Skyline Medical shareholders OK 3x share increase

Skyline Medical said today that its shareholders agreed to an amendment which would increase shares of common stock from 8 million to 24 million.

The decision was made at a special meeting of stockholders which met yesterday, the Minneapolis-based company said.

“We are grateful to our stockholders for voting in favor of providing Skyline with the option of raising additional equity capital to fund our growth strategies. Skyline is at the precipice of a number of exciting milestones.  While we have sufficient capital to execute our short-term plans, we need additional capital to execute our plan for long-term growth including increasing Streamway sales, attracting and incentivizing key employees and pursuing strategic transactions.  The current management team is highly focused and is aggressively moving the business forward.  We look forward to a number of value-creating milestones this year, including regulatory determinations and commercial progress,” CEO Dr. Carl Schwartz said in a press release.

Last month, Skyline Medical said it closed a $2 million offering, with funds slated to support general corporate purposes.

In November, the company said it won Health Canada approval for its Streamway medical fluid disposal device, launching it and its associated accessories in the region.

The Streamway System is an automated direct-to-drain medical fluid disposal system, the Minneapolis, Minn.-based company said.

Skyline Medical said that “a number of distributors” have shown interest in selling the Streamway in Canada. The company said it expects to reach a deal to distribute the product across 1,500 hospitals in all 13 Canadian provinces.

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