Moleculin Biotech, Inc. (NASDAQ:MBRX), a pharmaceutical company with a market capitalization of $14.83 million and current stock price of $1.05, announced the cancellation of its Special Meeting of Stockholders due to the absence of a quorum. According to InvestingPro data, the company’s stock has declined nearly 79% over the past year. The meeting was originally scheduled for April 9, 2025, and after two adjournments, it was finally set for May 9, 2025, at the company’s headquarters in Houston, Texas.
The purpose of the Special Meeting was to address undisclosed matters requiring shareholder approval. Despite the presence of company representatives and the participation of shareholders in person and by proxy, the required quorum for conducting business was not met. Approximately 70% of the voted shares were in favor of the motion under consideration.
The company’s inability to secure a quorum led to the cancellation of the meeting without further adjournment. This development could indicate a lack of engagement or interest from a significant portion of the shareholder base or other factors affecting shareholder participation.
Moleculin Biotech, with its headquarters at 5300 Memorial Drive, Suite 950, Houston, TX 77007, is incorporated in Delaware and operates under the pharmaceutical preparations industry as defined by the Standard Industrial Classification (SIC) code 2834. The company’s fiscal year ends on December 31.
The information provided in this article is based on the latest 8-K filing by Moleculin Biotech with the Securities and Exchange Commission.
In other recent news, Moleculin Biotech has reported significant advancements in its cancer drug Annamycin, including the issuance of two new U.S. patents that extend intellectual property protection until 2040. The company also highlighted promising results from a study presented at the American Association for Cancer Research, showing that Annamycin works synergistically with other FDA-approved anticancer therapies. Moleculin is in the process of launching a Phase 3 trial for Annamycin, targeting acute myeloid leukemia (AML), with plans to open clinical sites in Europe and the Middle East. Despite these developments, the company’s recent Special Meeting of Stockholders was adjourned due to a lack of quorum, postponing any business transactions until later in the month.
H.C. Wainwright has reaffirmed its Buy rating on Moleculin Biotech, maintaining a price target of $8, citing the potential of the company’s pivotal Phase 3 MIRACLE trial. Moleculin’s recent earnings call revealed a current cash balance of $13 million, expected to last until the third quarter of 2025, with reduced operating expenses by $3 million in 2024. The company faces financial challenges, with estimated trial costs ranging between $60-70 million. Moleculin’s CEO, Walter Klemp, emphasized the transformative potential of Annamycin, noting its non-cardiotoxic properties and ability to overcome multidrug resistance.
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