Navigation Links
VaxGen Stockholder Vote Insufficient to Approve Merger with OXiGENE
Date:2/4/2010

SOUTH SAN FRANCISCO, Calif., Feb. 4 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN) announced preliminary results of the vote from its special stockholder meeting held on February 3, 2010.

(Logo:  http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

VaxGen stockholders voted on two proposals. The first proposal, to approve and adopt the Agreement and Plan of Merger among OXiGENE, VaxGen, a wholly-owned subsidiary of OXiGENE, and James P. Panek as the VaxGen stockholder representative, was not approved. 13,229,539 shares voted FOR the merger, 9,492,159 shares voted AGAINST and 26,176 ABSTAINED. The approval of a majority of the Company's total outstanding shares was required to approve the merger. Therefore, a FOR vote totaling 16,553,263 shares was required to approve the merger.

The second proposal, to adjourn the special meeting if necessary, to solicit additional proxies if there were not sufficient votes in favor of the merger, was approved, with approximately 57.7% of the shares voted FOR and 42.3% AGAINST. This proposal needed only a majority of the votes cast to be approved. However, under the terms of the merger agreement, VaxGen was not permitted to adjourn or postpone the meeting without the prior consent of OXiGENE. Prior to the meeting, and based on this anticipated vote result, VaxGen requested OXiGENE's consent to adjourn the meeting to allow additional time to solicit proxies. The OXiGENE board of directors declined to provide OXiGENE's consent to the requested adjournment.

"We are obviously very disappointed that the proposed merger with OXiGENE did not receive the votes necessary for approval," said James P. Panek, VaxGen President. "We achieved substantial support for the merger from our stockholders, with approximately 58% of the shares voted in favor of the merger, representing 40% of the Company's total outstanding shares. However, more than 31% of the outstanding shares were not voted. We believe that with additional time, there was a reasonable likelihood that we could have achieved the necessary vote. We are disappointed that the OXiGENE board was unwilling to consent to an adjournment of our meeting to solicit these un-voted shares."

The VaxGen Board of Directors intends to immediately assess the Company's strategic alternatives.

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. The facility is contained within leased premises. For more information, please visit the company's web site at http://www.vaxgen.com.

Note: This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements regarding the Board of Directors' plans to assess strategic alternatives. 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, 2008. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. VaxGen undertakes 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.

http://www.b2i.us/irpass.asp?BzID=923&to=ea&s=0

SOURCE VaxGen, Inc.

RELATED LINKS
http://www.vaxgen.com

'/>"/>

SOURCE VaxGen, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. ISS/Risk Metrics Group and Glass Lewis Recommend VaxGen Stockholders Vote For Proposed Merger With OXiGENE
2. ImmuneRegen BioSciences Reports Material Transfer Agreement with VaxGen, Inc.
3. KV Pharmaceutical Sets Record Date for Stockholder Action by Written Consent
4. China-Biotics, Inc. to Hold 2009 Annual Meeting of Stockholders on March 5, 2010
5. WebMD and HLTH Corporation to Webcast Annual Meetings of Stockholders
6. Slumps in Pharmaceutical Profitability Tied to Insufficient Management Training
7. FDA Approves Xiaflex for Debilitating Hand Condition
8. United States Seizes Unapproved Ozone Generators
9. FDA Approves Once-A-Day Lamictal(R)XR(TM) as Add-On Epilepsy Therapy for Primary Generalized Tonic-Clonic Seizures
10. Now Approved: Fujifilms FDR AcSelerate Direct Digital DR System
11. Chinese State Food and Drug Administration Approves Company Facility for Producing Solid Dosage Perindopril
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/2/2017)... Denmark , Oct. 2, 2017 The Rebound ... in the struggle to reverse the tide of prescription drug ... for regulating their medicine intake and stepping down their dosage ... set to launch in December 2017; the first 100,000 people ... Learn more at http://www.rebound-solution.com/ ...
(Date:9/27/2017)... for their devotion to personalized service, SMP Pharmacy Solutions announces ... the South Florida Business Journal,s 50 Fastest-Growing Companies, and listed ... national specialty pharmacy has found its niche.  To that end, ... honored by SFBJ as the 2017 Power Leader in Health ... his award in October, Bardisa said of the three achievements, ...
(Date:9/25/2017)...  EpiVax, Inc., a leader in the fields ... announced the launch of EpiVax Oncology Inc., a ... cancer vaccines. EpiVax has provided $500,000 in seed ... technologies to the new precision immunotherapy venture. Gad ... as Chief Executive Officer. Gad brings over 25 ...
Breaking Medicine Technology:
(Date:10/13/2017)... Texas (PRWEB) , ... October 13, 2017 , ... Yisrayl ... this week that explains one of the most popular and least understood books in ... like cryptic and puzzling descriptions that have baffled scholars for centuries. Many have tossed ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... ... DevOps and Agile Software Development, has been awarded a contract by the Center ... Purchase Agreement (BPA) aims to accelerate the enterprise use of Agile methodologies in ...
(Date:10/13/2017)... ... , ... “America On The Brink”: the Christian history of the United States ... creation of published author, William Nowers. Captain Nowers and his wife, Millie, have ... thirty years in the Navy. Following his career as a naval aviator and ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent and ... apnea using cutting-edge Oventus O2Vent technology. As many as 18 million Americans ... frequent cessation in breathing. Oral appliances can offer significant relief to about 75 ...
(Date:10/12/2017)... ... October 12, 2017 , ... The company has developed a ... and regulatory authorities worldwide. From Children’s to Adults 50+, every formula has been ... standard. , These products are also: Gluten Free, Non-GMO, Vegan, Soy Free, ...
Breaking Medicine News(10 mins):