Capricor shareholders face board overhaul push as investors demand meeting and capital-preservation plan amid DMD cell therapy delay

Kaos Capital, describing itself as a significant shareholder of Capricor Therapeutics, sent a letter to fellow investors calling for an immediate meeting, a change of the board, and a capital-preservation plan.

Capricor has halted work on all other programs while it waits for the FDA's decision on its Duchenne muscular dystrophy cell therapy, deramiocel, with a PDUFA deadline set for August 22.

The company is seeking to amend its filing after the FDA rejected the application last July and a subsequent advisory committee meeting on July 29 did not go well, citing reliance on an outdated statistical analysis.

Kaos Capital said it will nominate two independent directors and push for a board-led M&A and Strategic Alternatives Committee chaired by a shareholder-backed director.