BLUE BELL, Pa., May 23, 2014 /PRNewswire/ -- Inovio
Pharmaceuticals, Inc. (NYSE MKT: INO) today announced that at the
Company's Annual General Meeting held May
22, 2014, the Company's shareholders approved the proposal
of a reverse split of the Company's common stock. The Company's
Board of Directors subsequently approved the immediate
implementation of a 1-for-4 reverse stock split of Inovio's common
stock, where each 4 shares of issued and outstanding common stock
and equivalents will be converted into 1 share of common stock.
Following standard NYSE administrative processes, the Company plans
to announce at a later time the effective date of the reverse
split.
Dr. J. Joseph Kim, President and
CEO, said, "I thank our shareholders for their support of Inovio.
We would not be where we are today without their belief in our team
and the potential of our DNA immunotherapies to treat cancers and
infectious diseases. Our company has never been stronger in terms
of its technology, product pipeline, preclinical and clinical data,
collaborations, capital and operating runway. Our stockholders
approved a reverse split to have our price and share structure
reflect our leadership position in immunotherapies and expand our
potential investor audience. We look forward to our upcoming
milestones and will continue to focus on advancing our
SynCon® immunotherapies with the goals of
commercializing clinically important products, achieving
fundamental growth, and rewarding our investors."
About Inovio Pharmaceuticals, Inc.
Inovio is revolutionizing vaccines to prevent and treat today's
cancers and challenging infectious diseases. Its SynCon®
vaccines, in combination with its proprietary electroporation
delivery, are generating best-in-class immune responses, with
therapeutic T-cell responses exceeding other technologies in terms
of magnitude, breadth, and response rate. Human data to date have
shown a favorable safety profile. Inovio's lead vaccine, a
therapeutic against HPV-caused pre-cancers and cancers, is in phase
II. Other phase I and preclinical programs target prostate, breast,
and lung cancers as well as HIV, influenza, malaria and hepatitis.
Partners and collaborators include Roche, the University of Pennsylvania, NIH, HIV Vaccines Trial
Network, National Cancer Institute, U.S. Military HIV Research
Program, University of Southampton, US Dept. of Homeland Security,
University of Manitoba. More
information is available at www.inovio.com.
This press release contains certain forward-looking
statements relating to our business, including our plans to develop
electroporation-based drug and gene delivery technologies and DNA
vaccines and our capital resources. Actual events or results may
differ from the expectations set forth herein as a result of a
number of factors, including uncertainties inherent in pre-clinical
studies, clinical trials and product development programs
(including, but not limited to, the fact that pre-clinical and
clinical results referenced in this release may not be indicative
of results achievable in other trials or for other indications,
that the studies or trials may not be successful or achieve the
results desired, that pre-clinical studies and clinical trials may
not commence or be completed in the time periods anticipated, that
results from one study may not necessarily be reflected or
supported by the results of other similar studies and that results
from an animal study may not be indicative of results achievable in
human studies), the availability of funding to support continuing
research and studies in an effort to prove safety and efficacy of
electroporation technology as a delivery mechanism or develop
viable DNA vaccines, the adequacy of our capital resources, the
availability or potential availability of alternative therapies or
treatments for the conditions targeted by the company or its
collaborators, including alternatives that may be more efficacious
or cost-effective than any therapy or treatment that the company
and its collaborators hope to develop, evaluation of potential
opportunities, issues involving product liability, issues involving
patents and whether they or licenses to them will provide the
company with meaningful protection from others using the covered
technologies, whether such proprietary rights are enforceable or
defensible or infringe or allegedly infringe on rights of others or
can withstand claims of invalidity and whether the company can
finance or devote other significant resources that may be necessary
to prosecute, protect or defend them, the level of corporate
expenditures, assessments of the company's technology by potential
corporate or other partners or collaborators, capital market
conditions, the impact of government healthcare proposals and other
factors set forth in our Annual Report on Form 10-K for the
year ended December 31, 2013, our Form 10-Q for the quarter
ended March 31, 2014, and other
regulatory filings from time to time. There can be no assurance
that any product in Inovio's pipeline will be successfully
developed or manufactured, that final results of clinical studies
will be supportive of regulatory approvals required to market
licensed products, or that any of the forward-looking information
provided herein will be proven accurate.
CONTACTS:
Investors: Bernie
Hertel, Inovio Pharmaceuticals, 858-410-3101,
bhertel@inovio.com
Media: Jeff Richardson, Inovio
Pharmaceuticals, 267-440-4211, jrichardson@inovio.com
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SOURCE Inovio Pharmaceuticals, Inc.