Cytogen implements reverse stock split

Biopharmaceutical vendor Cytogen has implemented a 1-for-10 reverse stock split. The company said it carried out the split in part to address the Nasdaq listing requirement for minimum bid price.

The Princeton, NJ-based vendor's common stock began trading today on the Nasdaq on a post-reverse-split basis under the symbol "CYTOD". Its stock last traded October 25 at $0.34. Cytogen had been notified by Nasdaq that for more than 30 consecutive trading days, its common stock has closed below the minimum $1 per share required for continued listing on the Nasdaq National Market.

In accordance with Nasdaq rules, Cytogen had 90 calendar days (until November 12) to regain compliance with Nasdaq listing requirements. If Cytogen's stock did not close at $1 per share or more for a minimum of 10 consecutive trading days by that date, the firm's stock would be subject to delisting. Cytogen president and CEO Joseph Reiser said that the company will consider all available options to regain full compliance with Nasdaq listing requirements.

The company said that 87% of eligible stockholders at a special meeting voted in favor of the reverse stock split. Cytogen said that its product revenue is growing, and expenses have been reduced as it enters a new product-launch cycle with its monoclonal antibody-based imaging agents for prostate, colorectal, and ovarian cancers.

By staff writers
October 28, 2002

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