Velan Receives Requisite Number Of Written Consents To Reconstitute Majority Of Progenics Board

Velan Capital, L.P. (together with the other members of its group, “Velan” or “we”), one of the largest stockholders of Progenics Pharmaceuticals, Inc. (“Progenics” or the

Benzinga · 11/08/2019 19:25

Velan Capital, L.P. (together with the other members of its group, “Velan” or “we”), one of the largest stockholders of Progenics Pharmaceuticals, Inc. (“Progenics” or the “Company”) (NASDAQ:PGNX), comprised of successful specialty pharmaceutical operators and financial services experts, today announced it has delivered written consents from the holders of more than 55% (and up to 65%) of the Company’s outstanding shares to remove CEO Mark Baker, Dr. David Scheinberg and Nicole Williams from the Board of Directors (the “Board”) and to elect all five Velan nominees – Gérard Ber, Eric Ende, Ann MacDougall, Heinz Mäusli and David Mims – as directors.

Upon delivery of more than the requisite number of consents today, the changes at the Progenics Board take effect immediately. The newly reconstituted Board will consist of continuing Progenics directors, Dr. Karen Ferrante and Mr. Bradley Campbell, and five new independent directors elected by stockholders as a result of Velan’s consent solicitation.