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Biotech / Medical : Infinity Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (149)	3/22/2007 12:55:27 PM
From: Mike McFarland	Respond to of 210

Infinity Announces Corporate Governance Proposal For Annual Election of Directors CAMBRIDGE, Mass., March 20, 2007 (PRIME NEWSWIRE) -- Infinity Pharmaceuticals (NasdaqGM:INFI - News) announced today that its Board of Directors unanimously voted to approve a corporate governance initiative to declassify the Board. In addition, the Board determined that Eric S. Lander, Ph.D. and Franklin Moss, Ph.D. now qualify as "independent directors" under the NASDAQ Marketplace Rules, increasing the percentage of the company's independent directors from 67% to 83%. The Board unanimously voted to submit proposals to amend Infinity's certificate of incorporation and bylaws to eliminate the classification of the Board to stockholders at Infinity's 2007 annual stockholder meeting, which is scheduled for May 30, 2007. If stockholders approve the proposals by the requisite vote, all directors would stand for election or re-election each year beginning at Infinity's 2008 annual stockholder meeting. ----- This is not yet posted on the IPI website, maybe it is not filed with the SEC. investor.ipi.com If anybody knows the importance of this move to "declassify the Board" please do post. I found "staggered terms for directors impedes upon accountability", so this is a very minor plus in my mind. I'd put it up there with dissolving the scientific advisory board which saves a little money, but otherwise rates a "huh?"