Acusphere, Inc. (ACUS.PK) today announced that its stockholders voted to
approve the proposed 1-for-10 reverse stock split of the Company’s
common stock at its Special Meeting of Stockholders held today.
The Company intends to effect the reverse stock split immediately by
filing an amendment to its certificate of incorporation, at which time
every ten (10) shares of the Company’s outstanding common stock will be
automatically combined into one (1) outstanding share of common stock.
This will reduce the number of outstanding shares of Acusphere common
stock from approximately 51.0 million to 5.1 million. The number of
authorized shares of Acusphere common stock will remain unchanged at
250.0 million, and the par value per share will remain unchanged at
$0.01. In lieu of issuing any fractional shares that would otherwise
result from the reverse stock split, the Company will instead round up
any such fractional share to the nearest whole number.
Sherri C. Oberg, President and Chief Executive Officer said, “We greatly
appreciate the support and confidence of our shareholders in enabling us
to take this important strategic step. We believe that by doing so, we
are significantly enhancing our prospects to provide a tangible path
forward for our lead product candidate, Imagify™ (Perflubutane Polymer
Microspheres) for Injectable Suspension.”
About Acusphere, Inc.
Acusphere (ACUS.PK) is a specialty pharmaceutical company focused on the
development and regulatory approval of its lead product candidate,
Imagify™ (Perflubutane Polymer Microspheres) for Injectable Suspension.
Imagify is a cardiovascular drug for the detection of coronary artery
disease, the leading cause of death in the United States. Imagify and
the Company's other product candidates were created using proprietary
technology that enables Acusphere to control the porosity and size of
nanoparticles and microspheres in a versatile manner that allows them to
be customized to address the delivery needs of a variety of drugs. For
more information about Acusphere visit the Company's web site (www.acusphere.com).
The above press release contains forward-looking statements,
including statements regarding the effectiveness and completion of the
reverse stock split and the timing thereof. The Company's actual results
may differ materially from those anticipated in these forward-looking
statements based upon a number of factors. The Company notes that
effective as of March 3, 2009, pursuant to a Form 15 filing made with
the SEC, it is not currently required to file periodic reports with the
SEC, including annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K. Readers are cautioned not to place
undue reliance on any forward-looking statements, which speak only as of
the date of this press release. The Company undertakes no obligation to
publicly release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances that
occur after the date of this press release or to reflect the occurrence
of unanticipated events.