PR Newswire
ALPHARETTA, Ga., July 1, 2019
ALPHARETTA, Ga., July 1, 2019 /PRNewswire/ -- Velan Capital, L.P. (together with the other participants in its solicitation, "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 issued a statement reminding stockholders that now is the time to demand accountability at Progenics and to follow the recommendation of Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, by voting AGAINST the election of Progenics directors Peter Crowley and Michael Kishbauch at the Company's upcoming Annual Meeting of Stockholders scheduled to be held on July 11, 2019 (the "Annual Meeting").
In its report, ISS endorsed our call for change on the Progenics Board of Directors (the "Board"), highlighting the Board's seeming unwillingness to recognize the underperformance of the Company under its guidance and noting the Board's failure to hold management accountable for numerous operational and strategic missteps.
In Velan's view, ISS' review of the true issue in a withhold campaign – the performance of the incumbent directors – is most relevant. ISS concluded that stockholders should support Velan's campaign for change by voting AGAINST Messrs. Crowley and Kishbauch. ISS stated*:
Velan believes Progenics is short on time and facts – the time to act is NOW. The Company has yet to properly explain why it took TEN MONTHS for an AZEDRA patient to be dosed and why it took over SIX YEARS to begin a Phase 2 program for MIP-1095. Time is ticking on AZEDRA and MIP-1095 and the Company is short on reasons for the delay and lacks a sense of urgency. In its report, ISS stated*:
While Velan believes that Glass Lewis & Co., LLC ("Glass Lewis") reached the wrong conclusion in its report issued in connection with the Annual Meeting, Velan is pleased that Glass Lewis highlighted the multiple issues and shortcomings under the incumbent Board*:
The Company has argued Velan is seeking control but NOT ONCE did Velan ask for more than a MINORITY of Board seats in ANY discussions with the Company. Velan intended to reduce its director nominees to a minority slate – a FACT discussed with both the Company and Glass Lewis, yet it is conveniently excluded from the Company's numerous misleading press releases and presentations and Glass Lewis' analysis. The false notion that we sought or seek control is a red herring and a serious misrepresentation that the Company continuously employs to mislead stockholders in a desperate attempt to preserve the troubling status quo.
In addition, we think it is important to make clear that the Company specifically excluded ALL Velan nominees in all negotiation offers (despite our candidates "appear[ing] to have deep financial expertise" and "experience as operating executives commercializing biopharmaceuticals" as ISS points out). Furthermore, the Company's requirement that candidates be acceptable to the Board potentially gave them the ability to reject any of our nominees. We urge stockholders to remain focused on the real issues facing the Company and to hold this Board accountable for its troubling track record.
While we believe that voting on the GREEN proxy card sends the strongest message that change is required, voting on the WHITE proxy card in the manner recommended by ISS – AGAINST Messrs. Crowley and Kishbauch – will have the same effect as voting on our GREEN proxy card.
FOLLOW ISS AND VOTE AGAINST MESSRS. CROWLEY AND KISHBAUCH TO ACHIEVE THE CHANGE DESPERATELY NEEDED AT PROGENICS.
*Permission to use quotations neither sought nor obtained. Emphasis added.
Investor contacts:
Deepak Sarpangal
(415) 677-7050
campaign@velancapital.com
www.savePGNX.com
Okapi Partners LLC
Pat McHugh / Jason Alexander
+1 (888) 785-6673
SavePGNX@okapipartners.com
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SOURCE Velan Capital, L.P.
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