Navigation Links
VaxGen Stockholders Overwhelmingly Approve Reverse Split Proposal

General Meeting vote suggests broad stockholder support for proposed Raven


SOUTH SAN FRANCISCO, Calif., Dec. 27 /PRNewswire-FirstCall/ -- VaxGen Inc. (Pink Sheets: VXGN), a biopharmaceutical company, announced today that its stockholders approved the proposed reverse split of its common stock by a margin of nearly 3 to 1 in favor with approximately 80% of stock voting. The resolution permits VaxGen to reverse split its stock in a ratio of 4, 5, or 6 to 1, at the discretion of the board. The company has previously indicated that it is likely to reverse split the stock 5 to 1.


A similar proportion of stockholders supported the re-election of the Board of Directors.

James P. Panek, VaxGen's CEO and President, commented: "We are very pleased with this result, which seems to indicate a high level of stockholder support for the direction chosen by the company's management and board. With the S-4 registration statement filed just prior to the holidays and Raven and VaxGen agreeing that an OTC Bulletin Board listing satisfies the listing closing condition of the merger agreement, we look forward to a shareholder vote and closure of the merger as expeditiously as possible."

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco, California. The company owns a state-of-the-art biopharmaceutical manufacturing facility with a 1,000-liter bioreactor that can be used to make cell culture or microbial biologic products. For more information, please visit the company's web site at

About Raven

Raven biotechnologies, inc. is a privately held biotechnology company focused on the development of monoclonal antibody therapeutics for treating cancer. Raven's lead product candidate, RAV12, targets adenocarcinomas and is in clinical development for the treatment of gastrointestinal and other cancers. Raven, which is based in South San Francisco, California, has identified multiple candidate therapeutic MAbs for many cancer indications including lung, colon, pancreatic, prostate, breast, brain, and ovarian cancer. Please visit for more information about Raven biotechnologies inc.

Note: This press release contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include, without limitation, statements regarding quotation of VaxGen's common stock on the OTC Bulletin Board and the anticipated benefits of such quotation, VaxGen's and Raven's ability to meet the conditions necessary to close the proposed merger between the two companies and the potential future listing of VaxGen's common stock on a national securities exchange. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Additional information concerning these and other risk factors is contained in VaxGen's Annual Report on Form 10-K for the year ended December 31, 2006 and most recently filed Quarterly Report on Form10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. VaxGen and Raven undertake no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

Additional Information and Where to Find It

VaxGen has filed a registration statement on Form S-4, and a related proxy statement/prospectus, in connection with the merger. Investors and security holders are urged to read the registration statement on Form S-4 and the related proxy/prospectus because they will contain important information about the merger transaction. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC's web site at In addition, investors and security holders may obtain free copies of the documents filed with the SEC by contacting VaxGen Investor Relations at the email address:

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

VaxGen, Raven and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of VaxGen in connection with the merger transaction. Information regarding the special interests of these directors and executive officers in the merger transaction is included in the proxy statement/prospectus described above. Additional information regarding the directors and executive officers of VaxGen is also included in VaxGen's definitive proxy statement for its 2007 Annual Meeting of Stockholders which was filed with the SEC on November 21, 2007 and its Annual Report on Form 10-K for the year ended December 31, 2006, which was filed with the SEC on August 30, 2007. These documents are available free of charge at the SEC's web site at and from Investor Relations at VaxGen as described above.

SOURCE VaxGen Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. VaxGen Files 2006 Financial Statements and Provides Cash Update
2. VaxGen Further Restructures to Preserve Cash as It Pursues Strategic Initiatives
3. VaxGen Files First Quarter 2007 Financials
4. Jack Anthony to Resign From VaxGens Board After Accepting CEO Position at Osprey Pharmaceuticals
5. VaxGen Files Last Outstanding Periodic Report With SEC
6. VaxGen Addresses MPM Claims in Letter to Stockholders
7. VaxGen Common Stock Expected to Qualify for Quotation on OTC Bulletin Board
8. ev3 and FoxHollow Announce Date for Special Meeting of FoxHollow Stockholders to Vote on Proposed Merger
9. Micrus Endovascular to Webcast Fiscal 2007 Annual Meeting of Stockholders
10. Kyphon Stockholders Approve Merger with Medtronic
11. Paramount Stockholders Approve Acquisition of Chem Rx
Post Your Comments:
(Date:11/25/2015)... ANNAPOLIS, Md. , Nov. 25, 2015  PharmAthene, ... of Directors has adopted a stockholder rights plan (Rights ... its net operating loss carryforwards (NOLs) under Section 382 ... --> --> PharmAthene,s use of its ... an "ownership change" as defined in Section 382 of ...
(Date:11/25/2015)... HOLLISTON, Mass. , Nov. 25, 2015 ... a biotechnology company developing bioengineered organ implants for life-threatening ... will present at the LD Micro "Main Event" investor ... PT. The presentation will be webcast live and posted ... also be available at the conference for one-on-one meetings ...
(Date:11/25/2015)... (PRWEB) , ... November 25, 2015 , ... ... and the Organization of Black Aerospace Professionals (OPBAP) has been formalized with the ... other AMA team leaders met with OPBAP leaders Capt. Karl Minter and Capt. ...
(Date:11/25/2015)... CA (PRWEB) , ... November 25, 2015 , ... ... genomics company uBiome, were featured on AngelList early in their initial angel funding ... an AngelList syndicate for individuals looking to make early stage investments in the ...
Breaking Biology Technology:
(Date:11/20/2015)... Connecticut , November 20, 2015 ... authentication company focused on the growing mobile commerce market ... CEO, Gino Pereira , was recently interviewed on ... interview will air on this weekend on Bloomberg ... Latin America . --> NXTD ) ("NXT-ID" ...
(Date:11/19/2015)... , Nov. 19, 2015  Although some 350 companies ... dominated by a few companies, according to Kalorama Information. These ... 51% of the market share of the 6.1 billion-dollar ... The World Market for Molecular Diagnostic s .    ... market is still controlled by one company and only ...
(Date:11/18/2015)... November 18, 2015 --> ... a new market report titled  Gesture Recognition Market - ... 2015 - 2021. According to the report, the global gesture recognition ... anticipated to reach US$29.1 bn by 2021, at a ... North America dominated the global gesture ...
Breaking Biology News(10 mins):