NORTHBROOK, Ill., March 3, 2015 (GLOBE NEWSWIRE) -- Nanosphere, Inc. (Nasdaq:NSPH), a company enhancing medicine through targeted molecular diagnostics, today announced that it will conduct a special meeting of stockholders on Tuesday, April 7, 2015. At the special meeting, stockholders will be asked to approve amendments to Nanosphere's charter to increase the authorized shares of its common stock from 150 million to 250 million shares, and to effect a reverse stock split of its issued and outstanding common stock with a ratio in a range of between 15-to-1 and 25-to-1 for the purpose of regaining compliance with the $1 minimum bid price requirement of the NASDAQ Capital Market. The board of directors will determine the exact ratio of the reverse stock split within such range, assuming stockholders approve the reverse stock split at the special meeting. Nanosphere's board of directors has fixed a record date of February 26, 2015 for the special meeting. All stockholders of record as of the close of business on February 26, 2015 shall be entitled to notice of and to vote at the special meeting.
In connection with the special meeting of stockholders, Nanosphere has filed with the Securities and Exchange Commission a definitive proxy statement describing the charter amendments that will be mailed to stockholders on or about Friday, March 6, 2015 to solicit proxies in support of the charter amendments. Nanosphere has engaged MacKenzie Partners, Inc. to serve as its proxy solicitor for the special meeting of stockholder.
About Nanosphere, Inc.
Nanosphere is enhancing medicine through targeted molecular diagnostics that result in earlier disease detection, optimal patient treatment and improved healthcare economics. The Company's versatile technology platform, the Verigene ® System, enables clinicians to rapidly detect the most complex, costly and deadly infectious diseases through a low cost and simple-to-use multiplexed diagnostic test. The combination of this innovative technology and Nanosphere's customer-driven solutions keeps commitment to the patient at the forefront of its business. Nanosphere is based in Northbrook, IL. Additional information is available at: http://www.nanosphere.us.
Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere's ability to develop commercially viable products; (ii) Nanosphere's ability to achieve profitability; (iii) Nanosphere's ability to produce and market its products; (iv) Nanosphere's ability to obtain regulatory approval of its products; (v) Nanosphere's ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere's ability to obtain additional financing to support its operations. Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.