SAN DIEGO, CA, June 14 /PRNewswire-FirstCall/ - San Diego, California USA - Nventa Biopharmaceuticals Corporation announced today that it has come to an agreement with Institutional Shareholder Services Canada Corp. (ISS Canada), an independent provider of proxy voting and corporate governance services, with regard to amendments to the Company's 2006 Equity Incentive Plan for consideration at the upcoming shareholder meeting, to be held June 21, 2007 in Vancouver, Canada. ISS Canada is recommending "FOR" votes for agenda items proposed at Nventa's shareholder meeting relating to election of directors, appointment of auditors and amendments to the Company's 2006 Equity Incentive Plan.
Specifically, Management and Nventa's Board of Directors worked with ISS Canada to revise the Company's proposed amendments to its Equity Incentive Plan as previously disclosed in the Company's Management Information Circular dated May 11, 2007 as follows:
(i) at subsection 13(a)(ix), require shareholder approval for any reduction in the exercise price of an option granted by the Company under the Plan; (ii) at subsection 13(a)(ix), require shareholder approval for any extension of the term of an option granted under the Plan; (iii) at subsection 6(e), require shareholder approval for any increase in the number of shares available for issuance to non-employee directors under the Plan to a number greater than 5 percent of the number of outstanding common shares.
These changes resulted in a "FOR" recommendation from ISS Canada.
"We are very pleased that we were able to come to a mutually beneficial and agreeable position with ISS Canada with regard to initiatives that we are taking to our shareholders for approval," stated Gregory M. McKee, Nventa's President and Chief Executive Officer. "This agreement with ISS exemplifies our efforts to maintain the highest standards of corporate governance," added Mr. McKee.
Shareholders may request copies of the amended Equity Incentive Plan, which includes the foregoing revisions, by contacting the Company at (858) 202-4900 or ir@nventacorp.com. Copies of the amended Equity Incentive Plan will also be available at the upcoming shareholder meeting. About Nventa Biopharmaceuticals Corporation:
Nventa is developing innovative therapeutics for the treatment of viral infections and cancer, with a focus on diseases caused by the human papillomavirus (HPV). The Company is publicly traded on the Toronto Stock Exchange under the symbol NVN. For more information about Nventa Biopharmaceuticals Corporation, please visit the Company's website located at www.nventacorp.com.
CONTACT: Donna Slade, Director, Investor Relations, 9381 Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4945, dslade@nventacorp.com
Nventa Biopharmaceuticals CorporationCONTACT: Donna Slade, Director, Investor Relations, 9381 Judicial Drive,Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4945,dslade@nventacorp.com
