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,
|SOURCE Monogram Biosciences, Inc.|
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