Last week, VistaGen Therapeutics implemented
a 1-for-20 reverse split of its common stock. As a result, the number of shares
of the company’s common stock outstanding was reduced from approximately 25.5
million to approximately 1.2 million. Because the stock price went up
appropriately, the split did not affect any stockholder’s ownership percentage
or total market value at the time it was implemented.
The reverse stock split is intended to
increase market awareness of VistaGen’s common stock and position the company
for potential future listing of its common stock on a national securities
exchange. A number of other reasons are listed at the new FAQs page recently
posted at www.vistagen.com/?page_id=1372.
To view the original press release announcing
the split, visit www.vistagen.com/?p=1366.
For those unfamiliar with the company,
VistaGen Therapeutics is a biotechnology company applying stem cell technology
for drug rescue and cell therapy. Drug rescue combines human stem cell
technology with modern medicinal chemistry to generate new chemical variants of
once-promising drug candidates that have been discontinued during late-stage
preclinical development due to heart or liver safety concerns. VistaGen also
focuses on cell therapy, or regenerative medicine, which includes repairing,
replacing or restoring damaged tissues or organs.
More information on the company and its
technology can be found at www.vistagen.com
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