Unicycive Therapeutics Shareholders Approve Key Proposals By Investing.com

On Thursday, Unicycive Therapeutics, Inc. (NASDAQ:UNCY), a pharmaceutical company specializing in the development of treatments for kidney diseases, announced the results of its Annual Meeting of Stockholders. The meeting, which took place on the same day, saw the election of four directors and the approval of several significant proposals, indicating shareholder confidence in the company’s direction.

The shareholders re-elected Dr. Shalabh Gupta, Dr. Sandeep Laumas, Dr. Gaurav Aggarwal, and Dr. Saraswati Kenkare-Mitra to the board of directors, with Dr. Gupta and Dr. Aggarwal receiving the highest number of “for” votes. The directors are set to serve until the 2025 Annual Meeting of Stockholders or until their successors are elected.

Additionally, the appointment of Grassi & Co. CPAs, P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority.

Three other proposals were also approved: the Nasdaq 20% Issuance Proposal, the Authorized Share Increase Proposal, and the second amendment and restatement of the 2021 Omnibus Equity Incentive Plan. The approval of these proposals suggests that shareholders are supportive of the company’s strategies for growth and employee compensation.

The Nasdaq 20% Issurance Proposal, which permits the company to issue more than 20% of its stock without further shareholder approval under certain conditions, was passed along with the Authorized Share Increase Proposal, allowing for an increase in the number of authorized shares of common stock. This move could potentially facilitate future financings or corporate activities that require the issuance of additional shares.

The amendment to the Omnibus Equity Incentive Plan, which typically involves the allocation of shares for employee stock options and other incentives, was also approved. This indicates shareholder support for the company’s plans to motivate and retain talent through equity-based compensation.

The high turnout of approximately 78% of the total voting power underscores the importance of these decisions to the shareholders. Unicycive Therapeutics has not provided any additional commentary on the results of the meeting beyond the factual reporting of the vote outcomes.

In other recent news, Unicycive Therapeutics has been the subject of significant analyst attention. Noble Capital has maintained its Outperform rating on Unicycive shares, with a steady price target of $6.00. The firm’s analysis suggests that Unicycive’s OLC drug, designed to improve treatment adherence for patients with kidney conditions, could benefit from changes to Medicare reimbursement policies for dialysis and phosphate binders set for 2025.

On the other hand, Piper Sandler has initiated coverage on Unicycive Therapeutics, assigning an Overweight rating and establishing a price target of $9.00. According to Piper Sandler, the company is significantly undervalued and sees potential for substantial upside upon the anticipated approval of OLC.

The company is expected to report top-line data from a 16-week Phase 2 trial evaluating OLC’s tolerability in chronic kidney disease patients on dialysis in late second quarter of 2024. Furthermore, a New Drug Application for OLC is anticipated by mid-2024, with potential approval by mid-2025. These are recent developments that could influence the company’s market position and investor interest.

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