Genesis Biopharma Announces 1-for-100 Reverse Stock Split and Corporate Name Change to "Lion Biotechnologies, Inc."
9/26/2013 10:15:27 AM
LOS ANGELES--(BUSINESS WIRE)--Genesis Biopharma, Inc. (OTCBB: GNBP), today announced that a 1-for-100 reverse stock split will be effective, and reflected in the price of its common stock, when trading opens on September 26, 2013. The Company is simultaneously changing its name to Lion Biotechnologies, Inc. The reverse stock split applies to all of the outstanding shares of Genesis Biopharma’s common stock, reducing the number of current outstanding shares from 1,509,381,194 to approximately 15,094,000 shares. The Company’s common stock will trade under the symbol “GNBPD” for a period of 20 trading days as a result of the reverse stock split, and common shares will also trade under a new CUSIP number. “The name change to Lion Biotechnologies reflects the Company’s transition to a new management team and board of directors, along with the adoption of a broader growth strategy,” said Manish Singh, Ph.D., President and Chief Executive Officer of Genesis Biopharma/Lion Biotechnologies. “In addition to optimizing the potential of our current T-cell technology for treating Stage IV metastatic melanoma, we plan to develop promising next-generation tumor-infiltrating lymphocytes (TILs), and engineer an automated manufacturing process that could significantly reduce the cost of producing T-cells.”
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