BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) announced it will effect a 1-for-6 reverse split of its common stock on Monday, June 4, 2012. The reverse stock split will reduce the number of shares outstanding from approximately 120.8m to approximately 20.1m shares. The number of authorized shares will remain unchanged. The company had until July 30, 2012 to push its bid price above $1 and also had the option of transferring to NASDAQ Capital for an additional 180 days before needing to effect a reverse split, but opted for immediate action following its shareholder vote earlier in the week. In its press release, the company made no mention of pending dilution, but one would expect a likely reason for its hasty reverse split is a need to raise cash once it regains compliance with the $1 minimum bid rule for ten consecutive days.
AVI BIOPHARMA INC (NASDAQ: AVII) said in a PRE-14 filing today that it intends to hold a shareholder vote on July 10, 2012 to change its company name to Sarepta Therapeutics, Inc (SRPT), and among other matters, seek permission to enforce a 1-for-4 to 1-for-6 reverse split.
Marina Biotech, Inc. (OTCQX: MRNA) today announced that it does not currently have adequate funding to continue implementing its business plan. To conserve available cash, management has implemented a furlough of approximately 90% of its employees and ceased most day-to-day operations, including the ongoing FAP clinical trial.
Oncothyreon Inc. (Nasdaq: ONTY) announced the initiation of a Phase 1/2 trial of PX-866 in combination with vemurafenib. The Phase 1 portion of this trial will evaluate up to 36 patients with any BRAF-mutant cancer. The Phase 2 portion of the trial is expected to enroll 110 patients with advanced BRAF-mutant melanoma and has a primary endpoint of progression-free survival.