PRINCETON, N.J., Jan. 31, 2012 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced it has filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to implement a one-for-twenty reverse split of its common stock which will take effect tomorrow morning.
"Given our current stock price, we believe this is an opportune time to effect a reverse stock split," stated Christopher J. Schaber, PhD, President and CEO of Soligenix. "We believe the reverse split improves Soligenix's capital structure and creates a more appealing stock price, thereby, giving us access to a larger market audience for our common stock. Importantly, it also facilitates easier trading of our stock in light of the new low-price stock trading limitations being imposed by a number of prominent clearing firms. After a relatively quiet period following the termination of our Phase 3 clinical trial of orBec® in acute GI GVHD, we expect to be announcing developments in the coming weeks with our other novel programs, namely, thermostability, acute radiation syndrome, and acute radiation enteritis."
The reverse split will become effective at 9:00 AM EST on Wednesday, February 1, 2012. The reverse split, which was overwhelmingly approved by the Company's stockholders on September 23, 2010 and recently unanimously authorized by its Board, will reduce the number of shares of the Company's outstanding common stock from approximately 221 million to approximately 11 million and proportionately reduce the number of authorized shares of the Company's capital stock. The reverse split will not affect any stockholder's ownership percentage of Soligenix's shares. The reverse split will not change the par value of the common stock or the number of shares of common stock Soligenix is authorized to issue.The split-adjusted shares of Soligenix's common stock will begin trading on Wednesday, February 1, 2012 under the symbol "SNGXD" with a "D" added for 20 trading days to signify that the reverse split has occurred. Soligenix's transfer agent, American Stock Transfer & Trust Company, will act as exchange agent for the reverse split. Soligenix stockholders will receive forms and notices to exchange their existing shares for new shares from the exchange agent or their broker. About Soligenix, Inc. Soligenix is a development stage biopharmaceutical company developing products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents. Soligenix's lead product, orBec® (oral beclomethasone dipropionate), is a potent, locally acting corticosteroid that has been initially developed for the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD), a common and potentially life-threatening complication of hematopoietic cell transplantation. Soligenix is also conducting a National Cancer Institute (NCI)-supported Phase 1/2 clinical trial of SGX201 in the prevention of acute radiation enteritis. Additionally, Soligenix is developing SGX203 for the treatment of pediatric Crohn's disease.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV