NEW YORK (GenomeWeb News) – A majority of Osmetech's shareholders have approved the firm's plans to proceed with an initial public offering and other proposals, according to a notice posted on the London Stock Exchange.
Last month, Osmetech said that it had filed with the US Securities and Exchange Commission for the IPO under the name of its newly proposed parent, GenMark Diagnostics.
At the time, the maker of microarray-based molecular diagnostics said that its board of directors had approved the proposal, which includes reorganizing the firm so that it becomes a wholly-owned subsidiary of GenMark, based in Pasdadena, Calif. They also approved moving its shares from the AIM, on which it currently trades, to the Nasdaq Global Market, under which shareholders would receive one share of GenMark for every 230 shares of Osmetech held.
According to the notice posted on the LSE today, Osmetech's shareholders approved the plans, with only 21 percent of shareholders representing .03 percent of Osmetech's shares voting against the proposals.
A court hearing is scheduled to take place on May 20 to sanction the plans.