HOUSTON, Feb. 21, 2024 (GLOBE NEWSWIRE) — Bio-Path Holdings, Inc. (NASDAQ: BPTH), a biotechnology company leveraging its proprietary DNAbilize antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs, announced that it intends to effect a reverse stock split of its outstanding common stock, par value $0.001 per share, at a ratio of 1-for-20. The reverse stock split will be effective as of 5:30 p.m., Eastern Time on February 22, 2024, and the Company’s common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market at the commencement of trading on February 23, 2024 under the Company’s existing symbol “BPTH.” The Company’s common stock has been assigned a new CUSIP number of 09057N409.
Upon the effectiveness of the reverse stock split, every 20 shares of common stock issued and outstanding as of the effective date will be automatically combined into one share of common stock. No fractional shares of common stock will be issued in connection with the reverse stock split. If as a result of the reverse stock split, a stockholder of record would otherwise hold a fractional share, the stockholder will receive one whole share in lieu of the issuance of any such fractional share. The reverse stock split will not change the par value of the common stock or modify the rights or preferences of the common stock. The Company anticipates that the reverse stock split will reduce the number of shares of the Company’s common stock issued and outstanding from 12,352,664 shares to approximately 617,833 shares. All outstanding securities entitling their holders to purchase shares of common stock or acquire shares of common stock of the Company, including stock options and warrants, will be adjusted as a result of the reverse stock split, as required by the terms of those securities.
The Company’s transfer agent, Equiniti Trust Company, LLC will continue to maintain the book-entry records for the Company’s common stock. Registered stockholders holding pre-split shares of the Company’s common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to such broker’s particular processes and procedures; if you hold your shares with such a broker, bank trust or other nominee and if you have questions in this regard, you are encouraged to contact your nominee.
About Bio–Path Holdings, Inc.
Bio-Path is a biotechnology company developing DNAbilize®, a novel technology that has yielded a pipeline of RNAi nanoparticle drugs that can be administered with a simple intravenous transfusion. Bio-Path’s drug candidate, Liposomal Bcl-2, (BP1002, targeting the Bcl-2 protein responsible for driving cell survival in up to 60% of all cancers) has announced the enrollment and dosing of the first patient in a Phase 1/1b clinical trial. Bio-Path’s drug candidate, Liposomal STAT3 (BP1003, targeting the STAT3 protein) has one additional IND enabling study to complete before the Company may file an IND application and initiate the first-in-humans Phase 1 study in patients with refractory, metastatic solid tumors. In addition, Bio-Path has a modified product named BP1001-A (prexigebersen with enhanced nanoparticle properties) which has shown to enhance efficacy in preclinical solid tumor models and is currently in a Phase 1/1b clinical trial conducted at several leading cancer centers in the United States.
For more information, please visit the Company’s website at http://www.biopathholdings.com.
