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TorreyPines Delays its Dissolution

Bruce V. Bigelow 7/9/09

What if a company called a special shareholder meeting and nobody voted? Executives at San Diego’s TorreyPines Therapeutics pondered the question today after failing to muster enough votes for a proposal to liquidate and dissolve the company. In a statement, TorreyPines said 62 percent of the biotech’s stockholders failed to vote on the issue, which the board unanimously approved in May. The measure to dissolve the company requires a majority of outstanding voting shares for approval. In a bid to collect enough votes, TorreyPines adjourned its meeting until July 16th at the company’s corporate offices.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492