HOUSTON - Moleculin Biotech, Inc. (NASDAQ:MBRX), a clinical stage pharmaceutical company, has announced a 1-for-15 reverse stock split of its common stock, effective at the close of market on March 21, 2024. The move is aimed at regaining compliance with the Nasdaq Capital Market's minimum bid price requirement for continued listing.
Following the reverse stock split, every fifteen shares of Moleculin's common stock will be consolidated into one share. This action will reduce the number of shares from approximately 33.4 million to about 2.2 million, while the number of authorized shares will remain unchanged at 100 million. The par value per share will also stay the same at $0.001.
Trading on a post-split basis will commence on March 22, 2024, with the company retaining its ticker symbol "MBRX" but under a new CUSIP number 60855D309. No fractional shares will be issued; shareholders who would hold a fractional share will receive a rounding up to the nearest whole number.
Moleculin's pipeline includes Phase 2 clinical programs targeting challenging tumors and viruses. The company's lead program, Annamycin, is an anthracycline designed to avoid multidrug resistance and minimize cardiotoxicity, currently being developed for relapsed or refractory acute myeloid leukemia (AML) and soft tissue sarcoma (STS) lung metastases.
Moreover, Moleculin is working on WP1066, an Immune/Transcription Modulator for brain tumors and other cancers, and WP1220, a topical treatment for cutaneous T-cell lymphoma. The company is also exploring antimetabolites like WP1122 for potential treatment of COVID-19 and other viral infections, as well as cancer indications.
The information in this article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.