In a recent annual meeting, Vistagen Therapeutics, Inc. shareholders elected seven director nominees to the company's board and endorsed executive compensation. The meeting, which took place on Monday, also saw the ratification of KPMG LLP as the independent auditor for the fiscal year ending March 31, 2025.
During the meeting, shareholders cast their votes on three key proposals. The first proposal concerned the election of directors, where all seven nominees were successfully elected by a plurality of votes to serve until the next annual meeting in 2025. The elected directors include Margaret M. FitzPatrick, Ann M. Cunningham, Joanne Curley, Jerry B. Gin, Mary L. Rotunno, Jon S. Saxe, and Shawn K. Singh.
The second proposal was a non-binding advisory vote on the compensation of the company's named executive officers. The proposal passed with a majority of votes in favor, indicating shareholder approval of the company's executive compensation practices.
The third and final proposal addressed the ratification of KPMG LLP as the company's independent registered public accounting firm for the upcoming fiscal year. This proposal also received majority support from the shareholders.
The results of the voting reflect shareholder confidence in the company's leadership and financial oversight. The definitive proxy statement detailing these proposals was filed with the SEC on July 17, 2024.
Vistagen Therapeutics, a Nevada corporation with headquarters in South San Francisco, California, is listed on the Nasdaq Capital Market under the ticker symbol NASDAQ:VTGN. The company specializes in pharmaceutical preparations and is known for its focus on developing treatments for central nervous system disorders.
This news is based on a press release statement and provides an overview of the key decisions made by Vistagen Therapeutics' shareholders at their 2024 Annual Meeting.
In other recent news, Vistagen Therapeutics has reported significant progress in its Palisade Phase 3 program for Fasedienol, a nasal spray designed for the acute treatment of Social Anxiety Disorder (SAD). The company has previously reported positive results from a Phase 3 trial, which has laid the groundwork for ongoing trials. It is expected that top-line data from these trials will be available in 2025.
Vistagen is also advancing Phase 2 development for treatments in depression and menopausal hot flashes. Despite a net loss of $10.7 million for the quarter, the company maintains a strong cash position with $108.4 million in cash, cash equivalents, and marketable securities.
These are recent developments that highlight Vistagen's commitment to advancing its clinical programs. The company remains optimistic about progressing towards FDA approval for Fasedienol and is on track with the enrollment for its ongoing Phase 3 trials. The company's strategic focus and robust cash reserves suggest it is well-positioned to support its ongoing and future clinical developments.
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