{"id":829914,"date":"2025-03-26T08:06:38","date_gmt":"2025-03-26T12:06:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-radoff-jec-group-nominates-three-highly-qualified-candidates-for-election-to-the-atea-pharmaceuticals-board-of-directors\/"},"modified":"2025-03-26T08:06:38","modified_gmt":"2025-03-26T12:06:38","slug":"the-radoff-jec-group-nominates-three-highly-qualified-candidates-for-election-to-the-atea-pharmaceuticals-board-of-directors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-radoff-jec-group-nominates-three-highly-qualified-candidates-for-election-to-the-atea-pharmaceuticals-board-of-directors\/","title":{"rendered":"The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth30 { width: 30% }\n.bwwidth70 { width: 70% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors<\/b><\/p>\n<p class=\"bwalignc\"><i>Issues Open Letter to Atea\u2019s Stockholders Outlining the Case for Boardroom Change Based on Years of Stock Price Underperformance, Poor Decision-Making and Entrenchment Maneuvers<\/i><\/p>\n<p class=\"bwalignc\"><i>Believes its Three Highly Qualified Director Candidates Possess the Necessary Ownership Perspectives, Scientific Credibility and Public Company Board Experience to Create Value for Stockholders<\/i><\/p>\n<p>HOUSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nBradley L. Radoff and Michael Torok (together with certain of their affiliates, the \u201cRadoff-JEC Group\u201d), who collectively own approximately 5.4% of the outstanding stock of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) (\u201cAtea\u201d or the \u201cCompany\u201d), today announced that they have nominated three highly qualified director candidates \u2013 Howard H. Berman, James Flynn and Mr. Torok \u2013 for election to the Company\u2019s Board of Directors (the \u201cBoard\u201d) at the 2025 Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d). In connection with its nomination, the Radoff-JEC Group issued the following open letter to stockholders outlining the urgent need for boardroom change:\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p>\nFellow Stockholders,\n<\/p>\n<p>\nOver the past four months, we have expressed concerns to Atea\u2019s Board about the Company\u2019s stock price performance, strategy, capital allocation and governance practices. Specifically, we have highlighted several key facts:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAtea\u2019s shares have traded below their net cash value since November 2021.<\/p>\n<\/li>\n<li>\nIn May 2023, the Board rejected a bid from Tang Capital Partners, LP (\u201cTang Capital\u201d) that would have paid Atea stockholders $5.75 per share in cash, plus a contingent value right through which stockholders would be eligible to receive 80% of the net proceeds from the Company\u2019s drug programs.<sup>1<\/sup> In the 18 months since it rejected Tang Capital\u2019s buyout offer, Atea has burned ~$175 million in cash, or approximately $2.00 per share. Atea\u2019s stock now trades at approximately $3.20, reflecting the current leadership\u2019s inability to create value for stockholders.<sup>2<br \/>\n<\/sup><br \/><sup><br \/><\/sup><\/li>\n<li>\nDuring this time, there have been numerous stock sales from insiders at valuations below the price per share offered by Tang Capital, including by Board Chair and CEO Jean-Pierre Sommadossi. Most recently, Lead Independent Director Franklin Berger sold 359,606 shares at or near the Company\u2019s all-time-low share price, immediately before the Company announced it had retained Evercore to advise on an exploration of strategic partnerships and during what would normally be a closed window for insider trading.<sup>3<\/p>\n<p><\/sup><\/li>\n<li>\nAfter we repeatedly asked the Board to dismiss Mr. Berger and replace him with a qualified, stockholder-oriented Lead Independent Director, the Board appointed Arthur Kirsch in February 2025. As we understand it, the addition of Mr. Kirsch is another example of Mr. Sommadossi continuing to populate the boardroom with long-time and loyal friends. In fact, Mr. Kirsch\u2019s son \u2013 who is an Atea stockholder \u2013 informed us during a standard investor-to-investor conversation that (a.) he requested a seat on the Atea Board prior to his father Arthur\u2019s appointment and (b.) he and his family are long-time friends of Mr. Sommadossi and his wife.\n<\/li>\n<\/ul>\n<p>\nIn addition to highlighting the above fundamental issues, we have also made suggestions to the Board that we believe would ensure proper governance and management of the business while resulting in significant and immediate value for stockholders. The Board has ignored or rejected our ideas.\n<\/p>\n<p>\nAccordingly, and with all stockholders\u2019 interests in mind, we have nominated three highly qualified director candidates \u2013 Howard H. Berman, James Flynn and Michael Torok \u2013 for election to the Board at the Annual Meeting. Our nominees collectively possess corporate governance expertise, an ownership mindset and biotechnology backgrounds. We believe they have the right skillsets and experience to address the issues plaguing Atea today.\n<\/p>\n<p>\nWith a refreshed Board that is committed to objectively overseeing management and focused on creating stockholder value, we believe Atea can immediately return up to $250 million in cash to stockholders while it continues to evaluate strategic alternatives for its only asset. We look forward to providing stockholders with the opportunity to add fresh perspectives and relevant expertise to the Board at this critical time for the Company. We\u2019ll be in touch over the coming weeks with more details on how to vote for change.\n<\/p>\n<p>\nSincerely,\n<\/p>\n<p>\nBradley L. Radoff and Michael Torok\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p class=\"bwalignc\"><b><span class=\"bwuline\">DIRECTOR NOMINEE BIOGRAPHIES<\/span><\/b><\/p>\n<p><b>Howard H. Berman, Ph.D.<\/b><\/p>\n<p><i>Dr. Berman brings a unique combination of business acumen and scientific credibility with successful company exits coupled with his experience as Co-Founder, CEO and Chairman of a public biotechnology company.<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nFounder and Executive Chairman of the board of directors of Coya Therapeutics, Inc. (NASDAQ: COYA), a clinical-stage biotechnology company where he previously served as Chairman of the board of directors and CEO.<\/p>\n<\/li>\n<li>\nFounder and former member of the board of directors of Imaware Inc., a private company focused on at-home health testing and diagnostics and which was acquired in 2024.<\/p>\n<\/li>\n<li>\nFormer Medical Science Liaison at AbbVie Inc. (NYSE: ABBV), a research-based biopharmaceutical company engaging in the research, development and sale of medicines.<\/p>\n<\/li>\n<li>\nPreviously held leadership roles at Eli Lilly and Company (NYSE: LLY) and Novartis Pharmaceuticals Corporation (NYSE: NVS), global pharmaceutical companies that discover, develop, manufacture and market pharmaceutical products for humans and animals.\n<\/li>\n<\/ul>\n<p><b>James Flynn<\/b><\/p>\n<p><i>Mr. Flynn possesses extensive public board service experience at several biopharmaceutical companies, alongside deep business development and financial expertise.<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nManaging Member of Nerium Capital LLC, an investment adviser, and Chief Investment Officer of Nerium Partners LP, an investment partnership.<\/p>\n<\/li>\n<li>\nFormer Therapeutics Analyst at Aptigon Capital, an investment firm and division of Citadel LLC, a financial services company.<\/p>\n<\/li>\n<li>\nPreviously served in various roles at Amici Capital, LLC, an investment management firm, including as Healthcare Portfolio Manager.<\/p>\n<\/li>\n<li>\nMember of the boards of directors of MEI Pharma, Inc. (NASDAQ: MEIP), a clinical-stage pharmaceutical company, Synlogic, Inc. (NASDAQ: SYBX), a biopharmaceutical company with a focus on rare metabolic disorders, RiceBran Technologies (OTC: RIBT), an innovative specialty ingredients company, and Axiom Health, Inc., a provider of software and big-data solutions to the healthcare industry.\n<\/li>\n<\/ul>\n<p><b>Michael Torok<\/b><\/p>\n<p><i>Mr. Torok is a stockholder of the Company with significant financial, accounting and capital markets expertise, as well as experience as a c-suite executive and as a director of publicly traded companies in the biopharmaceutical industry.<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCo-Founder and Managing Director of JEC Capital Partners, LLC, an investment company with offices in the U.S. and Germany, and Manager of JEC II Associates, LLC, an investment company.<\/p>\n<\/li>\n<li>\nFormer CFO of Integrated Dynamics Engineering Inc., a semiconductor equipment technology company that was acquired by Aalberts Industries (AMS: AALB).<\/p>\n<\/li>\n<li>\nPreviously served in various positions at PricewaterhouseCoopers LLP, a multinational professional services network of firms.<\/p>\n<\/li>\n<li>\nFormer member of the boards of directors of Carisma Therapeutics Inc. (NASDAQ: CARM), a clinical-stage biopharmaceutical company focused on developing immunotherapies to treat cancer and other serious diseases, Photon Control Inc. (formerly TSX: PHO), a designer, manufacturer and distributor of a wide range of optical sensors and systems to measure temperature and position, and Symbility Solutions Inc., a software company focused on the insurance industry.\n<\/li>\n<\/ul>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p class=\"bwalignc\"><b>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS<\/b><\/p>\n<p>\nBradley L. Radoff and Michael Torok, together with the other participants named herein (collectively, the \u201cRadoff-JEC Group\u201d), intends to file a preliminary proxy statement and accompanying <b>BLUE<\/b> universal proxy card with the Securities and Exchange Commission (\u201cSEC\u201d) to be used to solicit votes for the election of its slate of highly qualified director nominees at the 2025 annual meeting of stockholders of Atea Pharmaceuticals, Inc., a Delaware corporation (the \u201cCompany\u201d).\n<\/p>\n<p>\nTHE RADOFF-JEC GROUP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC\u2019S WEB SITE AT <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sec.gov%2F&amp;esheet=54228886&amp;newsitemid=20250326447983&amp;lan=en-US&amp;anchor=HTTP%3A%2F%2FWWW.SEC.GOV&amp;index=1&amp;md5=8b0d8fed4dd0851067e80e2454a8e52d\">HTTP:\/\/WWW.SEC.GOV<\/a>. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS\u2019 PROXY SOLICITOR.\n<\/p>\n<p>\nThe participants in the anticipated proxy solicitation are expected to be The Radoff Family Foundation (\u201cRadoff Foundation\u201d), Bradley L. Radoff, JEC II Associates, LLC (\u201cJEC II\u201d), The MOS Trust (\u201cMOS Trust\u201d), MOS PTC, LLC (\u201cMOS PTC\u201d), Michael Torok, Nerium Partners LP (\u201cNerium Partners\u201d), Nerium Capital LLC (\u201cNerium Capital\u201d), James Flynn and Howard H. Berman.\n<\/p>\n<p>\nAs of the date hereof, Radoff Foundation directly beneficially owns 175,000 shares of Common Stock, $0.001 par value per share, of the Company (\u201cCommon Stock\u201d). As of the date hereof, Mr. Radoff directly beneficially owns 2,900,100 shares of Common Stock. As of the date hereof, 30,000 shares of Common Stock are held in a certain donor advised charitable account advised by Mr. Radoff (the \u201cCharitable Account\u201d). Mr. Radoff, as a director of Radoff Foundation, may be deemed to beneficially own the 175,000 shares of Common Stock directly beneficially owned by Radoff Foundation, and as an advisor to the Charitable Account, may be deemed to beneficially own the 30,000 shares of Common Stock held in the Charitable Account, which, together with the 2,900,100 shares of Common Stock he directly beneficially owns, constitutes an aggregate of 3,105,100 shares of Common Stock beneficially owned by Mr. Radoff. As of the date hereof, JEC II directly beneficially owns 1,300,000 shares of Common Stock. As of the date hereof, MOS Trust directly beneficially owns 100,000 shares of Common Stock. MOS PTC, as the trustee of MOS Trust, may be deemed to beneficially own the 100,000 shares of Common Stock directly beneficially owned by MOS Trust. As of the date hereof, Mr. Torok directly beneficially owns 100,000 shares of Common Stock. Mr. Torok, as the Manager of JEC II and a Manager of MOS PTC, may be deemed to beneficially own the 1,400,000 shares of Common Stock directly beneficially owned in the aggregate by JEC II and MOS Trust, which, together with the 100,000 shares of Common Stock he directly beneficially owns, constitutes an aggregate of 1,500,000 shares of Common Stock beneficially owned by Mr. Torok. As of the date hereof, Nerium Partners directly beneficially owns 54,000 shares of Common Stock. Nerium Capital, as the general partner of and investment advisor to Nerium Partners, may be deemed to beneficially own the 54,000 shares of Common Stock directly beneficially owned by Nerium Partners. Mr. Flynn, as the Chief Investment Officer of Nerium Partners and the Managing Member of Nerium Capital, may be deemed to beneficially own the 54,000 shares of Common Stock directly beneficially owned by Nerium Partners. As of the date hereof, Mr. Berman does not beneficially own any shares of Common Stock.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth30\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1<\/sup> Company press release dated May 30, 2023 (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.ateapharma.com%2Fnews-releases%2Fnews-release-details%2Fatea-pharmaceuticals-board-directors-unanimously-rejects&amp;esheet=54228886&amp;newsitemid=20250326447983&amp;lan=en-US&amp;anchor=link&amp;index=2&amp;md5=a244cc5ad62e53943ca0f2da07d8c755\">link<\/a>).\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>2<\/sup> Company\u2019s cash burn for the six reported quarters since it rejected Tang Capital\u2019s bid (beginning July 1, 2023 through December 31, 2024).\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>3<\/sup> Form 4 filed by Mr. Berger, dated December 12, 2024 (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sec.gov%2FArchives%2Fedgar%2Fdata%2F1593899%2F000095017024135930%2FxslF345X03%2Fownership.xml&amp;esheet=54228886&amp;newsitemid=20250326447983&amp;lan=en-US&amp;anchor=link&amp;index=3&amp;md5=29ddabe8114ed3aaaf2c594bb98d3f98\">link<\/a>). Company press release dated December 16, 2024 (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.ateapharma.com%2Fnews-releases%2Fnews-release-details%2Fatea-pharmaceuticals-retains-financial-advisor-explore-strategic&amp;esheet=54228886&amp;newsitemid=20250326447983&amp;lan=en-US&amp;anchor=link&amp;index=4&amp;md5=85bc2340f1254270727070df29becd4e\">link<\/a>).\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250326447983r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250326447983\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250326447983\/en\/<\/a><\/span><\/p>\n<p>\nGreg Lempel<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:greg@fondrenlp.com\">greg@fondrenlp.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Texas<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Pharmaceutical Professional Services Health Business<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors Issues Open Letter to Atea\u2019s Stockholders Outlining the Case for Boardroom Change Based on Years of Stock Price Underperformance, Poor Decision-Making and Entrenchment Maneuvers Believes its Three Highly Qualified Director Candidates Possess the Necessary Ownership Perspectives, Scientific Credibility and Public Company Board Experience to Create Value for Stockholders HOUSTON&#8211;(BUSINESS WIRE)&#8211; Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the \u201cRadoff-JEC Group\u201d), who collectively own approximately 5.4% of the outstanding stock of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) (\u201cAtea\u201d or the \u201cCompany\u201d), today announced that they have nominated three highly qualified director candidates \u2013 Howard H. Berman, James Flynn and Mr. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-radoff-jec-group-nominates-three-highly-qualified-candidates-for-election-to-the-atea-pharmaceuticals-board-of-directors\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-829914","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-radoff-jec-group-nominates-three-highly-qualified-candidates-for-election-to-the-atea-pharmaceuticals-board-of-directors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors Issues Open Letter to Atea\u2019s Stockholders Outlining the Case for Boardroom Change Based on Years of Stock Price Underperformance, Poor Decision-Making and Entrenchment Maneuvers Believes its Three Highly Qualified Director Candidates Possess the Necessary Ownership Perspectives, Scientific Credibility and Public Company Board Experience to Create Value for Stockholders HOUSTON&#8211;(BUSINESS WIRE)&#8211; Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the \u201cRadoff-JEC Group\u201d), who collectively own approximately 5.4% of the outstanding stock of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) (\u201cAtea\u201d or the \u201cCompany\u201d), today announced that they have nominated three highly qualified director candidates \u2013 Howard H. 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Radoff and Michael Torok (together with certain of their affiliates, the \u201cRadoff-JEC Group\u201d), who collectively own approximately 5.4% of the outstanding stock of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) (\u201cAtea\u201d or the \u201cCompany\u201d), today announced that they have nominated three highly qualified director candidates \u2013 Howard H. 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