Diffusion Pharmaceuticals Announces 1-for-15 Reverse Stock Split As Part Of NASDAQ Compliance Plan
December 13 2018 - 2:00PM
Diffusion Pharmaceuticals Inc. (Nasdaq: DFFN), a
cutting-edge biotechnology company developing new treatments for
life-threatening medical conditions by improving the body’s ability
to bring oxygen to the areas where it’s needed most, today
announced a reverse stock split of its shares of common stock at a
ratio of 1-for-15, effective for trading purposes prior to the
opening of the market on December 14, 2018. The Company’s ticker
symbol, DFFN, will remain unchanged. The new CUSIP number for
Diffusion’s post-reverse split common stock will be 253748 305.
The Company’s stockholders approved the reverse
stock split on June 14, 2018 and the Company’s Board of Directors
the reverse stock split ratio on November 30, 2018. At the
effective time of the reverse stock split, every 15 shares of
Diffusion issued and outstanding common stock were automatically
combined and converted into 1 issued and outstanding share of
common stock without any change in the par value of the shares.
This has reduced the number of outstanding shares of common stock
from approximately 50.6 million to approximately 3.4 million.
Diffusion expects that the reverse stock split will increase the
market price per share of its common stock to allow the Company to
maintain the listing of its common stock on the NASDAQ Capital
Market.
“As we work to fight life-threatening medical
conditions, our Company’s leadership remains focused on providing
value to shareholders. Retaining our NASDAQ listing is an important
part of our Company’s strategy,” said
David Kalergis, Chairman and CEO of Diffusion.
“With this reverse stock split, we expect to remain listed on the
NASDAQ Capital Market for the foreseeable future and will continue
to pursue the innovative solutions which we believe will have a
significant impact on deadly diseases such as cancer and
stroke.”
Diffusion’s reverse stock split follows recent
Company news which included the FDA’s approval of a Phase 2
on-ambulance clinical trial for the use of the Company’s lead drug,
Trans Sodium Crocetinate (TSC), for the treatment of acute stroke
and the appointment of a new Chief Financial Officer.
About Diffusion Pharmaceuticals
Inc.
Diffusion Pharmaceuticals Inc. is an innovative
biotechnology company developing new treatments that improve the
body’s ability to bring oxygen to the areas where it’s needed most
—offering new hope for the treatment of life-threatening medical
conditions.
Diffusion’s lead drug, Trans Sodium Crocetinate
(TSC), was originally developed in conjunction with the Office of
Naval Research, which was seeking a way to treat hemorrhagic shock
caused by massive blood loss on the battlefield.
Evolutions in research have led to Diffusion’s
focus today: Fueling Life by taking on some of medicine’s most
intractable and difficult-to-treat diseases, including stroke and
GBM brain cancer. In each of these diseases, hypoxia – when
essential tissue in your body is deprived of oxygen – has proved to
be a significant obstacle for medical providers and the target for
TSC’s novel mechanism.
In 2018, the Company began enrolling patients in
its Phase 3 INTACT program, using TSC to target inoperable GBM
brain cancer. Its on-ambulance Phase 2 acute stroke protocol was
granted FDA clearance to proceed in September 2018. Additional
pre-clinical data supports the potential use of TSC as a treatment
for other conditions where hypoxia plays a major role, such as
myocardial infarction, respiratory diseases such as COPD,
peripheral artery disease, and neurodegenerative conditions such as
Alzheimer’s and Parkinson’s.
In addition, RES-529, the Company’s
PI3K/AKT/mTOR pathway inhibitor that dissociates the mTORC1 and
mTORC2 complexes, is in the preclinical testing phase for GBM.
Diffusion is headquartered in Charlottesville,
Virginia—an emerging hub of advancement in the life science and
biopharmaceutical industries and is led by CEO David Kalergis, a
30-year industry veteran and company co-founder.
Forward-Looking Statements
To the extent any statements made in this news
release deal with information that is not historical, these are
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about the company's plans, objectives, expectations
and intentions with respect to future operations and products, the
potential of the company's technology and product candidates, the
anticipated timing of future clinical trials, and other statements
that are not historical in nature, particularly those that utilize
terminology such as "would," "will," "plans," "possibility,"
"potential," "future," "expects," "anticipates," "believes,"
"intends," "continue," "expects," other words of similar meaning,
derivations of such words and the use of future dates.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties and risks may
cause the company's actual results to be materially different than
those expressed in or implied by such forward-looking statements.
Particular uncertainties and risks include: general business and
economic conditions; the company's need for and ability to obtain
additional financing or partnering arrangement; the difficulty of
developing pharmaceutical products, obtaining regulatory and other
approvals and achieving market acceptance; and the various risk
factors (many of which are beyond Diffusion’s control) as described
under the heading “Risk Factors” in Diffusion’s filings with the
United States Securities and Exchange Commission. All
forward-looking statements in this news release speak only as of
the date of this news release and are based on management's current
beliefs and expectations. Diffusion undertakes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Media
Contact:
Rob CorradiPen Public Affairs rob@penpublicaffairs.com(410)
212-5483
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