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,
|SOURCE Vion Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved