RALEIGH … Shareholders of Pilot Therapeutics Holdings (OTC: PLTT) have approved the creation of a new class of preferred stock, which officials say will help the pharmaceutical company finance future business opportunities.
At the Winston-Salem company’s annual meeting in Raleigh, stockholders authorized up to 20 million shares of $0.001 par value “blank check” preferred stock. Authorization of blank check preferred stock will allow the company to issue the stock from time to time with such rights, powers, designations and preferences as may be approved by the board of directors in its discretion.
“While we do not have plans to issue any of these shares currently, the boardbelieved that it was integral to Pilot’s future to have this funding option readily available,” President and Chief Executive Floyd H. “Ski” Chilton said in a statement. “We now have enhanced financial flexibility to develop and commercialize our product pipeline and opportunistically pursue strategic alliances.”
Pilot has had promising clinical trial results supporting Airozin, the company’s lead over-the-counter product for the dietary management of asthma, Chilton said. The company also has completed a safety and efficacy proof-of-principle clinical trial for PLT 732, its lead
botanical pharmaceutical product candidate, which treats elevated triglycerides associated with heart disease, diabetes, and stroke, and is preparing to file an Investigational Drug Application with the U.S. Food and Drug Administration, he said.
Shareholders also elected six directors at the annual meeting. James W. Johnston and Santo J. Costa were re-elected for one-year terms; Bradley J. Undem and Margaret M. Urquhart were re-elected for two-year terms; and Chilton and Glenn J. Kline, Pilot’s chairman, were re-elected for three-year terms.
Pilot Therapeutics Holdings website: www.pilott.com