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GAITHERSBURG, MD - Cartesian Therapeutics, Inc., a pharmaceutical company, announced today that at a Special Meeting held on Thursday, its shareholders approved the issuance of shares upon conversion of its Series B Non-Voting Convertible Preferred Stock. The proposal received overwhelming support, with 12,514,261 votes in favor and only 150,060 against, as detailed in the company's recent SEC filing.
The affirmative vote for the issuance of common stock does not include the 3,563,247 shares issued in a private placement in July 2024, which were not entitled to vote per Nasdaq's listing rules. However, these shares were considered eligible under Delaware law and were included in a separate tabulation to ensure compliance with Nasdaq's regulations.
Moreover, the company's stockholders approved a second proposal, which allows for the adjournment or postponement of the Special Meeting, if necessary, to continue soliciting votes for the first proposal. This second proposal received 16,076,183 votes for, 151,789 against, and 1,246 abstained.
Cartesian Therapeutics, previously known as Selecta Biosciences (NASDAQ:RNAC) Inc., is headquartered at 704 Quince Orchard Road, Gaithersburg, MD, and trades on the Nasdaq Stock Market under the ticker symbol NASDAQ:RNAC. The company specializes in pharmaceutical preparations, operating under the organization name 03 Life Sciences.
This announcement, based on a press release statement, marks a key decision by the shareholders, reflecting their support for the company's ongoing initiatives and strategic financial planning.
In other recent news, Cartesian Therapeutics has been making significant progress in its clinical trials. The U.S. Food and Drug Administration (FDA) granted the company's Descartes-08 therapy Rare Pediatric Disease Designation for juvenile dermatomyositis (DM). This designation could expedite the therapy's development process and review, potentially adding value to the company's market position. H.C. Wainwright maintained its Buy rating and $45.00 price target for Cartesian Therapeutics, reflecting confidence in the company's ongoing developments.
Cartesian Therapeutics has initiated a Phase 1 trial for Descartes-15, a treatment for multiple myeloma. The first patient has been dosed, and the company plans future developments in the autoimmune disease setting. Analysts at Needham adjusted their price target on Cartesian's shares, reducing it slightly from $42.00 to $41.00, but continued to endorse the stock with a Buy rating.
The company also announced positive Phase 2b trial results for Descartes-08, a treatment for myasthenia gravis, and secured a $130 million private investment in public equity financing deal. TD Cowen initiated coverage of Cartesian Therapeutics with a Buy rating, based on the company's promising results in early-stage clinical trials. These are the recent developments for Cartesian Therapeutics.
InvestingPro Insights
As Cartesian Therapeutics, Inc. (NASDAQ:RNAC) navigates through its strategic financial initiatives, investors and stakeholders may benefit from a deeper understanding of the company's current financial health and market performance. According to InvestingPro data, RNAC holds a market cap of approximately $342.76M, which can provide insights into the company's size and market value. Despite a significant quarterly revenue growth of 537.17%, the company's gross profit margin stands at a relatively low 4.94%, reflecting challenges in maintaining profitability.
InvestingPro Tips suggest that while RNAC has more cash than debt on its balance sheet, it is rapidly burning through cash and has not been profitable over the last twelve months. Analysts are not optimistic about the company's profitability for this year. However, on a positive note, the company's liquid assets exceed its short-term obligations, and it has seen a strong return over the past month with a 16.58% price total return. It is also worth noting that RNAC does not pay a dividend, which could be a consideration for income-focused investors.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips for RNAC, which can be found at InvestingPro. These insights can be instrumental in making informed decisions about investment opportunities in Cartesian Therapeutics.
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