RespireRx Pharmaceuticals Inc. Announces 1-for-325 Reverse Stock
Split
GLEN ROCK, NJ-(Marketwired - Sep 1, 2016) - RespireRx
Pharmaceuticals Inc. (OTCQB: RSPI) ("RespireRx" or the "Company"),
a leader in the development of medicines for respiratory disorders,
including sleep apneas and drug-induced respiratory depression,
today announced that the Company is effecting the
one-for-three-hundred-twenty-five reverse stock split of the
Company's issued and outstanding common stock (the "Reverse Split")
that was approved by the Company's stockholders at the Special
Meeting of Stockholders held on August 16, 2016. The Reverse Split
was previously disclosed in the proxy materials distributed to the
Company's stockholders in connection with the August 16, 2016
Special Meeting held to authorize, among other things, the Reverse
Split. The Reverse Split will be effective as of the close of
business on September 1, 2016 and trading of the Company's common
stock on a split-adjusted basis, under the new CUSIP number of
761227 206, will begin at the opening of trading on September 2,
2016. The Company's shares of common stock will continue to trade
on the OTCQB under the symbol "RSPI" with the letter "d" added to
the end of the trading symbol for a period of 20 days to indicate
the Reverse Split has occurred.
As a result of the Reverse Split, every three hundred
twenty-five shares of the Company's common stock that a stockholder
owns will be automatically converted into one share of the
Company's common stock, thus reducing the number of outstanding
shares of the Company's common stock from approximately 656.2
million to approximately 2.0 million as of the close of business on
September 1, 2016, the effective date of the Reverse Split.
Stockholders will receive cash in lieu of fractional shares created
as a result of the Reverse Split.
The Company has retained American Stock Transfer & Trust
Company, LLC ("AST"), its transfer agent, to act as exchange agent
for the Reverse Split. AST will manage the exchange of pre-split
shares for post-split shares. As soon as practicable, AST will
provide stockholders of record as of the effective time of the
Reverse Split with a letter of transmittal providing instructions
for the exchange of their certificates representing pre-split
shares of common stock for new certificates of post-split shares of
common stock. Stockholders who hold their shares in "street name"
will be contacted by the applicable bank, broker or other nominee
with any relevant instructions.
In addition to the Reverse Split, the amendment to the Company's
Certificate of Incorporation approved by the stockholders at the
August 16, 2016 Special Meeting also authorized changing the number
of authorized shares of the Company from 1,405,000,000, of which
1,400,000,000 were designated as common stock and 5,000,000 were
designated as preferred stock, to 70,000,000, of which 65,000,000
will be designated as common stock and 5,000,000 will be designated
as preferred stock.
About RespireRx Pharmaceuticals Inc. RespireRx Pharmaceuticals
Inc. is a leader in the development of medicines for respiratory
disorders, with a focus on sleep apneas and drug-induced
respiratory depression. The Company holds exclusive licenses and
owns patents and patent applications for certain families of
chemical compounds that claim the chemical structures and their
uses in the treatment of a variety of disorders, as well as claims
for novel uses of known drugs.
RespireRx has a pipeline of compounds in Phase 2 clinical
development focused on pharmaceutical treatments for a variety of
different breathing disorders. Clinical development in the area of
respiratory disorders, particularly drug-induced respiratory
depression and sleep apnea, has created opportunities for the
development and commercialization of the Company's compounds.
Ampakines. One platform of medicines being developed by
RespireRx is a class of proprietary compounds known as ampakines,
which act to enhance the actions of the excitatory neurotransmitter
glutamate at AMPA glutamate receptors. Several ampakines, in both
oral and injectable form, are being developed by the Company for
the treatment of a variety of breathing disorders. In clinical
studies, select ampakines have shown preliminary efficacy in
central sleep apnea and in the control of respiratory depression
produced by opioids, without altering the opioid analgesic effects.
In animal models of orphan disorders, such as Pompe Disease, spinal
cord damage and perinatal respiratory distress, it has been
demonstrated that certain ampakines improve breathing function. The
Company's compounds belong to a new class that does not display the
undesirable side effects previously reported for other
ampakines.
During March 2016, a Phase 2A clinical trial at Duke University
School of Medicine was initiated with the Company's proprietary
ampakine, CX1739, to determine the ability of orally administered
CX1739 to prevent the respiratory depression produced by
remifentanil, a potent opioid, without altering remifentanil's
analgesic properties. The dosing portion of the clinical trial was
completed in June 2016 and the clinical trial was formally
completed on July 11, 2016. The Company is currently working with
the Duke University clinical research team to analyze the data
collected. The Company expects to complete a preliminary top-line
analysis of the respiratory data by the end of September 2016 and
to issue a final report on the results of the clinical trial by the
end of December 2016.
Cannabinoids. The other platform is the class of compounds known
as cannabinoids, including, in particular, dronabinol. Under a
license agreement with the University of Illinois, the Company has
rights to patents claiming the use of cannabinoids for the
treatment of sleep-related breathing disorders. In a double-blind,
placebo-controlled, dose-ascending Phase 2A clinical study
conducted by the Company, dronabinol produced a statistically
significant reduction in the Apnea-Hypopnea Index, the primary
therapeutic end-point, and was observed to be safe and
well-tolerated in a group of patients with Obstructive Sleep Apnea
("OSA"). The University of Illinois and three other centers
conducted a six week, double-blind, placebo-controlled Phase 2B
clinical trial investigating the effects of dronabinol in patients
with OSA. The University of Illinois has indicated that this
clinical trial was completed in August 2016. Final research results
are expected to be made available in the fourth quarter of 2016.
The Company is not managing or funding this clinical trial, which
was fully funded by the National Heart, Lung and Blood Institute of
the National Institutes of Health.
Additional information about the Company and the matters
discussed herein can be obtained on the Company's web-site at
www.RespireRx.com or in the Company's filings with the U.S.
Securities and Exchange Commission at www.sec.gov.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and we intend
that such forward-looking statements be subject to the safe harbor
created thereby. These might include statements regarding the
Company's financial position, business strategy and other plans and
objectives for future operations, and assumptions and predictions
about research and development efforts, including, but not limited
to, preclinical and clinical research design, execution, timing,
costs and results, future product demand, supply, manufacturing,
costs, marketing and pricing factors are all forward-looking
statements.
In some cases, forward-looking statements may be identified by
words including "anticipates," "believes," "intends," "estimates,"
"expects," "plans," and similar expressions include, but are not
limited to, statements regarding (i) future research plans,
expenditures and results, (ii) potential collaborative
arrangements, (iii) the potential utility of our proposed products,
and (iv) the need for, and availability of, additional
financing.
The forward-looking statements included herein are based on
current expectations that involve a number of risks and
uncertainties. These forward-looking statements are based on
assumptions regarding our business and technology, which involve
judgments with respect to, among other things, future scientific,
economic and competitive conditions, and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond our control. Although we believe that the
assumptions underlying the forward-looking statements are
reasonable, actual results may differ materially from those set
forth in the forward-looking statements. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by us or any other
person that our objectives or plans will be achieved.
Factors that could cause or contribute to such differences
include, but are not limited to, regulatory policies or changes
thereto, available cash, research and development results,
competition from other similar businesses, and market and general
economic factors. This press release should be read in conjunction
with the condensed consolidated financial statements (unaudited)
and notes thereto included in Item 1 of the Company's recently
filed Quarterly Report on Form 10-Q and the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2015, including
the section entitled "Item 1A. Risk Factors." The Company does not
intend to update or revise any forward-looking statements to
reflect new information, future events or otherwise.
Contact Information
Company Contact: Jeff Margolis Vice-President, Treasurer and
Secretary Telephone: (917) 834-7206 E-mail:
jmargolis@respirerx.com
RespireRx Pharmaceuticals (PK) (USOTC:RSPI)
Historical Stock Chart
From Mar 2024 to Apr 2024
RespireRx Pharmaceuticals (PK) (USOTC:RSPI)
Historical Stock Chart
From Apr 2023 to Apr 2024