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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.