Processa Pharmaceuticals to reconvene annual meeting after achieving quorum

Processa Pharmaceuticals , Inc. (NASDAQ:PCSA), a micro-cap pharmaceutical company with a market capitalization of $5.61 million, will reconvene its Annual Shareholder Meeting on Thursday in Hanover, Maryland, after obtaining a sufficient number of proxy votes to establish a quorum. The company had originally convened the meeting on June 30 but adjourned it without conducting business due to the lack of a quorum. The meeting comes at a challenging time for Processa, with InvestingPro data showing the stock has declined nearly 88% over the past year, though the company maintains a strong liquidity position with more cash than debt on its balance sheet.

According to a statement included in a recent SEC filing, Processa Pharmaceuticals reported that enough shares are now represented by proxy to proceed with the meeting. The reconvened meeting, initially rescheduled for July 30, will instead take place on July 18 at 9:00 AM Eastern Time, at the same location. Investors seeking deeper insights into PCSA’s financial health and growth prospects can access additional analysis through InvestingPro, which offers 12 more exclusive tips about the company’s performance and outlook.

The company indicated that the record date for the Annual Meeting remains unchanged. Only shareholders of record as of the close of business on May 1, 2025, will be eligible to vote at the reconvened meeting. Processa Pharmaceuticals also stated that stockholders who have already submitted their proxy or voted and do not wish to change their vote do not need to take further action.

The proposals to be considered at the meeting remain the same as previously disclosed. The company noted that its proxy statement and related SEC filings are available for review on the SEC’s website.

This information is based on a press release statement included in the company’s latest SEC filing.

In other recent news, Processa Pharmaceuticals has reported significant developments in its clinical and business strategies. The company continues to advance its oncology portfolio, with a focus on the clinical development of its lead asset, NGC-Cap, and a new Phase 3 study for PCS499 in rare kidney diseases. Processa has also signed a binding term sheet with Intact Therapeutics to license PCS12852, a prokinetic agent for gastroparesis, which could bring up to $454 million in milestone payments and royalties. Additionally, the company presented updates at the 2025 American Society of Clinical Oncology Annual Meeting on its Next (LON:NXT) Generation Cancer drug candidates, PCS6422 and PCS11T, which aim to improve cancer treatment efficacy and safety.

Processa’s annual shareholder meeting was adjourned due to a lack of quorum and will reconvene in July 2025. H.C. Wainwright has maintained a Buy rating on Processa, adjusting the price target to $2.00 from $6.00, considering recent equity financing and future cash needs. The firm expressed optimism about the ongoing Phase 2 trial for NGC-Cap in advanced breast cancer, anticipating interim data later in 2025. Meanwhile, Processa has terminated the license agreement for PCS3117, citing excessive time and cost for advancement. These developments reflect Processa’s strategic efforts to enhance its drug portfolio and financial positioning.

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