Oscient Pharmaceuticals (MM) (NASDAQ:OSCID)
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Oscient Pharmaceuticals Corporation’s (Nasdaq:
OSCI) Board of Directors has voted to implement a 1-for-8 reverse stock
split effective November 15, 2006 at 11:59 PM ET. An amendment to the
Company’s Amended and Restated Articles of
Organization authorizing the reverse split was approved at a Special
Meeting of Shareholders on November 14, 2006.
The reverse stock split will result in the automatic conversion of eight
shares of common stock into one share of common stock. In cases in which
the reverse stock split results in any shareholder holding a fraction of
a share, such fractional share will be rounded up to the nearest whole
number. The reverse split will affect all shares of Oscient common
stock, including those shares underlying stock options and warrants
outstanding, immediately prior to the effective time of the reverse
split. After giving effect to the reverse stock split, there will be no
alteration to the relative rights and preferences of existing
shareholders. The par value of the common stock and the number of shares
of the common stock authorized for issuance will remain unchanged
following the reverse stock split.
Oscient’s common stock will begin trading on a
split-adjusted basis with the opening of the NASDAQ Stock Market on
November 16, 2006, with the interim stock symbol “OSCID.”
After 20 trading days, the “D”
is expected to be removed. Shareholders who hold stock through brokerage
firms will not be required to perform any action. The Company’s
transfer agent, Computershare Investor Services, will mail to registered
shareholders of record, as of November 15, 2006, instructions for
exchanging stock certificates.
About Oscient Pharmaceuticals
Oscient Pharmaceuticals Corporation is a commercial-stage
biopharmaceutical company marketing two FDA-approved products with its
national primary care sales force. ANTARA(R) 130 mg (fenofibrate)
capsules is indicated for the adjunct treatment of hypercholesterolemia
(high blood cholesterol) and hypertriglyceridemia (high triglycerides)
in combination with diet. FACTIVE(R) (gemifloxacin mesylate) tablets is
an antibiotic approved for the treatment of acute bacterial
exacerbations of chronic bronchitis and community-acquired pneumonia of
mild to moderate severity. Oscient also has a novel, late-stage
antibiotic candidate, Ramoplanin, under investigation for the treatment
of Clostridium difficile-associated disease (CDAD).
For important information regarding the safety and use of ANTARA and
FACTIVE, please see the full prescribing information available at www.antararx.com
and www.factive.com.
Forward-Looking Statement
This news release may contain forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our management’s
judgment regarding future events. Forward-looking statements typically
are identified by use of terms such as “may,”
“will,” “should,”
“plan,” “expect,”
“intend,” “anticipate,”
“estimate,” and
similar words, although some forward-looking statements are expressed
differently. We do not plan to update these forward-looking statements.
You should be aware that our actual results could differ materially from
those contained in the forward-looking statements due to a number of
risks affecting our business. These risks include, but are not limited
to (i) our ability to successfully commercialize and market ANTARA or
FACTIVE due to: the limitations on our resources and experience in the
commercialization of products; lack of acceptance by physicians,
patients and third party payors; unanticipated safety, product
liability, efficacy, or other regulatory issues; delays in recruiting
and training sales personnel; problems relating to manufacturing or
supply; inadequate distribution of the products by wholesalers,
pharmacies, hospitals and other customers; and competition from other
products; (ii) our ability to integrate ANTARA into our business;
(iii) whether we will be able to expand the indications for which
FACTIVE is approved; (iv) the delay or inability to find sublicensing
partners for FACTIVE or to negotiate favorable licensing terms; (v) the
delay in or inability to obtain additional regulatory approvals of our
products and product candidates due to negative, inconclusive or
insufficient results in ongoing or future clinical trials, the FDA
requiring additional information or data, delays in the progress of
ongoing clinical trials, safety concerns arising with respect to our
products or product candidates and disputes with the third parties from
whom we license our products or product candidate; and (vi) delays by
the FDA. Additional factors that could cause actual results to differ
materially from those projected or suggested in any forward-looking
statements are described under the heading “Risk
Factors” in the Company’s
Quarterly Report on Form 10-Q for the quarter ending September 30, 2006
and in other filings that we may make with the Securities and Exchange
Commission from time to time.
Oscient Pharmaceuticals Corporation's (Nasdaq: OSCI) Board of
Directors has voted to implement a 1-for-8 reverse stock split
effective November 15, 2006 at 11:59 PM ET. An amendment to the
Company's Amended and Restated Articles of Organization authorizing
the reverse split was approved at a Special Meeting of Shareholders on
November 14, 2006.
The reverse stock split will result in the automatic conversion of
eight shares of common stock into one share of common stock. In cases
in which the reverse stock split results in any shareholder holding a
fraction of a share, such fractional share will be rounded up to the
nearest whole number. The reverse split will affect all shares of
Oscient common stock, including those shares underlying stock options
and warrants outstanding, immediately prior to the effective time of
the reverse split. After giving effect to the reverse stock split,
there will be no alteration to the relative rights and preferences of
existing shareholders. The par value of the common stock and the
number of shares of the common stock authorized for issuance will
remain unchanged following the reverse stock split.
Oscient's common stock will begin trading on a split-adjusted
basis with the opening of the NASDAQ Stock Market on November 16,
2006, with the interim stock symbol "OSCID." After 20 trading days,
the "D" is expected to be removed. Shareholders who hold stock through
brokerage firms will not be required to perform any action. The
Company's transfer agent, Computershare Investor Services, will mail
to registered shareholders of record, as of November 15, 2006,
instructions for exchanging stock certificates.
About Oscient Pharmaceuticals
Oscient Pharmaceuticals Corporation is a commercial-stage
biopharmaceutical company marketing two FDA-approved products with its
national primary care sales force. ANTARA(R) 130 mg (fenofibrate)
capsules is indicated for the adjunct treatment of
hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia
(high triglycerides) in combination with diet. FACTIVE(R)
(gemifloxacin mesylate) tablets is an antibiotic approved for the
treatment of acute bacterial exacerbations of chronic bronchitis and
community-acquired pneumonia of mild to moderate severity. Oscient
also has a novel, late-stage antibiotic candidate, Ramoplanin, under
investigation for the treatment of Clostridium difficile-associated
disease (CDAD).
For important information regarding the safety and use of ANTARA
and FACTIVE, please see the full prescribing information available at
www.antararx.com and www.factive.com.
Forward-Looking Statement
This news release may contain forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements represent
our management's judgment regarding future events. Forward-looking
statements typically are identified by use of terms such as "may,"
"will," "should," "plan," "expect," "intend," "anticipate,"
"estimate," and similar words, although some forward-looking
statements are expressed differently. We do not plan to update these
forward-looking statements. You should be aware that our actual
results could differ materially from those contained in the
forward-looking statements due to a number of risks affecting our
business. These risks include, but are not limited to (i) our ability
to successfully commercialize and market ANTARA or FACTIVE due to: the
limitations on our resources and experience in the commercialization
of products; lack of acceptance by physicians, patients and third
party payors; unanticipated safety, product liability, efficacy, or
other regulatory issues; delays in recruiting and training sales
personnel; problems relating to manufacturing or supply; inadequate
distribution of the products by wholesalers, pharmacies, hospitals and
other customers; and competition from other products; (ii) our ability
to integrate ANTARA into our business; (iii) whether we will be able
to expand the indications for which FACTIVE is approved; (iv) the
delay or inability to find sublicensing partners for FACTIVE or to
negotiate favorable licensing terms; (v) the delay in or inability to
obtain additional regulatory approvals of our products and product
candidates due to negative, inconclusive or insufficient results in
ongoing or future clinical trials, the FDA requiring additional
information or data, delays in the progress of ongoing clinical
trials, safety concerns arising with respect to our products or
product candidates and disputes with the third parties from whom we
license our products or product candidate; and (vi) delays by the FDA.
Additional factors that could cause actual results to differ
materially from those projected or suggested in any forward-looking
statements are described under the heading "Risk Factors" in the
Company's Quarterly Report on Form 10-Q for the quarter ending
September 30, 2006 and in other filings that we may make with the
Securities and Exchange Commission from time to time.