|PlasmaTech Announces Reverse Stock Split, Launches New Corporate Website; CEL-SCI Announces Closing of Public Offering|
|By Marilyn Mullen|
|Friday, 24 October 2014 19:41|
PlasmaTech Biopharmaceuticals, Inc. (OTCQB: ACCPD), formerly Access Pharmaceuticals, Inc. (ACCP), a biopharmaceutical company advancing patient care in critical areas, announced it has implemented a 1-for-50 reverse split of its common stock effective at the opening of trading on Friday, October 24, 2014. PlasmaTech's common stock will trade on a split-adjusted basis under new CUSIP number 72754H109 and temporary ticker symbol "ACCPD". After 20 days, the common stock will commence trading under the ticker symbol (PTBI). In addition, the Company has changed its name to PlasmaTech Biopharmaceuticals, Inc. and launched its new corporate website: www.plasmatechbio.com.
As a result of the stock split, every fifty shares of issued and outstanding PlasmaTech Bio common stock (formerly Access Pharmaceuticals stock) will be converted into one share of common stock. Proportional adjustments will be made to the Company's options, warrants and conversion terms in convertible notes. Any fractional shares resulting from the reverse stock split will be rounded up to the next whole share.
Information to Shareholders - Stockholders who have existing stock certificates will receive written instructions by mail from the Company's transfer agent, American Stock Transfer & Trust Company. Stockholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares. Such stockholders will be contacted by their brokers with instructions.
CEL-SCI Corporation (NYSE MKT: CVM), a late-stage oncology company, announced it has closed an underwritten public offering of 7,894,737 shares of common stock and 1,973,684 warrants to purchase shares of common stock. For every four shares of common stock sold, we issued to investors in this offering one warrant to purchase a share of common stock. The common stock and warrants were sold at a combined price of $0.76 and resulted in aggregate gross proceeds of $6 million, prior to deducting underwriting commissions and offering expenses and excluding the exercise of any warrants. The common stock and warrants will separate immediately. The warrants are immediately exercisable, expire October 11, 2018, have an exercise price of $1.25 and trade on the NYSE MKT under the symbol “CVM WS”.
CEL-SCI intends to use the net proceeds of the offering for its Phase III clinical trial, other research and development, and general and administrative expenses.
Laidlaw & Company (UK) Ltd. is acting as the sole book-running manager in this offering. Dawson James Securities, Inc. is acting as a co-manager.
A shelf registration statement and accompanying base prospectus on Form S-3 relating to the securities was filed with the Securities and Exchange Commission and is effective. A final prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s web site at http://www.sec.gov. Copies of the final prospectus supplement relating to the offering may be obtained from the offices of Laidlaw & Company (UK) Ltd., 546 Fifth Avenue, 5th Floor, New York, NY, 10036, telephone: 212-953-4900, or from the above-mentioned SEC website.
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