© Reuters.

(Reuters) – Advisor to Agent Glass Lewis has urged shareholders of Ziopharm Oncology (NASDAQ 🙂 Inc to elect the three proposed Board of Directors for WaterMill Asset Management Corp and vote to fire four of the incumbents, WaterMill reported on Wednesday.

The announcement comes about a week after the agency’s corporate equity advisory firm announced that Ziopharm should elect two of the three directors proposed by WaterMill, in a rare instance of investor activity in the biotech industry.

WaterMill said a change of board of directors at Ziopharm is needed after the company’s shares have fallen more than 75% over a five-year period.

“Glass Lewis … upheld her case for serious change in Ziopharm Oncology and recommended that shareholders vote on all five proposals for WaterMill’s WHITE approval card,” WaterMill said in a statement.

The proposals include electing Robert Postma, Jaime Fizer and Holger Weiss to the Ziopharm board of directors, and the dismissal of incumbents Kevin Pucci and Ilan Isaacson and chairman Scott Tariff and Mary Thistle, whose appointment last month by WaterMill has been criticized, citing previous contacts with other board members.

Ziopharm asked shareholders to resist WaterMill calls to remove the four directors.

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