WaterMill issues rebuttal presentation to Ziopharm shareholders regarding board

WaterMill Asset Management, which collectively with the other participants in its consent solicitation beneficially owns approximately 3.3% of the outstanding shares of Ziopharm, released a new rebuttal presentation in response to what WaterMill called the incumbent board's recent attempt to mislead shareholders and rewrite history regarding Ziopharm's relationship with Intrexon, which has been renamed Precigen. WaterMill said it 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 encouraged shareholders to consent to all of its proposals on the white consent card. 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."