Clearside Biomedical, Inc. (NASDAQ:CLSD), a pharmaceutical preparations company, reported the results of its 2024 annual meeting of stockholders today. The meeting, which took place on Thursday, saw stockholders vote on several key proposals, including the election of directors and executive compensation.
The company confirmed the election of three nominees to its board of directors. The elected directors, who will serve until the 2027 annual meeting, are Richard Croarkin, William D. Humphries, and Nancy J. Hutson. The votes for each director showed a majority in favor, with Croarkin receiving 30,202,533 votes for, Humphries 30,187,760, and Hutson 29,492,996. Votes withheld and broker non-votes were also reported for each nominee.
In addition to the board elections, stockholders provided advisory approval of the compensation paid to the company's named executive officers. The proposal received 22,811,768 votes in favor, with 5,237,370 against and 6,599,024 abstentions, alongside 15,408,126 broker non-votes.
The third proposal addressed at the meeting was the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal passed with a significant majority of 45,119,612 votes for, 4,880,367 against, and 56,309 abstentions.
The participation rate at the annual meeting was significant, with 67% of the outstanding shares represented. The company's definitive proxy statement, which provided detailed descriptions of each proposal, was filed with the Securities and Exchange Commission on April 26, 2024.
The reported results are based on a press release statement and the company's 8-K filing with the SEC. Clearside Biomedical, based in Alpharetta, Georgia, operates under the SIC code for pharmaceutical preparations and is incorporated in Delaware. The company's fiscal year ends on December 31.
In other recent news, Clearside Biomedical has been making significant strides in its operations and financial performance. The company's Q1 2024 financial report revealed a net loss of $11.8 million, with operating expenses reported at $8 million. However, Clearside ended the quarter with $35 million in cash, providing financial stability into Q3 2025.
The company's leading product candidate, CLS-AX, is currently in the Phase 2b ODYSSEY trial, with data readout expected in the third quarter of 2024. The ODYSSEY trial aims to demonstrate the efficacy and durability of CLS-AX in treating wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)), a condition that affects millions globally.
Analysts from H.C. Wainwright have adjusted Clearside Biomedical's price target to $5 from the previous $6 while maintaining a Buy rating on the stock. JMP Securities also maintains a "MARKET OUTPERFORM" rating with a price target of $5.00.
In addition to these financial and operational highlights, Clearside has made strategic changes to its leadership team, including the appointment of Dr. Victor Chong as Chief Medical Officer and Tony Gibney to the Board of Directors. These recent developments suggest that Clearside Biomedical continues to make progress in its operations and financial performance.
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