NEW YORK (GenomeWeb News) – Nanogen today said that it has received the necessary number of votes from shareholders to proceed with a debt financing announced in August 2007.
Earlier this month, Nanogen’s shareholders approved two out of three proposals related to its restructuring efforts, which were announced in September. The third proposal was the debt financing.
Nanogen said today that the approval of all three proposals will “provide the company with increased financing flexibility until positive cash flow is achieved.”
Nanogen’s shares were down 7.1 percent at $.38 per share in late afternoon trade on the Nasdaq.