Aytu BioScience To Execute Reverse Stock Split In Anticipation Of Uplisting Its Common Stock To A National Exchange
ENGLEWOOD, Colo., June 22, 2016 /PRNewswire/ -- Aytu BioScience, Inc. (OTCQX: AYTU), a specialty pharmaceutical company focused on global commercialization of novel products in the field of urology, announced today a one-for-twelve (1:12) reverse split of its issued and outstanding common stock. The reverse stock split will become effective after the market close on June 30, 2016 for holders of record on that date. Aytu's common stock will continue to trade on the OTCQX U.S. Premier Market on the split-adjusted basis.
Josh Disbrow, Chief Executive Officer of Aytu BioScience, Inc., stated, "In our short history we have executed successfully on an aggressive strategy of building a strong commercial-stage urology portfolio. In parallel, we're also executing on our capital markets strategy, which involves pursuing an uplisting of Aytu's stock to a national stock exchange as quickly as possible. The reverse stock split is a critical step toward reaching this goal in the near term."
Aytu's stockholders granted authority to the Board of Directors to effect this reverse split of Aytu's common stock at the Annual Meeting of Stockholders held on May 24, 2016.
When the reverse stock split becomes effective, every twelve shares of the Company's issued and outstanding common stock will automatically be converted into one share of common stock, with any resulting fractional share being rounded up and one whole share issued instead. Following the reverse split, the number of outstanding shares of the Company's common stock will be reduced from approximately 44.9 million to approximately 3.7 million shares.
VStock Transfer LLC, the Company's transfer agent, will act as the exchange agent for the reverse stock split.
About Aytu BioScience, Inc.
Aytu BioScience is a commercial-stage specialty pharmaceutical company focused on global commercialization of novel products in the field of urology. The company currently markets two products: ProstaScint® (capromab pendetide), the only FDA-approved imaging agent specific to prostate specific membrane antigen (PSMA) for prostate cancer detection, and Primsol® (trimethoprim hydrochloride), the only FDA-approved trimethoprim-only oral solution for urinary tract infections. Aytu recently acquired exclusive U.S. rights to Natesto®, the first and only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or "Low T"), which the company plans to launch in July 2016. Additionally, Aytu is developing MiOXSYS, a novel, rapid semen analysis system with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress. MiOXSYS is commercialized outside the U.S. where it is a CE Marked, Health Canada cleared product, and Aytu is conducting U.S.-based clinical trials in pursuit of 510k de novo medical device clearance by the FDA. Aytu's strategy is to continue building its portfolio of revenue-generating urology products, leveraging its focused commercial team and expertise to build leading brands within well-established markets.
For Investors & Media:
Tiberend Strategic Advisors, Inc.
Joshua Drumm, Ph.D.: jdrumm@tiberend.com; (212) 375-2664
Janine McCargo: jmccargo@tiberend.com; (646) 604-5150
Forward Looking Statement
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical facts contained in this presentation, including statements regarding our anticipated future clinical and regulatory events, future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. Forward looking statements are generally written in the future tense and/or are preceded by words such as "may," "will," "should," "forecast," "could," "expect," "suggest," "believe," "estimate," "continue," "anticipate," "intend," "plan," or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the ability to have Aytu common stock listed on a national securities exchange; the potential future commercialization of our product candidates; the anticipated start dates, durations and completion dates, as well as the potential future results, of our ongoing and future clinical trials; the anticipated designs of our future clinical trials; anticipated future regulatory submissions and events; risks relating to gaining market acceptance of our products; obtaining reimbursement by third-party payors; our anticipated future cash position; and future events under our current and potential future collaborations. We also refer you to the risks described in "Risk Factors" in Part I, Item 1A of Aytu BioScience, Inc.'s Annual Report on Form 10-K and in the other reports and documents we file with the Securities and Exchange Commission from time to time.
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SOURCE Aytu BioScience, Inc.
