SOUTH SAN FRANCISCO, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Monogram Biosciences, Inc., (Nasdaq: MGRM) today announced that its Board of Directors has approved a 6-to-1 reverse split of its common stock, as previously authorized and approved by the Company's stockholders at the September 19, 2007 annual meeting. The Company's common stock will begin trading on a post- split basis on November 4, 2008, under the temporary trading symbol "MGRMD" for approximately 20 trading days before reverting to "MGRM" on or about December 2, 2008.
As a result of the reverse stock split, every six shares of Monogram Biosciences common stock will be combined into one share of common stock. The reverse stock split affects all the Company's common stock outstanding immediately prior to the effective time of the reverse stock split as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the conversion of outstanding convertible debt or upon the exercise of stock options or warrants. The Company will pay cash in lieu of fractional shares based on the average of the high and low trading prices of the common stock for the five trading days immediately preceding the effective date of the reverse stock split. The reverse stock split will reduce the number of shares of the Company's common stock outstanding from approximately 135 million to approximately 22.5 million. In addition, the number of authorized shares of common stock will be reduced from 200 million to 84 million shares.
Monogram is advancing individualized medicine by discovering, developing and marketing innovative products to guide and improve treatment of serious infectious diseases and cancer. The Company's products are designed to help doctors optimize treatment regimens for their patients that lead to better outcomes and reduced costs. The Company's technology is also being used by numerous biopharmaceutical companies to develop new and improved anti-viral therapeutics and vaccines as well as targeted cancer therapeutics. More information about the Company and its technology can be found on its web site at http://www.monogrambio.com.
Forward Looking Statements
Certain statements in this press release are forward-looking, including
statements regarding the planned reverse split of our common stock. These
forward-looking statements are subject to risks and uncertainties and other
factors, including potential Nasdaq proceedings to delist our common stock,
our ability to regain compliance with Nasdaq listing requirements, the and
impact of the reverse split of the shares of our common stock, which may
cause actual results to differ materially from the anticipated results or
other expectations expressed in such forward-looking statements. For a
discussion of other factors that may cause actual events to differ from
those projected, please refer to our most recent annual report on Form 10-K
and quarterly reports on Form 10-Q, as well as other subsequent filings
with the Securities and Exchange Commission. We do not undertake, and
specifically disclaim any obligation, to revise any forward-looking
statements to reflect the occurrence of anticipated or unanticipated events
or circumstances after the date of such statements.
Contacts: Alfred G. Merriweather Jeremiah Hall
Chief Financial Officer Feinstein Kean Healthcare
Tel: 650 624-4576 Tel: 415 677-2700
|SOURCE Monogram Biosciences, Inc.|
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