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 announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, has endorsed its 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 its report issued on June 28, 2019, ISS recommended that stockholders support Velan’s call for change 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”).
ISS’ overwhelming show of support and recommendation that stockholders vote in accordance with Velan’s campaign for change signifies that change on the Board is needed to ensure that stockholder alignment is established, accountability is instilled, and the Company creates long-term value for its stockholders.
“We are pleased that ISS, like Velan and many other stockholders, recognizes the need for change at Progenics,” said Bala Venkataraman of Velan Capital. “Given the poor performance of the Company under the incumbent Board, exemplified by its lack of urgency to provide products to cancer patients in a timely manner, and the Board’s proclivity to put its interests above those of true stockholders, we urge stockholders to support real change by VOTING TODAY as recommended by ISS: AGAINST Messrs. Crowley and Kishbauch. Without real change, there can be little hope that Progenics will realize its full potential.”
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