Every three shares of Pharsight common stock will be combined into one share of Pharsight common stock. The reverse split will reduce the number of shares of Pharsight common stock outstanding from approximately 28.2 million to approximately 9.4 million. The exercise price and the number of shares of common stock issuable under Pharsight's outstanding warrants and options will be proportionately adjusted to reflect the reverse stock split. Pharsight will not issue any fractional shares of its new common stock as a result of the reverse split. Instead, stockholders will receive a cash payment (based on the closing sales price of the Company's common stock on the effective date of the reverse split as reported on the Over-the-Counter Bulletin Board).
Existing stockholders will be sent instructions for exchanging existing stock certificates for new stock certificates, and for receiving cash payments for fractional shares.
About Pharsight Corporation
Pharsight Corporation develops and markets integrated products and services that enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products. Pharsight's goal is to help customers reduce the time, cost and risk of drug development, as well as optimize the post-approval marketing and use of pharmaceutical products.
Pharsight's approach enhances the fundamental element of drug development success: strong decision-making. By adopting the Pharsight approach, customers acquire a new decision-making process with the potential to systematically improve every level and phase of their business and scientific processes. Pharsight Corporation is headquartered in Mountain View, California. Information about Pharsight is available at http://www.pharsight.com.
This press release includes forward-looking statements, includin
|SOURCE Pharsight Corporation|
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