Major shareholders in SynAct Pharma request board change
SynAct Pharma has received a request for an Extraordinary General Meeting to elect a new Board of Directors. The proposal was initiated by shareholders who together hold more than 10 per cent of the shares in the company, including former CEO Jeppe Øvlesen and current CSO Thomas Jonassen through holding companies.
SynAct Pharma is a clinical stage biotech company focused on the resolution of inflammation through the selective activation of the melanocortin system.
The latest studies conducted with lead candidate resomelagon – EXPAND and RESOLVE – are currently undergoing a third-party investigation after SynAct Pharma identified multiple issues in the studies.
Extraordinary General Meeting
Late on Sunday, SynAct Pharma announced that the Board of Directors has received a request to convene an Extraordinary General Meeting (EGM) for the election of a new board, initiated by shareholders that jointly hold more than 10 per cent of the shares in SynAct.
The request suggests that Anders Kronborg, Sten Scheibye, Sten Sørensen, and Jeppe Øvlesen take seats on the board as new members. Additionally, current Chairman Uli Hacksell is proposed to remain as a board member if he wishes to do so.
Alongside Uli Hacksell, the company’s current Board of Directors consists of Kerstin Hasselgren, Marina Bozilenko, Terje Kalland, Thomas Jonassen and Thomas von Koch, but none of them are included in the proposal for a new board.
Request from larger shareholders
The Board of Directors will issue a notice to an EGM within two weeks from 26 January 2024, when the request was presented by the following larger shareholders: TJ Biotech Invest ApS, owned by CSO and board member Thomas Jonassen, as well as Goodwind Holding GmbH with former CEO Jeppe Øvlesen and Thomas Jonassen as owners.
Also behind the proposal is Thomas Ringberg, with 3,96 per cent of the capital and votes in SynAct Pharma as of 2023-12-27 according to Holdings.
Additional shareholders have co-signed the proposal, none of which holding more than 0.38 per cent individually.
Comments from CSO and Chairman
In a comment to Nyhetsbyrån Direkt, CSO Thomas Jonassen criticizes the company’s handling of the situation following the study results from EXPAND and RESOLVE trials, and points to a subsequent lack of communication to the company’s stakeholders. Through the proposed board change, he envisions an opportunity for a “fresh start” for SynAct Pharma.
Chairman Uli Hacksell has also spoken to Nyhetsbyrån Direkt, emphasising the excellence of the current Board of Directors with a comprising experience in biotech, pharma, leadership and business development. He also states that the company is currently at a crucial stage and maintains a strong belief in resomelagon’s potential, for which a decision of the optimal path forward will be made shortly.
No immediate changes have been made regarding the company’s board – the final decision will be made at the upcoming meeting.
