BUFFALO GROVE, Ill., June 18, 2015 (GLOBE NEWSWIRE) -- RestorGenex Corporation (OTC:RESX), a specialty biopharmaceutical company focused on developing products for oncology, ophthalmology and dermatology, announced today that stockholders in an annual meeting yesterday voted to reincorporate the company in Delaware effective promptly upon regulatory filings in Delaware and Nevada. The company intends to make these regulatory filings today, June 18, 2015. The company's common stock will continue to trade under the symbol "RESX".
The reincorporation proposal received the support from over 99 percent of stockholders who voted. Final vote results will be included in a current report on Form 8-K to be filed by RestorGenex with the Securities and Exchange Commission within the next few days.
Stephen M. Simes, chief executive officer of RestorGenex stated, "The corporate laws of the State of Delaware are more comprehensive, widely-used and extensively interpreted than the corporate laws of other states, including Nevada. Reincorporation in Delaware will give us more flexibility, clarity and predictability with respect to our corporate legal and governance affairs, which also should benefit our stockholders."
About RestorGenex Corporation
RestorGenex is a specialty biopharmaceutical company focused on developing a portfolio of first-in-class therapeutic products to treat diseases across the ophthalmologic, oncologic and dermatologic space. RestorGenex's lead product is a novel PI3K/Akt/mTOR pathway inhibitor which has completed two Phase I clinical trials for age-related macular degeneration and is in pre-clinical development for glioblastoma multiforme. The current pipeline also includes a "soft" anti-androgen compound for the treatment of acne vulgaris. RestorGenex's novel inhibition of the PI3K pathway and unique targeting of the androgen receptor show promise in a number of additional diseases, which the Company is evaluating for the purpose of creating safe and effective treatments and innovative therapies. For additional information please see: www.restorgenex.com.
Forward Looking Statements
Certain statements in this release are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the reincorporation and other statements that are not historical in nature, particularly those that utilize terminology such as "intends," "will," "continue," "should," "believe," "potential," "show promise," "may," "expects," "future," other words of similar meaning, derivations of such words and the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Risks and uncertainties may cause RestorGenex's actual results to be materially different than those expressed in or implied by such forward-looking statements. Particular risks and uncertainties include, among others, uncertainties involved in clinical testing, the difficulty of developing pharmaceutical products, obtaining regulatory and other approvals and achieving market acceptance, RestorGenex's ability to license out its existing products and technologies and license in additional products and technologies and the terms of such licenses; and other risks and uncertainties described in RestorGenex's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the fiscal year ended December 31, 2014 and subsequent quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2015. All forward-looking statements in this release speak only as of the date of this release and are based on RestorGenex's current beliefs and expectations. RestorGenex undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.