Shareholders in Percheron Therapeutics (PER: $0.011) voted this week on whether to change its board of directors. Shareholders voted to keep its current board, which includes Managing Direc- tor James Garner and Chair Charmaine Gittleson.
A group of shareholders, including David Kenley and Bob Mo- ses, were seeking to replace the board with new directors Greg Peters and Gennadi Koutchin. It's believed that the shareholder group was not in favour of the company's rapid response to the failed Phase II study in DMD late last year and a move to seek to in-license new programs the following month.
Around 56% of shareholder votes were in favour of maintaining the existing board, and just 21% in favour of the new directors proposed. Just prior to the meeting, Garner purchased $475,000 of Percheron stock on market, giving him a 3.9% stake in the com- pany.
A second meeting has been requested to spill the existing board and replace the directors with Julian Chick, Richard Hamersley and Doran Eldar. Of interest may be the $17.4 million in cash the company held at the end of last year.
