Progenics responds to Velan Capital's preliminary proxy statement
Progenics issued the following statement regarding Velan Capital's preliminary proxy statement: "The Progenics Board of Directors is deeply committed to enhancing value for all shareholders and overseeing the Company's strategy. Progenics' diverse and experienced Board comprises seven highly qualified and experienced directors, six of whom are independent. These directors bring expansive drug development, commercialization, operational and financial experience from across the pharmaceutical industry. The Board recognizes the importance of having the right mix of skills, expertise and experience to effectively oversee the Company and regularly reviews the Board's composition and its refreshment to ensure alignment with the interests of shareholders. As noted in the Company's press release yesterday, Progenics has repeatedly sought to engage constructively with Velan - including interviews by the Board's nominating committee of each of the Velan nominees. The Company is disappointed that Velan has rebuffed the Company's good-faith outreach and instead filed a preliminary proxy statement without replying to the Company's second proposal to reach a mutually agreeable resolution and avoid the unnecessary cost and disruption of a public campaign. The Board and management team are open-minded with regard to opportunities to enhance shareholder value and will continue to take actions they believe are in the best interests of the Company and its shareholders. The Company intends to provide meaningful updates regarding its commercial and clinical initiatives on its first quarter 2019 earnings call scheduled for Thursday, May 9, 2019. Progenics' shareholders are not required to take any action at this time. The Board will present its formal recommendation regarding director nominations in the Company's proxy materials that will be filed with the Securities and Exchange Commission and mailed-including a WHITE proxy card-to shareholders eligible to vote at the 2019 Annual Meeting, which has not yet been scheduled."