LEXINGTON, Mass., Feb. 10 /PRNewswire-FirstCall/ -- MacroChem Corporation , today announced a one-for-six reverse split of the Company's common stock, effective as of the close of business February 9, 2006. As a result of the reverse split, holders of MacroChem shares will receive one share of MacroChem common stock for every six shares they currently own, and a cash payment will be made in lieu of fractional shares to the extent that an individual's holdings are not evenly divisible by six. American Stock Transfer and Trust Company will serve as the exchange agent in connection with the reverse split and will be mailing instructions to all record holders explaining the process for obtaining new stock certificates. Post-split trading of MacroChem shares on the Over-The-Counter Market on the NASD Electronic Bulletin Board (OTCBB) begins on February 10, 2006 under the new ticker symbol "MACM.OB."
MacroChem Corporation is a specialty pharmaceutical company with two clinical development stage products containing our patented enhancer, SEPA(R): EcoNail(TM), to treat fungal infection of the nail and Opterone(R), to treat male hypogonadism. In addition to our SEPA technology, we are also evaluating applications for MacroDerm(TM), our patented series of polymers that impede penetration of active ingredients through the skin.
Additional information about the reverse stock split is available in MacroChem's definitive information statement filed with the Securities and Exchange Commission on January 17, 2006.
Forward-Looking Statements
With the exception of historical information contained in this press release, the matters described herein are forward-looking statements that involve risks and uncertainties. MacroChem's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed or referred to in the section entitled "Risk Factors" in MacroChem's Annual Report on Form 10-K, as well as those discussed elsewhere therein, and include, without limitation, risks regarding product development, the timing and results of clinical trials, the regulatory approval process, capital requirements, financial condition, patent protection and dependence on third parties for development and licensing arrangements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MacroChem undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For more information visit our website, http://www.macrochem.com
MacroChem CorporationCONTACT: Bernard Patriacca, VP and CFO of MacroChem Corporation,+1-781-862-4003
Web site: http://www.macrochem.com/
