CHAPEL HILL, NC – Tenax Therapeutics, Inc. (NASDAQ:TENX), a pharmaceutical company specializing in the development of treatments for cardiovascular and pulmonary diseases, announced a series of corporate developments following its annual meeting of stockholders held on June 7, 2024.
The company disclosed an amendment to its 2022 Stock Incentive Plan, which was approved by stockholders at the annual meeting. The amendment increases the number of shares authorized for issuance under the plan by 400,000, bringing the total to 400,688 shares. This amendment, which was first approved by the Board of Directors on March 15, 2024, subject to stockholder approval, is detailed in the company's definitive proxy statement filed on April 26, 2024.
In addition, Tenax has entered into an amendment with its Chief Medical Officer, Dr. Stuart Rich, modifying his employment agreement. Effective June 15, 2024, Dr. Rich will transition to a part-time role, dedicating three days per week to his duties, and his annual base salary will be adjusted accordingly from its current $333,900. The Board approved this change on June 11, 2024.
During the annual meeting, shareholders also elected directors for a one-year term expiring in 2025 and ratified the appointment of Cherry Bekaert LLP as the company's independent registered public accounting firm for the year ending December 31, 2024. The next nonbinding stockholder advisory vote on executive compensation is scheduled for the 2025 annual meeting.
These corporate updates, derived from the company's SEC filing, reflect Tenax's ongoing commitment to governance and compensation practices aligned with shareholder interests. The company, formerly known as Oxygen Biotherapeutics, Inc., has undergone several name changes in its history, with its last name change occurring in 2008.
The financial implications of these changes for the company and its shareholders are yet to be observed. The company's stock is listed on The Nasdaq Stock Market under the ticker symbol TENX.
In other recent news, Tenax Therapeutics secured a new U.S. patent for its cardiovascular drug levosimendan, extending intellectual property protection for the drug and its metabolites through December 2040. The patent covers the drug's use in treating pulmonary hypertension with heart failure with preserved ejection fraction (PH-HFpEF) in various forms and also provides protection for its active metabolites and its use in combination with other cardiovascular drugs. The drug is currently under investigation in the Phase 3 LEVEL study for its efficacy in PH-HFpEF patients.
The LEVEL study aims to demonstrate the drug's effectiveness in improving exercise capacity, with previous studies showing significant improvement in patients treated with levosimendan. Tenax Therapeutics' President & Chief Executive Officer, Chris Giordano, highlighted the strategic importance of expanding the company's intellectual property estate for levosimendan to protect its commercial value. These developments are part of the company's efforts to address the significant unmet needs in cardiovascular medicine, particularly in the area of PH-HFpEF, which is associated with high morbidity and mortality rates. These are the recent developments concerning Tenax Therapeutics.
InvestingPro Insights
As Tenax Therapeutics navigates through corporate developments and aims to strengthen its governance and compensation practices, a glance at real-time data from InvestingPro offers a more granular perspective on the company's financial health and market position. With a market capitalization of $6.26 million, Tenax holds a modest place in the pharmaceutical industry. The company's balance sheet reflects a cautious stance with more cash than debt, which is a positive sign for investors looking for stability (InvestingPro Tip). However, the company's financial performance indicators, such as a negative P/E ratio of -0.17 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -0.62, suggest that profitability remains a challenge.
Investors should note that Tenax's stock price has been subject to significant volatility, currently trading near its 52-week low, and the price has depreciated considerably over the past year, with a one-year price total return of -88.02%. This is indicative of the high-risk nature associated with the stock, as highlighted by the company's volatile stock price movements (InvestingPro Tip).
For those considering an investment in Tenax, it's worth noting that the company does not pay dividends, which may influence the decision-making process for income-focused investors. For a more comprehensive analysis and additional InvestingPro Tips on Tenax Therapeutics, interested parties can visit https://www.investing.com/pro/TENX. To access the full suite of insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 12 more InvestingPro Tips available, investors can gain deeper insights into the company's performance and potential.
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