At its recent annual shareholder meeting, AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) got its shareholders to approve the nominees to its board of directors. The company also secured ratification of Ernst & Young LLP as its independent public accountant. An issue of compensation for certain executives was also put to vote.
Nearly 76% of the outstanding shares eligible to vote were represented at the recent AGM.
Director election AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO)
Five nominees were approved by shareholders to join AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO)’s board. They include Michael Bailey, Kenneth Bate, Anthony Evnin, Henri Termeer and Robert Young. The directors will serve on the board of AVEO until the next AGM in 2017. However, their turns could also end prematurely if they choose to resign or are removed because of violations that cannot allow them to continue serving on the board.
Compensation for executives
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) managed to get its shareholders to agree to its non-binding proposal on executive compensation.
Approval of company auditor
Shareholders didn’t have a problem with the selection of Ernst & Young LLP as AVEO’s public accountant for F2016 that ends on December 31. As such, the shareholders voted almost overwhelmingly in favor of Ernst & Young as the auditor of AVEO.
Fundraising for clinical programs
The shareholder approvals at the recent AGM cleared some cloud for AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) and the company can now focus its attention on core activities. The company recently announced security offerings through private placement to enable it raise funds to finance a number of clinical programs and for working capital. The company issued more than 17.6 million units that include warrants to purchase its common stock. AVEO is expecting the transaction to generate gross proceeds of $17 million before it deducts expenses of the securities offering and missions.
Large investors appear to be taking note of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO)’s progress. After the recent securities offering, Growth Equity Opportunities recently disclosed taking a 29.6% equity stake in AVEO, which means it was one of the private investors involved in the $17 million fundraiser.