PRAECIS PHARMACEUTICALS INCORPORATED Stockholders Authorize Reverse Stock Split; Board Sets 1-for-5 Split Ratio.WALTHAM, Mass. -- PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PRCS PRCS Palestine Red Crescent Society PRCS Permit Required Confined Space PRCS Primary Reaction Control System PRCS Senior Chief Parachute Rigger (Naval Rating) PRCS Pseudorandom Chip Stream PRCS Project Revision Control System ) announced that at the special meeting held today, its stockholders authorized PRAECIS' board of directors to effect a reverse stock split of the Company's common stock. The Company also announced that its board of directors has authorized implementation of a reverse stock split at a ratio of 1-for-5, which the Company expects to take effect after the close of trading on Tuesday, November 1, 2005. In the reverse split, each 5 shares of PRAECIS' issued and outstanding common stock will automatically be combined into and become one share of common stock. No fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. will be issued in connection with the reverse stock split, and holders of fractional shares will receive cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of their fractional shares. After giving effect to the reverse split, the Company will have approximately 10.5 million shares outstanding, subject to reduction for fractional shares. The reverse split will affect all shares of PRAECIS' common stock, including those shares underlying stock options outstanding immediately prior to the effective time of the reverse split. PRAECIS anticipates that its common stock will begin trading on a split-adjusted basis when trading opens on Wednesday, November 2, 2005, with the interim ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "PRCSD." After 20 days, the Company expects that the "D" designation will be removed, and its ticker symbol will revert back to "PRCS." PRAECIS' transfer agent, American Stock Transfer and Trust Company, will mail instructions to stockholders of record as of the close of business on November 1, 2005 regarding the exchange of certificates for common stock. About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies that either address unmet medical needs or offer improvements over existing therapies. PRAECIS has a novel MetAP-2 inhibitor in clinical development for non-Hodgkin's lymphoma non-Hodg·kin's lymphoma n. Any of various malignant lymphomas characterized by the absence of Reed-Sternberg cells. Non-Hodgkin's lymphoma and solid tumors, as well as an innovative drug discovery technology, Direct Select(TM), which enables the generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development. PRAECIS has received approval to market Plenaxis(R) in both the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Germany. Plenaxis(R) is a registered trademark of PRAECIS PHARMACEUTICALS INCORPORATED. |
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