Core Viewpoint - The current Board's strategic, management, and capital allocation failures have led to an 80% decline in stock price over the past 22 months, necessitating new leadership to restore accountability and shareholder value [1][6][10] Governance and Leadership - The Restore Value Slate has nominated seven candidates for the Board of Directors, collectively owning approximately 4.1% of the Company's outstanding shares [1][2] - If elected, the Nominees aim to enhance leadership, accountability, and transparency to restore long-term shareholder value without further dilution [2][10] Company Performance and Challenges - The Company has experienced a dramatic stock price decline from over 1 range since April 2023, significantly underperforming compared to the Nasdaq Biotech Small Cap Index, which gained over 15% during the same period [6][7] - The market capitalization has fallen below reported cash levels, indicating severe financial distress [6] Capital Allocation and Strategy - The current Board has been criticized for undisciplined capital allocation and a poorly conceived strategy pivot that undervalues the legacy portfolio [3][4] - The Board's expansion from three to seven executive officers and from seven to nine Board members has been deemed inappropriate given the Company's financial challenges [6][7] Cash Flow and Financial Viability - The Restore Value Slate warns of a potential cash shortfall, with less than a year of runway at the current burn rate [6] - The strategic pivot towards rare disease gene therapy is viewed as high-risk and capital-intensive, potentially leading to significant shareholder dilution [6][7] Asset Management - The Board has deprioritized Ryzumvi™, the Company's most advanced asset, despite its potential for significant long-term value and revenue generation [7][8] - Ryzumvi™ offers double-digit royalties and milestone payments through 2040, with future sales potential in the hundreds of millions across various markets [7] Nominee Expertise - The Restore Value Slate comprises individuals with extensive experience in life sciences, biotechnology, and healthcare, aiming to improve operational efficiencies and reduce unnecessary costs [8][9] - The Nominees collectively bring over 30 years of leadership experience, with backgrounds in strategic transactions, clinical development, and public and private company board leadership [8][9]
Shareholder Group Led by Founder Mina Sooch Nominates Majority Slate of Director Candidates to the Board of Opus Genetics, Inc.