Cyclerion Announces Reverse Stock Split
May 15 2023 - 01:00PM
GlobeNewswire Inc.
Cyclerion Therapeutics, Inc. (the “Company”, “Cyclerion
Therapeutics”, “Cyclerion”) (Nasdaq: CYCN) announced today that it
will effect a reverse stock split of its outstanding shares of
common stock at a ratio of 1-for-20, effective as of 5:00 p.m.
Eastern Time on May 15, 2023. The reverse stock split was approved
by the Company’s stockholders at its annual meeting of stockholders
held on May 15, 2023, with the final ratio determined by the
Company’s board of directors.
As a result of the reverse stock split, each twenty 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 Company’s shares of common
stock will begin trading on a split-adjusted basis under a new
CUSIP number 23255M204 on The Nasdaq Capital Market commencing upon
market open on May 16, 2023 under the existing symbol “CYCN.”
Outstanding equity-based awards and other outstanding equity rights
will be proportionately adjusted. No fractional shares will be
issued as a result of the reverse stock split.
Stockholders who would otherwise be entitled to a fractional
share of common stock will instead receive cash in lieu of
fractional shares based on $0.2232, the closing sale price of the
common stock as reported in the Wall Street Journal on May 12,
2023. Immediately after the reverse stock split becomes effective,
there will be approximately 2,176,244 shares of common stock issued
and outstanding.
About Cyclerion
Therapeutics
Cyclerion Therapeutics is a clinical-stage
biopharmaceutical company on a mission to develop treatments for
serious diseases. Cyclerion’s portfolio includes novel sGC
stimulators that modulate a key node in a fundamental signaling
network in both the CNS and the periphery. The multidimensional
pharmacology elicited by the stimulation of sGC has the potential
to impact a broad range of diseases. Zagociguat is a CNS-penetrant
sGC stimulator that has shown rapid improvements across a range of
endpoints reflecting multiple domains of disease activity,
including mitochondrial disease-associated biomarkers. CY3018 is a
CNS-targeted sGC stimulator in preclinical development that
preferentially localizes to the brain and has a pharmacology
profile that suggests its potential for the treatment of
neuropsychiatric diseases and disorders. Cyclerion has entered into
a definitive agreement to sell zagociguat and CY3018 to a new
private company formed by certain current Cyclerion shareholders
and new investors who have agreed to invest $81M to advance these
assets. The transaction is subject to approval by Cyclerion
shareholders. Praliciguat is a systemic sGC stimulator that is
licensed to Akebia and being advanced in rare kidney disease.
Olinciguat is a vascular sGC stimulator that the Company intends to
out-license for cardiovascular diseases. For more information about
Cyclerion, please visit https://www.cyclerion.com/ and follow
us on Twitter (@Cyclerion) and LinkedIn
(www.linkedin.com/company/cyclerion).
Forward Looking Statement
Certain matters discussed in this press release are
“forward-looking statements”. We may, in some cases, use terms such
as “predicts,” “believes,” “potential,” “continue,” “estimates,”
“anticipates,” “expects,” “plans,” “intends,” “may,” “could,”
“might,” “will,” “should”, “positive” or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. In particular, the Company’s statements
regarding the assessment of the best combination of capital,
capabilities, and transactions available to it resulting in the
Company pursuing a transaction or that any transaction, if pursued,
will be completed on attractive terms, the success of any such
potential transactions in delivering any future value to the
Company, the sufficiency of any expected revenues to provide
liquidity and capital resources to pursue any of our go-forward
business plans regarding any product candidate, the potential for
zagociguat in the treatment of mitochondrial diseases, the
potential for CY3018 in the treatment of CNS diseases, the
potential for olinciguat in the treatment of cardiovascular and
cardiopulmonary diseases, the potential for any successful
development of any of our assets, and other trends and potential
future results are examples of such forward-looking statements. The
forward-looking statements include risks and uncertainties,
including, but not limited to, the success of any transactions in
delivering any future value to the company, our ability to succeed
with any go-forward business, the sufficiency of any expected
proceeds to provide liquidity and capital resources to pursue any
of our go-forward business plans regarding any product candidate
(including without limitation our ability to fund additional
clinical trials); any ability to successfully demonstrate the
efficacy, safety and therapeutic effectiveness of any product
candidate; any results of clinical studies not necessarily being
indicative of or supported by the final results of subsequent
clinical trials; the timing of and ability to pursue, obtain and
maintain U.S. Food and Drug Administration (“FDA”) or other
regulatory authority approval of, or other action with respect to,
product candidates; the Company’s ability to successfully defend
its intellectual property or obtain necessary licenses at a cost
acceptable to the Company, if at all; the successful implementation
of the Company’s research and development programs and
collaborations; the success of the Company’s license agreements;
the acceptance by the market of the product candidates, if
approved; and other factors, including general economic conditions
and regulatory developments, not within the Company’s control. The
factors discussed herein could cause actual results and
developments to be materially different from those expressed in or
implied by such statements. The forward-looking statements are made
only as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstance.
Investors and Media
Inquiries
Cyclerion Investor RelationsPhone:
857-327-8778Email: IR@cyclerion.com
Cyclerion Therapeutics (NASDAQ:CYCN)
Historical Stock Chart
From Aug 2023 to Sep 2023
Cyclerion Therapeutics (NASDAQ:CYCN)
Historical Stock Chart
From Sep 2022 to Sep 2023