SAN DIEGO, June 21, 2013 /PRNewswire/ -- Cardium Therapeutics (NYSE MKT: CXM) held its reconvened Annual Meeting of Stockholders earlier today and has temporarily adjourned the meeting to Tuesday, July 2, 2013, at 1:00 p.m. Pacific, at the same location. The proposals considered at the Annual Meeting are described in detail in the Company's definitive proxy statement for the Annual Meeting as filed with the Securities and Exchange Commission on April 29, 2013.
The Company temporarily adjourned the meeting to allow for additional time for stockholders to vote on two remaining proposals related to a proposed reverse stock split and a charter amendment, which were favored by a majority of shares voted but which also require a majority of all outstanding shares, including unvoted shares. The Company has almost 6,000 stockholders located in many countries throughout the world, and it takes time and effort to reach them. Cardium encourages stockholders who have not yet executed a proxy to do so. This will help save solicitation costs and ensure stockholders that they are represented.
"We are encouraged by the favorable support that we have received to date from our stockholders who have voted in favor of all of the proposals recommended by the Board of Directors as described in our proxy. The two outstanding proposals are very important issues for our Company as they will provide the authorizations necessary for us to be able to seek to optimize our capital structure over the long term," stated Christopher J. Reinhard, Chairman and CEO of Cardium. "Glass Lewis and ISS, the leading independent proxy and corporate governance advisory firms, have also recommended in favor of all of the proposals, including the stock split and charter amendment. We have adjourned the meeting to allow stockholders additional time to vote or change their preferences in favor of the proposals. While both remaining proposals have been favored by greater than 60% of shares voted, they each also require a majority of all outstanding shares, many of which have not yet been voted."