Hemispherx Biopharma, Inc. (HEB) Thursday said its proposal to increase the number of authorized shares of common stock to 350 million from 200 million was passed by stockholders.
The Philadelphia, Pennsylvania-headquartered company concluded its 2011 Stockholder Annual Meeting with the passage of Proposal No. 4, which had sought an increase in the number of authorized shares.
At the original meeting held on October 13, 2011, stockholders acted upon three proposals and the chairman of the meeting left the polls open for voting on Proposal No. 4 and adjourned the meeting solely with regard to this proposal until November 10, 2011.
With passage of the proposal close, the chairman again adjourned the meeting until December 8, 2011. The proposal required the affirmative vote of a majority of all outstanding shares, rather than 40 percent of the shares present and voting at the meeting.
The company said the voting quorum was approximately 57 percent, whereas two years ago the company obtained a quorum of only 40 percent.
The final vote tally for Proposal No. 4 was a FOR vote by 68.2 million or 50.32 percent of stockholders, an AGAINST vote by 7.9 million or 5.79 percent of stockholders, and ABSTAIN by 0.6 million or 0.46 percent of stockholders.
The results of voting on the other three proposals before stockholders were publicly disclosed on September 19, 2011.
Hemispherx's flagship products include Alferon N Injection (FDA approved for a category of sexually transmitted diseases) and the experimental therapeutics Ampligen and Alferon LDO.
Ampligen is an experimental RNA nucleic acid being developed for globally important debilitating diseases and disorders of the immune system. Hemispherx's platform technology includes components for potential treatment of various severely debilitating and life threatening diseases.
Hemispherx has patents comprising its core intellectual property estate and a fully commercialized product (Alferon N Injection(R)). The company wholly owns and exclusively operates a GMP certified manufacturing facility in the United States for commercial products.
HEB closed Thursday's regular trading at $0.2283, down $0.0207 or 8.31%, on the AMEX. Over the past year, the stock traded in a range of $0.17 - $0.61, with three-month average volume of 0.2 million shares.
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