Nanogen, Inc (NGEN) announced that the company has received stockholder approval regarding two of the three proposals presented at a special meeting of stockholders. Stockholders have approved an amendment to increase the number of authorized common shares and to permit the board of directors to effect a reverse stock split.
The approval of all proposals is important as the company begins to restructure corporate capital. Such proposals will provide the company with increased financing flexibility until positive cash flow is achieved. If all proposals are approved and new financings become available, the company expects to achieve cash flow breakeven in late 2008.
Nanogen is a leading company that is focused on developing methods and tools to predict, diagnose, and ultimately treat a plethora of disease. Currently, the company’s products include real-time PCR reagents and kits along with a line of rapid point-of-care diagnostic tests. Nanogen’s ten years of pioneering research will ultimately prove to be crucial as such technology becomes further emphasized in different applications.
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