ALACHUA, Fla.--(BUSINESS WIRE)--CTD Holdings, Inc. (OTCQB: CTDH), a clinical stage biopharmaceutical company that develops cyclodextrin-based products for the treatment of disease with unmet medical need, announced today that it held a meeting of shareholders in New York City for the purpose of approving three proposals, all of which were approved by a wide margin.
The three proposals approved were:
- Changing the company’s name to Cyclo Therapeutics, Inc.,
- Adoption of the Company’s 2019 Omnibus Equity Incentive Plan, and
- Granting the Board of Directors authority to effect a reverse split of shares.
“We deeply appreciate our shareholders’ confidence in management as evidenced by the approval of these proposals,” said Company Chair and CEO, N. Scott Fine. “These changes position the Company for continued progress in our biopharmaceutical development programs.”
The name change to Cyclo Therapeutics, Inc. will be implemented in the next few weeks following FINRA approval. The Omnibus Equity Incentive Plan becomes effective immediately. Any reverse split of shares will be effected at a strategically favorable time in the future determined by our Board of Directors prior to the Company’s next shareholders meeting.
About CTD Holdings:
CTD Holdings, Inc. is a clinical-stage biotechnology company that develops cyclodextrin-based products for the treatment of disease. The company’s Trappsol® Cyclo™, an orphan drug designated product in the United States and Europe, is used to treat Niemann-Pick Disease Type C, a rare and fatal genetic disease, on a compassionate use basis as well as in three ongoing formal clinical trials (Clinical Trials.gov NCT02939547, NCT02912793 and NCT03893071). Additional indications for the active ingredient in Trappsol® Cyclo™ are in development. For additional information, visit the company’s website: www.ctd-holdings.com.
Safe Harbor Statement:
This press release contains “forward-looking statements” about the company’s current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as “anticipates,” “believes” and “expects” or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the company’s future performance include the company’s ability to obtain additional capital to expand operations as planned, success in achieving regulatory approval for clinical protocols, enrollment of adequate numbers of patients in clinical trials, unforeseen difficulties in showing efficacy of the company’s biopharmaceutical products, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing pharmaceutical grade and food products. These and other risk factors are described from time to time in the company’s filings with the Securities and Exchange Commission, including, but not limited to, the company’s reports on Forms 10-K and 10-Q. Unless required by law, the company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.