Pharmos (NASDAQ:PARSD)
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Pharmos Announces Reverse Split of Common Stock
Numbers of Authorized and Outstanding Shares Reduced on a 1-for-5 Basis
ISELIN, N.J., May 31 /PRNewswire-FirstCall/ -- Pharmos Corporation
(NASDAQ:PARS) today announced that its Board of Directors has approved a
one-for-five reverse split of its common stock, effective today, May 31, 2005.
Beginning today, the Company's common stock will trade for twenty trading days
under a new ticker symbol on Nasdaq: PARSD.
As a result of the reverse stock split, every five shares of Pharmos common
stock will be combined into one share of common stock. The Company will round
up any fractional shares created by the reverse stock split to whole shares.
The reverse stock split affects all the Company's common stock, stock options
and warrants outstanding immediately prior to the effective date of the reverse
stock split. The reverse split will reduce the number of shares of the
Company's common stock outstanding from approximately 95,138,000 shares to
approximately 19,028,000 shares. The number of authorized shares of common
stock will be reduced from 150,000,000 shares to 30,000,000 shares.
The Company's common stock will also trade under a new CUSIP number beginning
today as a result of the reverse split. Shareholders who have existing stock
certificates will receive instruction from the Company's transfer agent,
American Stock Transfer and Trust Company, on how to receive new stock
certificates. Shareholders who have their certificates in "Street Name" or on
deposit at their brokerage firm will need to do nothing further.
"Taking this action realigns the market float and share price in a way that
should be more attractive to both institutional and individual investors. We
are committed to bringing shareholders value by developing products that are
based on our proprietary platform technology and by expanding our pipeline with
products in clinical development via a business transaction," said Dr. Gad
Riesenfeld, President and COO.
Pharmos discovers and develops novel therapeutics to treat a range of
indications, in particular neurological and inflammation-based disorders. The
Company recently completed a Phase IIa trial for its neuroprotective drug
candidate, dexanabinol, from its tricyclic dextrocannabinoid platform
technology, as a preventive agent against post-surgical cognitive impairment.
Other compounds from Pharmos' proprietary synthetic cannabinoid library,
primarily CB2-selective receptor agonist compounds, are in pre-clinical studies
targeting pain, multiple sclerosis, rheumatoid arthritis and other disorders.
Clinical development in pain indications is expected to commence during 2005.
Statements made in this press release related to the business outlook and
future financial performance of the Company, to the prospective market
penetration of its drug products, to the development and commercialization of
the Company's pipeline products and to the Company's expectations in connection
with any future event, condition, performance or other matter, are
forward-looking and are made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. Such statements involve risks and
uncertainties which may cause results to differ materially from those set forth
in these statements. Additional economic, competitive, governmental,
technological, marketing and other factors identified in Pharmos' filings with
the Securities and Exchange Commission could affect such results.
DATASOURCE: Pharmos Corporation
CONTACT: Gale Smith of Pharmos U.S., +1-732-452-9556, or Irit Kopelov of
Pharmos Israel, 011-972-8-940-9679; or Investors: John Quirk, +1-646-536-7029,
or Media: Janine McCargo, +1-646-536-7033, both of The Ruth Group, Inc. for
Pharmos Corporation
Web site: http://www.pharmoscorp.com/