South San Francisco-based Structure Therapeutics Inc. disclosed the results of its 2024 Annual General Meeting held on Monday, where shareholders voted on key proposals and the company announced board committee appointments.
The pharmaceutical company, which specializes in preparations and operates under the trading symbol NASDAQ:GPCR, confirmed the election of Sharon Tetlow as a Class I Director. Tetlow will serve on the board until the 2027 Annual General Meeting. The vote saw 117,225,817 in favor, 12,607,569 against, and 111,111 abstentions.
Additionally, shareholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's appointment received overwhelming support with 129,906,202 votes for, 32,139 against, and 6,156 abstentions.
In conjunction with the shareholder meeting, the Board, following a recommendation from the Nominating and Corporate Governance Committee, appointed Ted W. Love, M.D. to the Audit Committee. The Board has determined that Dr. Love meets the necessary independence and financial literacy requirements for audit committee members as stipulated by the Nasdaq Stock Market LLC and the Securities Exchange Act of 1934.
The current Audit Committee now consists of Sharon Tetlow, Eric Dobmeier, and Dr. Love. These changes reflect the ongoing governance and oversight adjustments within Structure Therapeutics as it continues its operations within the pharmaceutical industry.
In other recent news, Structure Therapeutics has been the subject of several significant developments. BMO Capital Markets reiterated its Outperform rating on the company, maintaining a $100.00 price target, citing confidence in the stock's potential despite recent market pressures. The firm attributes this to the positive outcomes of Structure Therapeutics' Phase 2a trial, which demonstrated significant weight loss and manageable adverse events, suggesting a promising future as the company moves towards its Phase 2b trial.
Structure Therapeutics also announced plans for an underwritten public offering of 8 million American depositary shares (ADSs), with Goldman Sachs & Co (NYSE:GS). LLC, Morgan Stanley (NYSE:MS), Jefferies, Leerink Partners, Guggenheim Securities, and BMO Capital Markets as joint book-running managers. The company reported significant weight loss results from two separate studies of its oral therapeutic, GSBR-1290.
Analysts from JPMorgan (NYSE:JPM) and BMO Capital Markets have given Structure Therapeutics positive ratings, with JPMorgan initiating coverage with an Overweight rating, citing the potential of the company's lead asset, 1290. These are among the recent developments in Structure Therapeutics' journey as it continues to make strides in its mission to develop oral treatments for metabolic and cardiopulmonary diseases.
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