Board Plans to Initiate Process to Add Two Additional Directors with Focus on Diverse Candidates who Possess Biotechnology Commercialization Experience
Compensation Committee to Engage Nationally Recognized Independent Compensation Consultant to Evaluate Current Executive Compensation Plans
AIM ImmunoTech Inc. (NYSE American: AIM) (“AIM” or the “Company”) today announced the following corporate governance enhancements:
The Governance and Nominating Committee of the AIM Board of Directors (the “Board”) has initiated a process to add two directors who bring diversity and additional biotechnology commercialization experience to the Board.
- The Compensation Committee of the Board will engage a nationally recognized independent compensation consultant to evaluate the compensation plans currently in place for the Company’s executives. If appropriate, based on these inputs, the Compensation Committee will consider adjustments to the compensation structure of AIM’s executives.
William Mitchell, M.D., Ph.D., Independent Chairman of the AIM Board, stated: “We are taking these important steps in response to the feedback we have received from shareholders in connection with the recent 2022 Annual Meeting. We value engagement with our shareholders and their thoughtful and constructive input, and we intend to continue these discussions in the year ahead. The corporate governance enhancements we are announcing today are designed to further strengthen our Board through the addition of new independent directors with in-depth knowledge of biotechnology commercialization and diverse backgrounds, and to further align the Company’s leadership with AIM’s performance and the best interests of all shareholders. We have heard what shareholders have to say – including their lack of support for the advisory vote on the approval of executive compensation at the past two Annual Meetings – and we are taking action to address their concerns.”
Mitchell continued: “Over the past year AIM ImmunoTech has made significant progress achieving multiple clinical and regulatory advances. Clinical milestones include the publication in Cancers of an early access program sponsored by the Dutch government which showed improvement in survival of locally advanced and metastatic pancreatic cancer patients with Ampligen as a single agent maintenance therapy following standard of care FOLFIRINOX; an abstract published at the American Association for Cancer Research Annual Meeting 2022 of positive data from a Phase 1 study in patients with metastatic triple-negative (TN) breast cancer using chemokine modulation therapy, which includes Ampligen as a key component, and Keytruda®; the publication of an abstract at the American Association for Cancer Research Annual Meeting 2022 of positive interim data from a Phase 2 study, which indicates significant survival advantage when Ampligen is combined with Cisplatin and Keytruda® in advanced recurrent ovarian cancer; and regulatory advances including the Food and Drug Administration’s (“FDA”) authorization of Ampligen in a Phase 2 study (AMP-270) of locally advanced pancreatic cancer following FOLFIRINOX, FDA authorization of an Ampligen study (AMP-518) for post-COVID conditions / persistent ME/CFS-like symptoms often referred to by patients as “long hauler syndrome”, and the FDA’s granting of Orphan Drug Designation to Ampligen for the treatment of both pancreatic cancer and Ebola virus disease.”
Mitchell concluded: “Moving forward, AIM will continue to work hard to build on these accomplishments and reach successive milestones in the commercial development of our pipeline. We remain convinced of the excellent potential of the Company to benefit patients and deliver value for shareholders.”
About AIM ImmunoTech Inc.
AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19. The Company’s lead product, Ampligen® (rintatolimod) is an immuno-modulator with broad spectrum activity being developed for globally important cancers, viral diseases and disorders of the immune system.
Ampligen is currently being used as a monotherapy to treat pancreatic cancer patients in an Early Access Program (EAP) approved by the Inspectorate of Healthcare in the Netherlands at Erasmus Medical Center and AIM has commenced a Phase 2 clinical study in 2022. The Company also has multiple ongoing clinical trials to evaluate Ampligen as a combinational therapy for the treatment of a variety of solid tumor types both underway and planned at major cancer research centers. Additionally, Ampligen is approved in Argentina for the treatment of severe chronic fatigue syndrome (CFS) and is currently being evaluated in many aspects of SARS-CoV-2/COVID-19 myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS) and post-COVID conditions.
For more information, please visit aimimmuno.com and connect with the Company on Twitter, LinkedIn, and Facebook.
This press release contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The Company’s forward-looking statements are not guarantees of performance, and actual results could vary materially from those contained in or expressed by such statements due to risks, uncertainties and other factors. The Company urges investors to consider specifically the various risk factors identified in its most recent Form 10-K, and any risk factors or cautionary statements included in any subsequent Form 10-Q or Form 8-K, filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company does not undertake any responsibility to update any forward-looking statements to take into account events or circumstances that occur after the date of this press release.