DALLAS and NEW YORK, Oct. 24,
2014 /PRNewswire/ -- PlasmaTech Biopharmaceuticals, Inc.
(OTCQB: ACCPD), formerly Access Pharmaceuticals, Inc. (ACCP), a
biopharmaceutical company advancing patient care in critical areas,
announced it has implemented a 1-for-50 reverse split of its common
stock effective at the opening of trading on Friday, October 24, 2014. PlasmaTech's common
stock will trade on a split-adjusted basis under new CUSIP number
72754H109 and temporary ticker symbol "ACCPD". After 20 days, the
common stock will commence trading under the ticker symbol
(PTBI). In addition, the Company has changed its name to
PlasmaTech Biopharmaceuticals, Inc. and launched its new corporate
website: www.plasmatechbio.com.
As a result of the stock split, every fifty shares of issued and
outstanding PlasmaTech Bio common stock (formerly Access
Pharmaceuticals stock) will be converted into one share of common
stock. Proportional adjustments will be made to the Company's
options, warrants and conversion terms in convertible notes. Any
fractional shares resulting from the reverse stock split will be
rounded up to the next whole share.
Information to Shareholders
Stockholders who have
existing stock certificates will receive written instructions by
mail from the Company's transfer agent, American Stock Transfer
& Trust Company. Stockholders who hold their shares in
brokerage accounts or "street name" are not required to take any
action to effect the exchange of their shares. Such stockholders
will be contacted by their brokers with instructions.
About PlasmaTech Biopharmaceuticals, Inc.
Formerly
Access Pharmaceuticals, Inc., PlasmaTech Biopharmaceutcials, Inc.
is a biopharmaceutical company focused on advancing targeted
treatments for significant unmet needs of critical patient care.
Exploiting two distinct proprietary platforms, Salt Diafiltration
(SDF™) Process and Polymer Hydrogel Technology (PHT™), PlasmaTech
Bio is active in the development and commercialization of
plasma-derived therapeutics and cancer supportive care products.
The company has a robust product pipeline that includes two
commercial stage products, MuGard® and ProctiGard™ and multiple
follow-on products in development. For more information
visit, www.plasmatechbio.com.
This press release contains certain statements that are
forward-looking within the meaning of Section 27a of the Securities
Act of 1933, as amended, and that involve risks and uncertainties.
These statements include those relating to: our cash burn rate,
clinical trial plans and timelines and clinical results for MuGard
and ProctiGard, our ability to achieve clinical and commercial
success and our ability to successfully develop marketed products.
These statements are subject to numerous risks, including but not
limited to PlasmaTech's need to obtain additional financing in
order to continue the clinical trial and operations and to the
risks detailed in PlasmaTech's' Annual Reports on Form 10-K
and other reports filed by the Company with the Securities and
Exchange Commission.
Company and Media Contact:
Christine Berni
Vice President, Corporate Development
PlasmaTech Biopharmaceuticals, Inc.
(212) 786-6208
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SOURCE PlasmaTech Biopharmaceuticals, Inc.