Biopool International in Ventura elected the nominated slate of directors at its annual shareholders meeting but lacked sufficient votes to authorize the issuance of preferred stock as a means of raising capital.
Despite a decision to adjourn the meeting for 30 days to try to garner sufficient participation by shareholders to approve the preferred stock matter, not enough votes were cast to authorize it.
"The company's board of directors has proposed [the preferred stock] proposition to provide the company with an additional means to raise capital in the future," said Michael D. Bick, Biopool chairman and chief executive officer. "Having no specific financing needs at this time, the board elected to forgo the time and expense of again adjourning the meeting and soliciting proxies in favor of this proposition."
The company's newly elected board of directors consists of Bick as chairman and Douglas L. Ayer, Andrew L. Cersukus and N. Price Paschall as members.
Paschall is in his first term on Biopool's board. He is the founder and managing partner of HealthCare Capital Advisors, which has provided merger and acquisition advice to middle-market companies in the medical service industry since 1993.
Biopool, founded in 1987, develops test kits to diagnose blood and vascular disorders, specialty chemistry controls to monitor and measure the presence of illegal drugs, and blood group serology products used to screen for antibodies and group and type whole blood.