BioPharmX Announces Results of Annual Shareholders Meeting
MENLO PARK, Calif., Aug. 14, 2018 /PRNewswire/ -- BioPharmX Corporation (NYSE American: BPMX), a specialty pharmaceutical company developing products for the dermatology market, today held its 2018 Annual Meeting of Shareholders (the "Annual Meeting"), and announced that each of BioPharmX's director nominees have been re-elected to the board of directors: Anja Krammer, Michael Hubbard and Stephen Morlock.
Shareholders also approved Proposal 3, an amendment to the company's certificate of incorporation to effect a reverse stock split at a ratio not less than 1‑for‑2 and not greater than 1‑for‑25, at the discretion of the company's board of directors. Although the company has no immediate plan to enact the reverse split, the approval of this proposal provides the company and board of directors with the flexibility to implement such a split if and when appropriate. In addition, shareholders approved Proposal 4, the amendment of the company's 2016 Equity Incentive Plan to increase the number of shares available thereunder by 50,000,000 shares on pre-split basis, and remove the limitation on the number of shares that can be issued in a calendar year to a plan participant; Proposal 5, to ratify the appointment of BPM LLP as the company's independent registered public accounting firm for the fiscal year ending January 31, 2019; and Proposal 6, the advisory vote on the compensation of the company's named executive officers, each as set forth in the company's Definitive Proxy Statement filed with the Securities and Exchange Commission ("SEC") on July 6, 2018. Proposal 2, an amendment to the company's certificate of incorporation to increase the total number of authorized shares of common stock from 450,000,000 shares to 900,000,000 shares, was not approved. The company will continue to evaluate its need for additional shares in the future.
"I would like to thank our shareholders for showing their support on the measures put forth by the company, as demonstrated by the affirmative votes cast at today's shareholder meeting," said Anja Krammer, president of BioPharmX. "With nearly 150 million shares voted, the approved proposals allow the company flexibility as it remains committed to its clinical trial programs and focused on its strategic initiatives and reinforcing confidence in the business."
Final voting results of the Annual Meeting will be included in a Current Report on Form 8-K which the company will file with the SEC within four (4) business days of the Annual Meeting, at which time it will become available at www.BioPharmX.com and www.sec.gov.
About BioPharmX Corporation
BioPharmX Corporation (NYSE American: BPMX) is a Silicon Valley-based specialty pharmaceutical company, which seeks to provide products through proprietary platform technologies for prescription, over-the-counter (OTC), and supplement applications in the health and wellness markets, including dermatology and women's health. To learn more about BioPharmX, visit www.BioPharmX.com.
This press release contains forward-looking statements related to the company's plans or developments that involve risks, uncertainties and assumptions, and are subject to the "safe harbor" of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "plan," "expect," "believe," "intend," "should," "may" or similar expressions. Additional risks are set forth in the company's filings with the SEC, including those described in the company's Quarterly Report on Form 10-Q for the most recent fiscal quarter. The forward-looking statements included in this news release are made only as of the date hereof, and the company undertakes no obligation to publicly update such statements. BioPharmX is a registered trademark of BioPharmX, Inc.