Nanogen, Inc (NGEN) Receives Stockholder Approval on Two of Three Proposals and Adjourns
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…