MOUNTAIN VIEW, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Pharsight Corporation , a leading provider of software, strategic consulting, and regulatory services for optimizing clinical drug development, announced today that its previously-announced one-for-three reverse stock split became effective at 5:00 p.m., Eastern Time today. Effective at the open of market tomorrow, Pharsight’s shares will begin trading on a split-adjusted basis on the OTC Bulletin Board under a new symbol “PHRS.OB,” which replaces the previous symbol “PHST.OB.”
The reverse split has reduced the number of shares of Pharsight common stock outstanding from approximately 28.2 million to approximately 9.4 million. The exercise price and the number of shares of common stock issuable under Pharsight’s outstanding warrants and options have been proportionately adjusted to reflect the reverse stock split. Existing stockholders will be sent instructions for exchanging existing stock certificates for new stock certificates, and for receiving cash payments for fractional shares.
About Pharsight Corporation
Pharsight Corporation develops and markets integrated products and services that enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products. Pharsight’s goal is to help customers reduce the time, cost and risk of drug development, as well as optimize the post-approval marketing and use of pharmaceutical products.
Pharsight’s approach enhances the fundamental element of drug development success: strong decision-making. By adopting the Pharsight approach, customers acquire a new decision-making process with the potential to systematically improve every level and phase of their business and scientific processes. Pharsight Corporation is headquartered in Mountain View, California. Information about Pharsight is available at http://www.pharsight.com.
CONTACT: Investors, Jennifer Beugelmans, +1-646-201-5447, or Doug Sherk,
+1-415-896-6820, or media, Jen Saunders, +1-646-201-5431, all of EVC Group,
for Pharsight Corporation
Web site: http://www.pharsight.com/
