Glass Lewis recommends stockholders vote for Velan Capital board nominees
Velan Capital, one of the largest stockholders of Progenics, announced that proxy advisory firm Glass Lewis has recommended that stockholders vote on the Green consent card in support of Velan's director nominees, Gerard Ber, Eric Ende, Heinz Mausli and David Mims, to constitute a majority of the Progenics board. Glass Lewis also recommended the removal of CEO Mark Baker and David Scheinberg from the board. Institutional Shareholder Services, or ISS, also recently recommended stockholders support Velan's case for change by voting on the Green consent card in support of its director nominees. Additionally, the third proxy advisory firm, Egan-Jones, has recommended that stockholders vote for all Velan nominees on the Green consent card. Bala Venkataraman, managing partner of Velan Capital, issued the following statement: "We are pleased Glass Lewis agrees with us that a majority of the Progenics Board must be refreshed. In our view, a clear mandate for change now exists - with all three proxy advisory firms, including Glass Lewis, ISS and Egan Jones, supporting our case for change at the Company..."