Wize Pharma Announces Reverse Stock Split Effective March 5, 2018
HOD HASHARON, Israel, March 5, 2018 /PRNewswire/ -- Wize Pharma, Inc. (OTCQB: WIZP), a clinical-stage biopharmaceutical company currently focused on the treatment of ophthalmic disorders, today announced the Company's previously approved 1-for-24 reverse split of its common stock will take effect upon the opening of the market on Monday, March 5, 2018. Each 24 shares of issued and outstanding common stock will be converted into 1 share of common stock. The Company's split-adjusted common stock will trade under the ticker symbol "WIZPD" for 20 days, after which time the "D" will be removed and the stock will resume trading under the ticker symbol "WIZP".
The reverse stock split will reduce the number of issued and outstanding common stock from approximately 104 million to approximately 4.3 million. Fractional shares of common stock will be rounded up to the nearest whole share. The conversion price of the Company's securities and the number shares of common stock issuable upon conversion will be split-adjusted. The common stock post reverse split will have a new CUSIP number of 97751M 207.
"The split-adjusted common stock price, we believe, will enhance our common stock's visibility and appeal to a broader range of investors, thereby increasing liquidity, and supporting shareholder value," stated Wize's Chairman, Ron Mayron.
Wize Pharma, Inc. is a clinical-stage biopharmaceutical company currently focused on the treatment of ophthalmic disorders, including dry eye syndrome (DES). Wize has in-licensed certain rights to purchase, market, sell and distribute a formula known as LO2A, a drug developed for the treatment of DES, and other ophthalmological illnesses, including Conjunctivochalasis (CCH) and Sjögren's syndrome (Sjögren's).
LO2A is currently registered and marketed by its inventor in Germany and Switzerland for the treatment of DES, in Hungary for the treatment of DES and CCH and in the Netherlands for the treatment of DES and Sjögren's. Wize's strategy involves engaging local or multinational distributors to handle the distribution of LO2A. Wize is currently conducting a Phase II trial of LO2A for DES in patients with CCH and plans to commence a Phase IV study for LO2A for DES in patients with Sjögren's.