Small cap im­munother­a­py play­er Zio­pharm faces an ac­tivist at­tack, re­bukes call for board seats

Zio­pharm On­col­o­gy is at­tempt­ing to fend off an ac­tivist at­tack.

The Boston-based biotech sent a let­ter to share­hold­ers Mon­day urg­ing them to re­ject the pro­pos­als from mi­nor­i­ty in­vestor Wa­ter­Mill As­set Man­age­ment Corp that would re­place half the com­pa­ny’s board. Zio­pharm’s let­ter, which was pub­lished in full Mon­day morn­ing, stat­ed that the firm’s pro­posed three new board mem­bers, in­clud­ing Wa­ter­Mill founder Robert Post­ma, lack the qual­i­fi­ca­tions to run a pub­lic com­pa­ny.

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