VERAXA Biotech (NASDAQ: VRXA) announced that shareholders overwhelmingly approved all proposals presented 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 size of the board of directors from five to seven members.
The company said 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, providing a mechanism to raise capital as needed. The capital band gives the board authority to increase or decrease share capital within a defined range until 2030, enabling swift responses to financing opportunities. Expanding the board from five to seven members brings additional expertise and oversight as the company scales its operations.
VERAXA is focused on next-generation antibody-based therapeutics, including bispecific T cell engagers and bispecific ADCs. Powered by transformative technologies and quality-by-design principles, the company is advancing its pipeline of ADCs and proprietary BiTAC formats into clinical development. The company was founded on scientific breakthroughs at the European Molecular Biology Laboratory (EMBL).
For more details, the full press release is available at https://ibn.fm/qfL87. Updates on VRXA can be found in the company’s newsroom at https://ibn.fm/VRXA.
