CAMBRIDGE, Mass., May 15, 2023 (GLOBE NEWSWIRE) — Cyclerion Therapeutics, Inc.(Nasdaq: CYCN) announced today that it will effect a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-20, effective as of 5:00 p.m. Eastern Time on May 15, 2023. The reverse stock split was approved by the Company’s stockholders at its annual meeting of stockholders held on May 15, 2023, with the final ratio determined by the Company’s board of directors.
As a result of the reverse stock split, each twenty shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. The Company’s shares of common stock will begin trading on a split-adjusted basis under a new CUSIP number 23255M204 on The Nasdaq Capital Market commencing upon market open on May 16, 2023 under the existing symbol “CYCN.” Outstanding equity-based awards and other outstanding equity rights will be proportionately adjusted. No fractional shares will be issued as a result of the reverse stock split. Stockholders who would otherwise be entitled to a fractional share of common stock will instead receive cash in lieu of fractional shares based on $0.2232, the closing sale price of the common stock as reported in the Wall Street Journal on May 12, 2023. Immediately after the reverse stock split becomes effective, there will be approximately 2,176,244 shares of common stock issued and outstanding.
About Cyclerion Therapeutics
Cyclerion Therapeutics is a clinical-stage biopharmaceutical company on a mission to develop treatments for serious diseases. Cyclerion’s portfolio includes novel sGC stimulators that modulate a key node in a fundamental signaling network in both the CNS and the periphery. The multidimensional pharmacology elicited by the stimulation of sGC has the potential to impact a broad range of diseases. Zagociguat is a CNS-penetrant sGC stimulator that has shown rapid improvements across a range of endpoints reflecting multiple domains of disease activity, including mitochondrial disease-associated biomarkers. CY3018 is a CNS-targeted sGC stimulator in preclinical development that preferentially localizes to the brain and has a pharmacology profile that suggests its potential for the treatment of neuropsychiatric diseases and disorders. Cyclerion has entered into a definitive agreement to sell zagociguat and CY3018 to a new private company formed by certain current Cyclerion shareholders and new investors who have agreed to invest $81M to advance these assets. The transaction is subject to approval by Cyclerion shareholders. Praliciguat is a systemic sGC stimulator that is licensed to Akebia and being advanced in rare kidney disease. Olinciguat is a vascular sGC stimulator that the Company intends to out-license for cardiovascular diseases. For more information about Cyclerion, please visit https://www.cyclerion.com/ and follow us on Twitter (@Cyclerion) and LinkedIn (www.linkedin.com/company/
