Cascadian Therapeutics Announces Stockholders and Board of Directors Approve Reverse Stock Split
November 23 2016 - 4:05PM
Cascadian Therapeutics, Inc. (NASDAQ:CASC), a clinical-stage
biopharmaceutical company, today announced that at a special
meeting held on November 18, 2016, stockholders voted to approve a
proposal authorizing the board of directors of the Company to
effect a reverse stock split of the Company’s outstanding common
shares at a ratio of 1-for-6, and a reduction in the number of
authorized shares of common stock from 200.0 million shares to 66.7
million shares. The Company believes the change in authorized
shares will provide sufficient capacity to support its programs.
Cascadian’s board of directors had previously directed that the
proposal be submitted to the stockholders for approval and has
subsequently determined that the reverse stock split will take
effect on November 29, 2016. Beginning at the opening of trading on
November 29, 2016, the Company’s common stock will trade on a
split-adjusted basis.
“We appreciate the support of our stockholders in granting our
board the authority to effect a reverse split that was set in
motion several weeks ago,” said Scott Myers, President and CEO of
Cascadian Therapeutics. “As we are focused on driving the
late-stage development of tucatinib (ONT-380) for HER2-positive
metastatic breast cancer, with and without brain metastases, the
execution of a reverse stock split supports a per share valuation
for Cascadian that is more in line with our peers. We believe this
action will make our stock more attractive to a wider range of
institutional investors, benefiting all stockholders.”
Upon the effectiveness of the reverse stock split, every six
shares of the Company’s issued and outstanding common stock will be
automatically combined and converted into one issued and
outstanding share of common stock. The reverse stock split will not
affect any stockholder’s ownership percentage of the Company’s
common stock.
At the market open on November 29, 2016, the Company’s common
stock will continue to trade on The Nasdaq Global Market under the
symbol “CASC,” but will be assigned a new CUSIP number (14740B 606)
and will trade on a split-adjusted basis.
Computershare, the Company’s transfer agent, will provide
instructions to registered stockholders regarding the process for
exchanging their stock certificates. Stockholders holding their
shares in street name do not need to take any action. Additional
information regarding the reverse stock split approved by
stockholders can be found in the Company’s definitive proxy
statement filed with the Securities and Exchange Commission on
October 14, 2016.
About Cascadian Therapeutics Cascadian
Therapeutics is a clinical-stage biopharmaceutical company
dedicated to developing innovative product candidates for the
treatment of cancer. The lead product candidate, tucatinib, also
known as ONT-380, is an oral, selective small molecule HER2
inhibitor. Preliminary results from two ongoing Phase 1b studies of
tucatinib in combination showed promising systemic activity, a
favorable safety profile and encouraging activity against brain
metastases. Cascadian Therapeutics is conducting a randomized,
double-blind, placebo-controlled Phase 2 study
called HER2CLIMB. The study is evaluating tucatinib versus
placebo in combination with capecitabine and trastuzumab in late
stage HER2+ breast cancer patients, with and without brain
metastases, who have previously been treated with a taxane,
trastuzumab, pertuzumab and T-DM1. Additional details can be
found at www.clinicaltrials.gov (Identifier: NCT02614794) or
www.HER2CLIMB.com. For more information and to sign up for email
alerts or RSS feeds, please visit www.cascadianrx.com.
Forward-Looking Statements
In order to provide Cascadian Therapeutics' investors with an
understanding of its current results and future prospects, this
release contains statements that are forward-looking. Any
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Words such as "believes," "anticipates," "plans," "expects,"
"will," "intends," "potential," "possible" and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements include Cascadian Therapeutics'
expectations regarding the proposed reverse stock split and
reduction in authorized capital. Forward-looking statements involve
risks and uncertainties related to Cascadian Therapeutics' business
and the general economic environment, many of which are beyond its
control. These risks, uncertainties and other factors could cause
Cascadian Therapeutics' actual results to differ materially from
those projected in forward-looking statements, including the risks
associated with the costs and expenses of developing its product
candidates, the adequacy of financing and cash, cash equivalents
and investments, changes in general accounting policies, general
economic factors, achievement of the results it anticipates from
its preclinical development and clinical trials of its product
candidates and its ability to adequately obtain and protect its
intellectual property rights. Although Cascadian Therapeutics
believes that the forward-looking statements contained herein are
reasonable, it can give no assurance that its expectations are
correct. All forward-looking statements are expressly qualified in
their entirety by this cautionary statement. For a detailed
description of Cascadian Therapeutics' risks and uncertainties, you
are encouraged to review the documents filed with the securities
regulators in the United States on EDGAR and in Canada on SEDAR.
Except as required by law, Cascadian Therapeutics does not
undertake any obligation to publicly update its forward-looking
statements based on events or circumstances after the date
hereof.
Contact:
Monique Greer
Cascadian Therapeutics, Inc.
206-801-2107
mgreer@cascadianrx.com
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