Elicio Therapeutics, Inc., a pharmaceutical company, announced today that its annual stockholders' meeting was adjourned due to the absence of a quorum. The meeting, which was held virtually on Thursday, was unable to proceed with its agenda as the required majority of shareholders were not present in person or represented by proxy.
Despite the adjournment, the proxies received thus far have shown majority support for all proposals set to be voted on. The company has scheduled the reconvened meeting for November 21, 2024, which will also be conducted virtually. Shareholders are required to preregister for the meeting by November 20, 2024, to participate.
The record date for determining stockholders entitled to vote at the reconvened meeting remains September 11, 2024. Shareholders who have already voted do not need to cast their votes again unless they wish to change or revoke their proxy. Instructions for voting or changing votes are available in the proxy statement filed with the U.S. Securities and Exchange Commission.
Elicio Therapeutics, which operates under the ticker NASDAQ:ELTX, emphasized that the adjournment and subsequent rescheduling are in accordance with the company's Amended and Restated Bylaws. The company's management urges all shareholders to preregister and participate in the upcoming meeting to ensure their votes are counted.
This information is based on a press release statement filed with the U.S. Securities and Exchange Commission.
In other recent news, Elicio Therapeutics has been the focus of several significant developments. The company received a Buy rating from Jones Trading, with a target price set at $9.00, highlighting the potential of Elicio's cancer vaccine candidate and its innovative approach to treating pancreatic cancer.
The AMP (OTC:AMLTF) platform used by the vaccine is designed to deliver neoantigen peptides directly to the lymph nodes, aiming to generate a more effective immune response.
In addition, Elicio Therapeutics announced changes in its executive team, appointing Robert Connelly as the Principal Accounting Officer and Principal Financial (NASDAQ:PFG) Officer. This followed the resignation of its Chief Financial Officer (CFO) and Treasurer, Brian Piekos, who plans to pursue a new opportunity.
The company also aims to raise approximately $11.5 million through an underwritten public offering, which includes common stock, warrants, and pre-funded warrants for specific investors.
Lastly, Elicio shared preliminary data from its AMPLIFY-7P Phase 1a study of its cancer vaccine candidate, ELI-002 7P. The initial findings suggest a correlation between strong T cell responses and reductions in tumor biomarker levels. Further clinical data updates from the AMPLIFY Phase 1 trials are anticipated, with a randomized Phase 2 interim analysis expected in the future.
These are all recent developments that have been unfolding within Elicio Therapeutics.
InvestingPro Insights
Recent InvestingPro data provides additional context to Elicio Therapeutics' current financial situation, which may be of interest to shareholders considering the upcoming reconvened meeting. The company's market capitalization stands at $51.22 million, reflecting its current valuation in the pharmaceutical sector.
InvestingPro Tips highlight that Elicio is "quickly burning through cash" and "not profitable over the last twelve months." These factors may be critical for shareholders to consider when voting on company proposals. The company's financial health is further underscored by the fact that its "short-term obligations exceed liquid assets," which could impact its operational capabilities in the near future.
Despite these challenges, Elicio has seen a "significant return over the last week," with a 1-week price total return of 11.74%. This recent uptick might influence shareholder sentiment heading into the rescheduled meeting.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide valuable insights into Elicio Therapeutics' financial position and future prospects.
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