Source Bioscience stockholders approve share plan

Source Bioscience stockholders have unanimously passed resolutions approving the cancellation of the company’s share premium account and a proposal to allow the firm to start purchasing its ordinary shares on the market.

The decision came after the plans were put to the company’s general meeting.

It will now go forward to a court hearing of application to confirm the cancellation of the share premium account, which is scheduled to take place on October 29th.

Source Bioscience said it expects the cancellation of the premium account to come into effect on November 7th this year.

The news comes around three weeks after the firm filed its half-year results, which showed an 88 per cent increase in revenues to $5.9 million (3.18 million pounds). Meanwhile, operating loss before exceptional items declined 40 per cent to $0.2 million.

During the first six months of the year, Source Bioscience also completed the purchase of life sciences research firm Autogen Bioclear UK for a deal that could be worth up to 5.9 million pounds.