VERU - Veru Reschedules Annual Meeting of Shareholders | Benzinga
--Restated historical financial statements expected to be filed no later than April 15, 2024--
--2024 Annual Meeting of Shareholders to follow financial statements filings--
MIAMI, FL, March 22, 2024 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ:VERU), a late clinical stage biopharmaceutical company focused on developing innovative medicines for preserving muscle for high quality weight loss, oncology, and viral induced acute respiratory distress syndrome, today announced that it is rescheduling its 2024 Annual Meeting of Shareholders originally scheduled to be held on March 26, 2024. As previously disclosed, the Company is in the process of restating its historical financial statements which are expected to be finalized and filed no later than April 15, 2024. The Company's estimated research and development expenses recorded were higher than the actual expenses that were incurred and the Company's cash on hand is expected to last longer than initially stated. The Annual Meeting is being rescheduled to allow shareholders ample time to review the restated financial statements.
The Company's Current Report on Form 8-K filed February 15, 2024, disclosed the need for the restatement due to overestimating certain research and development expenses associated with the Company's projects with third-party service providers and the accounting for these expenses. The Company records estimated expenses of research and development activities conducted by third-party service providers based on factors such as estimates of the work completed as provided to the Company by confirmations by such third-party service providers and provisions within agreements with such third-party service providers such as scope of work, payment, timeline and similar provisions. The Company's estimated research and development expenses recorded were higher than the actual expenses that were incurred. The net result of research and development estimated expenses being recorded at too high of an amount is that the Company's cash on hand is expected to last longer than initially stated.
Once the Company has completed and filed the restated financial statements, the Company will notify shareholders of the new date and time for its Annual Meeting.
About Veru Inc.
Veru is a late clinical stage biopharmaceutical company focused on developing novel medicines for the treatment of metabolic diseases, oncology, and ARDS. The Company's drug development program includes two late-stage novel small molecules, enobosarm and sabizabulin.
Enobosarm, a selective androgen receptor modulator (SARM), is being developed for two indications: (i) Phase 2b clinical study of enobosarm as a treatment to augment fat loss and to prevent muscle loss in sarcopenic obese or overweight elderly patients receiving a GLP-1 RA who are at-risk for developing ...