GRI Bio shareholders approve equity plan amendment and board elections

Shareholders of GRI Bio, Inc. (NASDAQ:GRI) approved an amendment to the company’s Amended and Restated 2018 Equity Incentive Plan at the annual meeting held Wednesday. The amendment increases the number of shares of common stock reserved for issuance under the plan by 400,000 shares.

According to a press release statement and the company’s SEC filing, the annual meeting was held virtually. Of the 2,496,800 shares of common stock eligible to vote as of the July 8 record date, a quorum of 1,090,373 shares, or about 43.67%, was present or represented by proxy.

Shareholders also elected Roelof Rongen and Camilla V. Simpson, M.Sc, to serve as Class II directors until the 2028 annual meeting. Rongen received 63,031 votes in favor, 3,068 votes against, and 331 abstentions. Simpson received 63,581 votes in favor, 2,519 against, and 330 abstentions. There were 1,023,943 broker non-votes for each nominee.

In addition, shareholders ratified the appointment of WithumSmith+Brown, PC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The ratification received 1,072,167 votes in favor, 16,553 against, and 1,653 abstentions.

The amendment to the equity incentive plan was approved with 48,362 votes in favor, 17,889 against, and 179 abstentions, with 1,023,943 broker non-votes.

GRI Bio, headquartered in La Jolla, California, is a pharmaceutical company listed on the Nasdaq Capital Market. All information is based on the company’s press release statement and related SEC filing.

In other recent news, GRI Bio, Inc. has reported positive interim biomarker results from its Phase 2a study of GRI-0621 for idiopathic pulmonary fibrosis (IPF). The data from the first 24 subjects indicated reductions in fibrogenesis biomarkers, and the Independent Data Monitoring Committee has recommended the continuation of the study, citing no safety concerns. Additionally, GRI Bio has completed enrollment for its Phase 2a clinical trial, involving approximately 36 IPF patients, with safety and tolerability as the primary endpoint. The company also announced positive interim safety results, confirming that GRI-0621 was well-tolerated with no adverse events related to hyperlipidemia.

H.C. Wainwright has reiterated a Buy rating on GRI Bio stock, maintaining a $10.00 price target, following the completion of enrollment for the trial. The firm highlighted the expected disclosure of biomarker data from the interim analysis. Furthermore, GRI Bio has expanded its at-the-market offering capacity, allowing for the issuance of up to $1,758,934 in common stock. This increase comes with a legal opinion confirming the legality of the shares’ issuance and sale.

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