Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) reported that it will go for a 1-for-10 reverse stock split of unpaid shares of the firm’s common stock. This will be done together with an equivalent proportional decline in the count of authorized shares of the firm’s capital stock.
The company anticipates that the it will be effective on May 5 upon the effectiveness and filing of a Certificate of Amendment to the firm’s Certificate of Incorporation. On the same day, trading of the stock on the NYSE MKT will commence on a split-adjusted basis. The authorized share decline will be effective parallel with the reverse stock split. As an outcome of the reverse stock split process, each 10 shares of firm’s issued common stock will be exchangeable into single of common stock.
The management speaks
Peter D. Suzdak, Ph.D., the CEO of Rexahn, said that they want to thank their shareholders for their persistent support of company. The board has decided that this is right time to go for a reverse split and they consider that it will improve the appeal of their common stock to the financial group, including the general investing public and institutional investors. The continued commitment of their shareholders has enabled them to advance the clinical development of their targeted treatments for the cure of cancer patients.
Rexahn’s clinical advancement candidates, RX-3117 with current Phase IIa clinical studies in metastatic muscle invasive bladder cancer and metastatic pancreatic cancer, Archexin® with an underway Phase 2a clinical study in subjects with metastatic renal cell carcinoma, and Supinoxin™ with an underway Phase 2a clinical study in people with metastatic triple negative breast cancer have demonstrated promise in early clinical studies and they look forward to announcing on additional Phase 2a clinical study from these studies during 2017.
In the last trading session, the stock price of Rexahn gained over 1% to close the session at $0.427.