VACAVILLE, Calif., Dec. 9 /PRNewswire-FirstCall/ -- Large Scale Biology Corporation today announced a reverse stock split of its issued and outstanding share capital of one-for-five, resulting in a total of approximately 6,448,000 issued and outstanding shares of common stock. The Par value of the shares remains at $0.001. The new ticker of LSBC's common stock sold on the Nasdaq Capital Market, effective on Monday, December 12, 2005, will be LSBCD until January 11, 2006, at which time it will revert to its original ticker symbol. The reverse stock split will become effective immediately before trading begins on Monday, December 12, 2005. Any fractional shares resulting from the foregoing reverse stock split will be rounded up to the nearest whole number.
At a Special Meeting of Stockholders held on November 21, 2005, LSBC stockholders authorized an amendment to the Company's certificate of incorporation to combine shares of LSBC's common stock to effect a reverse split. On November 28, 2005, the Company's board of directors approved a reverse stock split of one share for each five outstanding shares of common stock. The reverse stock split is being effected by LSBC in order for its shares to continue listing on the Nasdaq Capital Market, which requires the closing bid price of LSBC's common stock to be not less than $1.00 per share.
About Large Scale Biology Corporation
Large Scale Biology Corporation uses its proprietary gene expression, molecular engineering and bioprocessing technologies to develop and manufacture therapeutic and industrial proteins, vaccines and diagnostic products for effective characterization and treatment of disease. Corporate offices, R&D laboratories and Predictive Diagnostics, Inc. are headquartered in Vacaville, California, and the Company's commercial-scale biomanufacturing facility is located in Owensboro, Kentucky. For more information about Large Scale Biology Corporation, visit the Company's website at www.lsbc.com.
This news release contains forward-looking statements within the meaning of federal securities laws and are subject to the safe harbors under these laws. Any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements involve risks, uncertainties and situations that may cause our actual results or performance to be materially different from any future results or performance expressed or implied by these statements, including our dependence upon and our ability to enter into and maintain successful relationships with collaboration partners, creation of demand for products incorporating or made using our technologies, our ability to improve and keep our technologies competitive, delays or issues which may arise in securing FDA approval for certain products we develop, the actual clinical efficacy of such products, our ability to manage costs in ways that preserve our product pipeline and technology base and the requirement for substantial funding to conduct research and development and to expand commercialization activities. We cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this release. For a further list and description of such risks and uncertainties, see LSBC's reports filed with the Securities and Exchange Commission, including Forms 10-K and 10-Q. Except as required by law, we do not undertake to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
NOTE: LSBC(TM) is a trademark of Large Scale Biology Corporation. Contact: Large Scale Biology Corporation 707-446-5501 Ronald J. Artale, Chief Operating Officer and Chief Financial Officer 707-446-5501, x320
Large Scale Biology CorporationCONTACT: Ronald J. Artale, Chief Operating Officer and Chief FinancialOfficer of Large Scale Biology Corporation, +1-707-446-5501, ext. 320
Web site: http://www.lsbc.com/
