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OrbiMed Advisors LLC, a director at Sionna Therapeutics , Inc. (NASDAQ:SION), has made significant stock purchases, according to a recent filing. On February 10, 2025, OrbiMed acquired 550,000 shares of Sionna Therapeutics’ common stock at a price of $18 per share, amounting to a total transaction value of $9.9 million. This purchase was part of the company’s initial public offering. The stock currently trades at $22.24, representing a 23.5% gain from the IPO price, with average daily trading volume of 1.02 million shares.
Additionally, OrbiMed converted shares of Series B and Series C convertible preferred stock into common stock, although these transactions did not involve any cash exchange. The conversion was executed on a one-for-1.4611 basis, as part of the company’s IPO process.
These transactions reflect OrbiMed’s strategic moves as it continues to hold a stake in Sionna Therapeutics, enhancing its position within the pharmaceutical preparations sector.
In other recent news, Sionna Therapeutics has made significant changes to its corporate bylaws and articles of incorporation following its recent initial public offering (IPO). These amendments authorize the issuance of 500 million shares of common stock and 10 million shares of undesignated preferred stock, which can be issued in series as determined by the board. The new bylaws have also removed all references to the previously existing series of preferred stock and have revoked the stockholders’ ability to act by written consent instead of a meeting or to call special meetings.
Additionally, the updated bylaws, which came into effect with the IPO, establish procedures for stockholder actions during meetings and set an advance notice protocol for stockholder proposals and nominations for the board of directors. These changes are part of Sionna Therapeutics’ transition to a publicly traded entity and are in line with the regulatory requirements and customary practices for companies listed on major stock exchanges. The detailed changes are available in the exhibits attached to the company’s filing with the Securities and Exchange Commission. These are the recent developments in Sionna Therapeutics’ corporate governance following its IPO.
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