Nanogen Receives Final Stockholder Approval on Debt Financing.SAN DIEGO -- Nanogen, Inc. (Nasdaq: NGEN NGEN Next Generation
NGEN Next Generation Enterprise Network (US Navy Intranet Development Program) ) announced today that it has received stockholder approval on the third of the three proposals presented at its special meeting of stockholders on February 1, 2008. During the special meeting, stockholders approved two of the proposals but insufficient votes were obtained to approve Proposal #1, in which the board of directors was seeking approval to ratify the company's debt financing Debt Financing
When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay of August 2007. Accordingly, the meeting was adjourned until February 11th to provide shareholders with additional time to vote on the proposal. Today the company announced it has received the necessary votes to approve this proposal.
As stated in the February 1st announcement, approval of all three proposals is an important component of the company's restructuring activities and will provide the company with increased financing flexibility until positive cash flow is achieved. The company expects to achieve cash flow breakeven in late 2008 based on its current revenue and expense projections for the year.
About Nanogen, Inc.
Nanogen (Nasdaq: NGEN) has a strong product and proprietary technology base of diagnostic solutions for two of the fastest growing in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment.
In an artificial environment outside a living organism. diagnostic (IVD (Interactive VideoDisc) See interactive video. ) markets--molecular diagnostics and rapid point-of-care testing point-of-care testing Lab medicine The analysis of clinical specimens as close as possible to the Pt, including bedside, ward–unit, or 'stat' regional response labs that service specified areas–eg, the ER or ICU . The company provides their innovative, high-quality diagnostic products to clinicians and physicians worldwide, making it easier to predict and diagnose diseases, ultimately improving patient care. Products include molecular diagnostic kits and reagents, and kits for rapid, point-of-care testing. Nanogen has pioneered research in areas involving biomedical bi·o·med·i·cal
1. Of or relating to biomedicine.
2. Of, relating to, or involving biological, medical, and physical sciences. markers, molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller and nanotechnology to bring better results to diagnostics and healthcare. For additional information please visit Nanogen's website at www.nanogen.com.
Nanogen Forward-Looking Statement forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including those relating to the need for additional financing, anticipated cash flow, delisting from the NASDAQ Global Market, whether patents owned or licensed by Nanogen will be developed into products, whether the patents owned by Nanogen offer any protection against competitors with competing technologies, whether products under development can be successfully developed and commercialized, whether results reported by our customers or partners can be identically replicated, and other risks and uncertainties discussed under the caption "Risk Factors" and elsewhere in Nanogen's Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Nanogen disclaims any intent or obligation to update these forward-looking statements.