WaterMill Asset Management Sets the Record Straight Following Ziopharm’s Apparent Attempt to Mislead Shareholders and Rewrite History

Rhea-AI Summary

WaterMill Asset Management, owning approximately 3.3% of Ziopharm Oncology (ZIOP), has released a rebuttal against the incumbent Board's claims about its partnership with Intrexon, now Precigen. WaterMill aims to replace four directors with independent nominees, arguing that the current Board has misled shareholders and failed to deliver meaningful clinical progress, resulting in a 76% decline in equity value over five years. They emphasize the need for urgent change to restore shareholder trust and accountability.

Positive

• WaterMill is proposing a reconstitution of Ziopharm's Board, bringing in independent and qualified nominees.
• The focus on shareholder-driven change could improve governance and accountability.

Negative

• Ziopharm has lost 76% of its equity market value over the past five years.
• The Board has been accused of poor capital allocation and lack of accountability.
• Previous attempts at director refresh in 2018 have not led to significant improvements.

NEW YORK--(BUSINESS WIRE)--WaterMill Asset Management Corp. (together with its affiliates, “WaterMill” or “we”), which collectively with the other participants in its consent solicitation beneficially owns approximately 3.3% of the outstanding shares of Ziopharm Oncology, Inc. (NASDAQ: ZIOP) (“Ziopharm” or the “Company”), today released a new rebuttal presentation in response to the incumbent Board of Directors’ (the “Board”) recent attempt to mislead shareholders and rewrite history regarding Ziopharm’s relationship with Intrexon Corporation (“Intrexon”), which has been renamed Precigen Incorporated (“Precigen”). We invite shareholders to download and view the full presentation here.

As a reminder, WaterMill is seeking to reconstitute Ziopharm’s eight-member Board by removing four current directors and electing three highly-qualified and independent individuals: Robert Postma, Jaime Vieser and Holger Weis. WaterMill encourages shareholders to consent to all of its proposals on the WHITE consent card. We urge shareholders to sign, date and return each WHITE consent card they receive.

Robert Postma, Principal and Founder of WaterMill, commented:

“We believe that Ziopharm’s attempt to mislead shareholders and rewrite history in its recent presentation only validates our case for urgent change. Rather than assume accountability for years of value destruction and finally provide shareholders with a clear plan for commercializing the Company’s promising science, the incumbent Board is apparently resorting to peddling distortions about a 2018 ‘reset’ that has failed to deliver meaningful clinical progress and put an end to troubling boardroom interconnectivity. In our view, Ziopharm remains on the road to financial ruin due to the incumbents’ inability to effectively allocate capital, pursue revenue-generating opportunities and regain the investment community’s trust. This is why we are pursuing a shareholder-driven overhaul of the Board that we believe can lead to a sorely needed strategic review and infuse necessary ownership perspectives and accountability into the boardroom. Ziopharm does not need to continue suffering from a lack of commercial intensity and financial acumen in the boardroom.

Do not be fooled by the incumbent Board’s apparent misrepresentation of the facts: the truth is that the Company has lost 76% of its equity market value over the past five years as capital has been seemingly wasted on the Intrexon partnership and carelessly spent on leadership compensation. We contend that the directors we are seeking to remove have proven that they cannot be trusted or relied upon to initiate a turnaround. Moreover, Ziopharm already attempted a self-initiated director refresh in 2018 – since then, we believe the Board has continued to foster an anti-shareholder culture defined by poor governance practices and ill-conceived financing decisions that have blindsided and diluted shareholders.

Unlike the incumbent Board, my fellow nominees and I will prioritize business integrity, urgency and transparency in the boardroom. We believe Ziopharm’s leadership has consistently disregarded shareholder input, misled investors and dragged the Company into a financial hole, which is why we felt compelled to act. We are committed to continuing to invest our energy, resources and time to help Ziopharm finally realize the true potential of its science for the benefit of shareholders, providers and patients.”

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We urge Ziopharm shareholders to consent to all five proposals on the WHITE consent card today by signing, dating and returning it in the postage-paid envelope provided. Please vote each and every WHITE consent card you receive since you may own multiple accounts. If you have already voted a Green revocation card from Ziopharm, a later-dated vote on the WHITE consent card will revoke that vote.

December 11, 2020 is our goal for the submission of written consents. Effectively, this means that you have until December 11, 2020 to consent to the proposals.

You may only consent by voting the WHITE consent card. Please throw away all Green revocation cards you receive.

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