Stockholders Approve Board Authority to Implement Reverse Stock Split and
Reduce the Number of Total Shares and Authorized Shares
NEW HAVEN, Conn., Feb. 13 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq: VION) announced that a Special Meeting of Stockholders was held at the Omni Hotel in New Haven, Connecticut today at 10:00 Eastern Time.
At the meeting, shareholders voted to approve amendments to the
Company's Restated Certificate of Incorporation to:
-- effect a reverse stock split of the Company's outstanding common stock
of not less than 1-for-5 and not more than 1-for-10, with the exact
ratio to be set within that range by the Board of Directors without
further approval by stockholders; and
-- decrease the total number of shares and the number of shares of common
stock that the Company is authorized to issue.
Alan Kessman, Chief Executive Officer, said, "We are pleased that our shareholders have authorized our Board of Directors to implement a reverse stock split. We will now determine the appropriate split ratio to establish a price for our common stock allowing us to regain compliance with Nasdaq's listing requirements."
Vion Pharmaceuticals, Inc. is committed to extending the lives and improving the quality of life of cancer patients worldwide by developing and commercializing innovative cancer therapeutics. Vion has two agents in clinical trials. Cloretazine(R) (VNP40101M), a unique alkylating agent, is being evaluated in a pivotal Phase II trial as a single agent in elderly patients with de novo poor-risk acute myelogenous leukemia. Clinical trials of Cloretazine(R) (VNP40101M) as a single agent in small cell lung cancer, with temozolomide in brain tumors, and with stem cell transplantation in advanced hematologic malignancies, are also being conducted. Triapine(R), a potent inhibitor of a key step in DNA synthesis, is being evaluated in clinical trials sponsored by the National Cancer Institute. For additional information on Vion and its product development programs, visit the Company's Internet web site at http://www.vionpharm.com.
This news release contains forward-looking statements. Such statements
are subject to certain risk factors which may cause Vion's plans to differ
or results to vary from those expected, including Vion's potential
inability to obtain regulatory approval for its products, delayed or
unfavorable results of drug trials, the possibility that favorable results
of earlier preclinical studies or clinical trials are not predictive of
safety and efficacy results in later clinical trials, the need for
additional research and testing, the potential inability to secure external
sources of funding to continue operations, the inability to access capital
and funding on favorable terms, continued operating losses and the
inability to continue operations as a result, and a variety of other risks
set forth from time to time in Vion's filings with the Securities and
Exchange Commission, including but not limited to the risks attendant to
the forward-looking statements included under Item 1A, "Risk Factors" in
Vion's Form 10-K for the year ended December 31, 2006 and the Company's
Form 10-Q for the quarter ended September 30, 2007. In particular, there
can be no assurance as to the results of any of the Company's clinical
trials, that any of these trials will continue to full accrual, or that any
of these trials will not be discontinued, modified, delayed or ceased
altogether. Except in special circumstances in which a duty to update
arises under law when prior disclosure becomes materially misleading in
light of subsequent events, Vion does not intend to update any of these
forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
COMPANY CONTACT: Vion Pharmaceuticals, Inc.
Alan Kessman, Chief Executive Officer
Howard B. Johnson, President & CFO
(203) 498-4210 phone
|SOURCE Vion Pharmaceuticals, Inc.|
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