The company stated that it plans to hold annual votes on executive compensation in line with the recommendation of its Board of Directors and the results of the non-binding advisory vote. No other matters were reported to have been voted upon at the Annual Meeting.
The company's stock has shown resilience with a 21.72% year-to-date return, though InvestingPro data indicates analysts expect sales to decline in the current year. For deeper insights into Xenetic Biosciences (NASDAQ:XBIO)' financial outlook and additional ProTips, investors can access comprehensive analysis through InvestingPro's advanced analytics platform. This news is based on a press release statement.
According to the filing, six nominees were elected to the company's board of directors. The elected directors include Dr. Grigory Borisenko, Mr. Firdaus Jal Dastoor, Dr. Dmitry Genkin, Dr. Roger Kornberg, Mr. Moshe Mizrahy, and Mr. Alexey Vinogradov. The vote counts for each director ranged from 458,022 to 486,395 in favor, with withheld votes between 18,588 and 46,961, and broker non-votes totaling 391,780 for each nominee.
Additionally, the shareholders ratified the selection of Marcum LLP as Xenetic Biosciences' independent registered public accounting firm for the fiscal year ending December 31, 2024. The approval for this proposal received 878,207 votes in favor, 15,137 against, and 3,419 abstentions, with no broker non-votes.
The stockholders also approved, on a non-binding advisory basis, the compensation of the company's named executive officers, with 462,285 votes for, 40,600 against, and 2,098 abstentions, alongside 391,780 broker non-votes.
Furthermore, the shareholders voted in favor of holding future advisory votes on executive compensation annually. The breakdown of this vote was 470,918 for one year, 3,600 for two years, 3,631 for three years, and 26,834 abstentions, with 391,780 broker non-votes.
In other recent news, Xenetic Biosciences has been engaged in several significant developments. The company announced a collaboration with PeriNess Ltd., an Israeli biotech firm, to advance a DNase I candidate aimed at treating various cancers. The partnership, specific to Israel, will use PeriNess's expertise in DNase I-based drug development, from preclinical to early-stage clinical programs. H.C. Wainwright analysts maintain a neutral rating for Xenetic, expressing optimism about this partnership.
Additionally, Xenetic Biosciences disclosed board member changes with James E. Callaway and Adam Logal choosing not to stand for re-election. The company clarified that their departures were not due to disagreements over operations, policies, or practices.
Furthermore, Xenetic Biosciences has also entered into a Materials Transfer Agreement with Tokyo Medical (TASE:PMCN) University. The partnership aims to explore the potential of Xenetic's recombinant DNase I enzyme in treating Ewing sarcoma, a severe pediatric cancer. The research, led by Professor Takuro Nakamura, will evaluate the enzyme's effectiveness when used in conjunction with chemotherapy.
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