AIM ImmunoTech Inc (NYSE:AIM) said it will add two directors to its board to bring diversity and additional biotechnology commercialization experience.
AIM ImmunoTech also said its board compensation committee will engage an independent compensation consultant to evaluate the compensation plans currently in place for company executives. If appropriate, the committee will then consider making adjustments.
AIM board chair William Mitchell said the actions are in response to feedback from shareholders at the recent annual meeting.
READ: AIM ImmunoTech's product candidate Ampligen granted FDA Orphan Drug Designation for treatment of Ebola
“We value engagement with our shareholders and their thoughtful and constructive input, and we intend to continue these discussions in the year ahead. The corporate governance enhancements we are announcing today are designed to further strengthen our board through the addition of new independent directors with in-depth knowledge of biotechnology commercialization and diverse backgrounds, and to further align the company’s leadership with AIM’s performance and the best interests of all shareholders,” Mitchell said in a statement.
He noted that shareholders didn’t support an advisory vote on the approval of executive compensation at the past two annual meetings.
Clinical advances
Over the past year, the Ocala, Florida-based company said it has progressed significantly to achieving multiple clinical and regulatory advances.
Clinical milestones included the publication in Cancers of an early access program sponsored by the Dutch government which showed improvement in survival of locally advanced and metastatic pancreatic cancer patients with Ampligen as a single agent maintenance therapy following standard of care FOLFIRINOX.
The Immuno-pharma company also published an abstract at the American Association for Cancer Research (AACR) annual meeting in 2022 of positive data from a Phase 1 study in patients with metastatic triple-negative breast cancer using chemokine modulation therapy, which includes Ampligen as a key component, and Keytruda.
Another abstract at the AACR annual meeting showed positive interim data from a Phase 2 study, which indicates significant survival advantage when Ampligen is combined with Cisplatin and Keytruda in advanced recurrent ovarian cancer, according to the company.
AIM ImmunoTech said it made regulatory advances, including the US Food and Drug Administration’s authorization of Ampligen in a Phase 2 study (AMP-270) of locally advanced pancreatic cancer following FOLFIRINOX.
It also received FDA authorization of an Ampligen study (AMP-518) for post-COVID conditions / persistent myalgic encephalomyelitis / chronic fatigue syndrome-like symptoms often referred to by patients as “long hauler syndrome.”
Thirdly, the company noted the FDA’s granting of Orphan Drug Designation to Ampligen for the treatment of both pancreatic cancer and Ebola virus disease.
“Moving forward, AIM will continue to work hard to build on these accomplishments and reach successive milestones in the commercial development of our pipeline. We remain convinced of the excellent potential of the company to benefit patients and deliver value for shareholders,” Mitchell said.
Contact the author at susie@proactiveinvestors.com