Bio-Path Holdings Announces 1-for-20 Reverse Stock Split
February 21 2024 - 7:00AM
Bio-Path Holdings, Inc. (NASDAQ: BPTH) (the “Company”), a
biotechnology company leveraging its proprietary DNAbilize®
antisense RNAi nanoparticle technology to develop a portfolio of
targeted nucleic acid cancer drugs, announced that it intends to
effect a reverse stock split of its outstanding common stock, par
value $0.001 per share, at a ratio of 1-for-20. The reverse stock
split will be effective as of 5:30 p.m., Eastern Time on February
22, 2024, and the Company’s common stock will begin trading on a
split-adjusted basis on the Nasdaq Capital Market at the
commencement of trading on February 23, 2024 under the Company’s
existing symbol “BPTH.” The Company’s common stock has been
assigned a new CUSIP number of 09057N409.
Upon the effectiveness of the reverse stock
split, every 20 shares of common stock issued and outstanding as of
the effective date will be automatically combined into one share of
common stock. No fractional shares of common stock will be issued
in connection with the reverse stock split. If as a result of the
reverse stock split, a stockholder of record would otherwise hold a
fractional share, the stockholder will receive one whole share in
lieu of the issuance of any such fractional share. The reverse
stock split will not change the par value of the common stock or
modify the rights or preferences of the common stock. The Company
anticipates that the reverse stock split will reduce the number of
shares of the Company’s common stock issued and outstanding from
12,352,664 shares to approximately 617,833 shares. All outstanding
securities entitling their holders to purchase shares of common
stock or acquire shares of common stock of the Company, including
stock options and warrants, will be adjusted as a result of the
reverse stock split, as required by the terms of those
securities.
The Company’s transfer agent, Equiniti Trust
Company, LLC will continue to maintain the book-entry records for
the Company’s common stock. Registered stockholders holding
pre-split shares of the Company’s common stock electronically in
book-entry form are not required to take any action to receive
post-split shares. Stockholders owning shares via a broker, bank,
trust or other nominee will have their positions automatically
adjusted to reflect the reverse stock split, subject to such
broker’s particular processes and procedures; if you hold your
shares with such a broker, bank trust or other nominee and if you
have questions in this regard, you are encouraged to contact your
nominee.
About
Bio-Path
Holdings,
Inc.Bio-Path is
a biotechnology company developing DNAbilize®, a novel technology
that has yielded a pipeline of RNAi nanoparticle drugs that can be
administered with a simple intravenous transfusion. Bio-Path’s drug
candidate, Liposomal Bcl-2, (BP1002, targeting the Bcl-2 protein
responsible for driving cell survival in up to 60% of all cancers)
has announced the enrollment and dosing of the first patient in a
Phase 1/1b clinical trial. Bio-Path’s drug candidate, Liposomal
STAT3 (BP1003, targeting the STAT3 protein) has one additional IND
enabling study to complete before the Company may file an IND
application and initiate the first-in-humans Phase 1 study in
patients with refractory, metastatic solid tumors. In addition,
Bio-Path has a modified product named BP1001-A (prexigebersen with
enhanced nanoparticle properties) which has shown to enhance
efficacy in preclinical solid tumor models and is currently in a
Phase 1/1b clinical trial conducted at several leading cancer
centers in the United States.
For more information, please visit the Company's
website at http://www.biopathholdings.com.
Forward-Looking
Statements
This press release contains forward-looking
statements that are made pursuant to the safe harbor provisions of
the federal securities laws. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Any express or implied
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Any statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties, including Bio-Path’s continued listing on the Nasdaq
Capital Market, Bio-Path’s ability to raise needed additional
capital on a timely basis in order for it to continue its
operations, have success in the clinical development of its
technologies, the timing of enrollment and release of data in such
clinical studies, the accuracy of such data, limited patient
populations of early stage clinical studies and the possibility
that results from later stage clinical trials with much larger
patient populations may not be consistent with earlier stage
clinical trials, the maintenance of intellectual property rights,
that patents relating to existing or future patent applications
will be issued or that any issued patents will provide meaningful
protection of our drug candidates, the impact, risks and
uncertainties related to global pandemics, including the COVID-19
pandemic, and actions taken by governmental authorities or others
in connection therewith, and such other risks which are identified
in Bio-Path's most recent Annual Report on Form 10- K, in any
subsequent quarterly reports on Form 10-Q and in other reports that
Bio-Path files with the Securities and Exchange Commission from
time to time. These documents are available on request from
Bio-Path Holdings or at www.sec.gov. Bio-Path disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact
Information:
Will O’ConnorStern Investor Relations,
Inc.212-362-1200 will@sternir.com
Doug MorrisInvestor RelationsBio-Path Holdings,
Inc.832-742-1369
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