Navigation Links
Vion Pharmaceuticals to Implement a One-for-Ten Reverse Stock Split
Date:2/20/2008

NEW HAVEN, Conn., Feb. 20 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq: VION) today announced that the Company would implement a one-for-ten reverse split of its common stock, effective at 5:00 p.m. Eastern Time on Wednesday, February 20, 2008.

On a pre-split basis, Vion Pharmaceuticals has 81,017,569 shares outstanding as of February 19, 2008. As a result of the reverse stock split, every 10 shares of Vion Common Stock will be combined into one share of Vion Pharmaceuticals' Common Stock, reducing the total number of outstanding shares to approximately 8.1 million shares.

Shares held electronically through a brokerage will be automatically adjusted for the reverse split. Shareholders of record will receive a letter of transmittal from the Company's stock transfer agent, American Stock Transfer & Trust Company, with instructions about how to exchange their shares. Vion will pay cash in lieu of issuing fractional shares.

When the reverse split becomes effective, Vion Pharmaceuticals' 7.75% Convertible Senior Notes due 2012 (the "Notes") will have a conversion rate of 52.0833 shares of common stock per $1,000 Note. Holders of Vion Pharmaceuticals' warrants will receive a notice detailing post-split warrant shares and exercise prices.

Beginning on February 21, 2008, a "D" will be added to the Vion trading symbol for 20 trading days to designate that shares are trading on a post- split basis. After such time, the symbol will revert to "VION".

Alan Kessman, Chief Executive Officer, said, "This adjustment to our capital structure is important to implement in order to attempt to restore compliance with NASDAQ listing requirements, which we believe is in the best interest of our shareholders." He added, "We will now continue to move forward towards our goal of filing a New Drug Application for Cloretazine(R) (VNP40101M) in 2008."

This action follows shareholder approval, at a Special Meeting of Stockholders held on February 13, 2008, of the grant of discretionary authority to the Board to implement a reverse stock split and decrease the total numbers of shares and the number of shares of common stock the Company is authorized to issue. The Board determined the exact ratio of the reverse split at a meeting of the Board on February 19, 2008.

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.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Sunesis Pharmaceuticals Announces Milestone Payment from Inflammation Collaboration
2. Arena Pharmaceuticals to Report Fourth Quarter and Full Year 2007 Financial Results and to Host Conference Call and Webcast on Wednesday, February 27, 2008
3. Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 2008 Outlook
4. Graceway Pharmaceuticals, LLC(TM) Announces Completed Acquisition of All Assets Related to Estrasorb(R) Product Line in North America From Allergan, Inc. (NYSE: AGN) and Novavax, Inc. (Nasdaq: NVAX)
5. Novavax Enters Into Estrasorb(R) Asset Sale and Supply Agreements with Graceway Pharmaceuticals, LLC
6. Boehringer Ingelheim Pharmaceuticals, Inc. Receives the NCQA Seal Of Approval
7. Onyx Pharmaceuticals Announces a Teleconference and Webcast to Provide an Update on Nexavar and Report Full Year 2007 Financial Results
8. Vion Pharmaceuticals Pays Interest on 7.75% Convertible Senior Notes
9. Keryx Biopharmaceuticals Announces Additions to Management Team
10. Cadence Pharmaceuticals to Raise up to $49.3 Million in Registered Direct Common Stock Offering
11. Anadys Pharmaceuticals to Report Fourth Quarter and Year-End 2007 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/19/2016)... , May 19, 2016 ... una sessione orale durante il 52 ° ... n. 8006)    - Le conclusioni dello ... riguarda i pazienti trattati, di cui il 90% presenta una ... sei mesi o più. Il settantadue per cento dei pazienti ...
(Date:5/18/2016)... ... May 18, 2016 , ... ... Camp at The University of Toledo. This two-day camp will take place annually ... explore the field of pharmaceutical sciences in preparation for a university academic program. ...
(Date:5/18/2016)... ... 2016 , ... STACS DNA Inc., the sample tracking software company, today announced ... kit processing to help them save time and reduce errors. , Sexual Assault kits ... processed and victims informed of results. Due to a previous lack of tools, many ...
(Date:5/18/2016)... (PRWEB) , ... May 18, 2016 , ... The Academy ... is now celebrating its dream of reaching a total of $1 million in awarded ... awarded to 10 high school graduates from across the nation has helped bring the ...
Breaking Biology Technology:
(Date:4/15/2016)... DUBLIN , April 15, 2016 ... of the,  "Global Gait Biometrics Market 2016-2020,"  report ... http://photos.prnewswire.com/prnh/20160330/349511LOGO ) , ,The global gait ... CAGR of 13.98% during the period 2016-2020. ... movement angles, which can be used to compute ...
(Date:4/13/2016)... -- IMPOWER physicians supporting Medicaid patients in Central ... in telehealth thanks to a new partnership with higi. ... patients can routinely track key health measurements, such as ... when they opt in, share them with IMPOWER clinicians ... retail location at no cost. By leveraging this data, ...
(Date:3/31/2016)... PROVIDENCE, R.I. , March 31, 2016  Genomics ... leadership of founding CEO, Barrett Bready , M.D., ... addition, members of the original technical leadership team, including ... Vice President of Product Development, Steve Nurnberg and Vice ... have returned to the company. Dr. Bready ...
Breaking Biology News(10 mins):