Hemispherx Biopharma says that low turnout at its annual shareholders meeting yesterday has prompted an extension until July 28 of a vote to increase the number of common-stock shares by 75 percent.
The Philadelphia-based pharmaceutical company, which focuses on treatments for chronic viral diseases and disorders of the immune system, said that only about 40.34 percent of the outstanding shares entitled to vote were represented in person or by proxy.
A majority vote is needed to approve increasing the number of shares from 200 million to 350 million, the company said.
The company attributed the low turnout to foreign ownership of more than 40 percent of its outstanding shares.
The shareholders meeting will be resumed July 28 at 1 p.m.
The company's shares, which had been trading at less than $1, began increasing in May on speculation of a drug approval.
Early this afternoon, shares were trading at $2.19, up 18 cents (8.96 percent), in the Amex market.
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