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Nanogen Shareholders Approve Two Proposals Related to Restructuring

NEW YORK (GenomeWeb News) – Nanogen said today that its shareholders have approved two out of three proposals related to its restructuring efforts, which were announced last September.
The firm said that shareholders at its special meeting today approved an amendment of its restated certificate of incorporation to increase the number of authorized common shares and also to permit the board of directors to effect a reverse stock split at a specific ratio within a range of 1:5 to 1:15, which would be determined by the board.
Another proposal, which seeks approval of the company’s debt financing completed in August 2007, received roughly 90 percent approval from voting shareholders, but that proposal remains shy of the necessary total votes, Nanogen said.
The firm adjourned the special meeting in order to provide remaining stockholders with the opportunity to vote on the proposal. Nanogen expects to re-adjourn the meeting on Feb. 11 at its offices in San Diego.
Nanogen said that it needs approval of the three proposals “to provide the company with increased financing flexibility until positive cash flow is achieved.”
As part of its restructuring activities, Nanogen in November decided to shut down its microarray unit, lay off around 20 percent of its staff, and realign the company behind its real-time PCR and point-of-care testing units.

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