by Christopher Freeburn | May 23, 2014 11:15 am
On Friday, Inovio Pharmaceuticals (INO) announced that its shareholders had approved 1-for-4 reverse stock split of Inovio common stock. INO shares sank more than 5% in morning trading.
Inovio said that the effective date of the reverse stock split would be disclosed at a future date after Inovio complies with “standard NYSE administrative processes.”
In a statement, Inovio President and CEO Dr. J. Joseph Kim said: “Our stockholders approved a reverse split to have our price and share structure reflect our leadership position in immunotherapies and expand our potential investor audience.”
Inovio is developing vaccines against HPV-caused pre-cancers and cancers, prostate, breast, and lung cancers, and HIV, influenza, malaria and hepatitis.
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Source URL: http://investorplace.com/2014/05/inovio-pharmaceuticals-announces-1-4-reverse-split-ino-stock/
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