Lath and management. We acerb accept reconstituting the Lath is an important footfall to acumen Progenics’ amount potential.”
In its report, ISS comments on assorted babyminding and blank issues, acquainted that:
In its report, ISS affirms the key operational and achievement issues accent by Velan and comments on its nominees’ adeptness to abode them, acquainted that:
ISS additionally addressed apropos about the Lantheus transaction, autograph that:
Velan, like ISS, recommends that all stockholders vote on the GREEN Accord Agenda TODAY to save Progenics. For added information, appointment www.savepgnx.com.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Velan Capital, L.P., Altiva Administration Inc., Balaji Venkataraman, Virinder Nohria, LTE Partners, LLC, LTE Management, LLC, Melkonian Capital Management, LLC, Ryan Melkonian, Terence Cooke, Deepak Sarpangal, Gérard Ber, Eric J. Ende, Ann MacDougall, Heinz Mäusli and David W. Mims (collectively, the “Participants”) accept filed a absolute accord account and accompanying GREEN accord agenda with the Securities and Exchange Commission (“SEC”) to be acclimated to accost consents from stockholders of Progenics Pharmaceuticals, Inc., a Delaware association (the “Company”), for a cardinal of proposals, the ultimate aftereffect of which, if successful, would be to reconstitute the Lath of Admiral of the Aggregation (the “Board”) through the abatement of three accepted associates of the Lath and the acclamation of the Participants’ bristles administrator nominees.
Stockholders are brash to apprehend the absolute accord account and any added abstracts accompanying to the address of consents by the Participants because they accommodate important information, including added advice apropos to the Participants. These abstracts and added abstracts filed by the Participants in affiliation with the address of consents will be accessible at no allegation at the SEC’s website at www.sec.gov. The absolute accord account and added accordant abstracts filed by the Participants with the SEC will additionally be available, after charge, by calling the Participant’s proxy solicitor, Okapi Partners LLC, toll-free at (888) 785-6673 or by requesting copies via email to [email protected]
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20191028005384/en/
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