Hana Biosciences, Inc., a biopharmaceutical company that focuses on cancer care, has instated a 1 for 4 reverse split of its common stock. The split was previously authorized by stockholders at a special meeting on September 2nd, 2010.
As a result of the reverse split, every four shares of Hana’s pre-split common stock was automatically reclassified as and combined into one share of post-split common stock. As a result, the number of outstanding shares of common stock is approximately 21.2 million, excluding outstanding stock options and warrants to purchase common stock, and subject to adjustment for fractional shares. The reverse stock split does not affect any stockholder’s ownership percentage of Hana’s common stock, except to the extent that the reverse split would result in any stockholder holding a fractional share.
This news follows a completely transformational 2nd Qtr. In the quarter, the Company completed a financing for up to $100 million with $40 million funded on June 7, 2010, and a U.S. patent was issued for menadione topical lotion designed to treat skin rash in patients taking biologic and small molecule epidermal growth factor inhibitors, such as Erbitux ® and Tarceva ®, for anti-cancer therapy.
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