FRANKLIN, Mass., Aug. 11 /PRNewswire-FirstCall/ -- Sontra Medical Corporation today announced it has completed a 1-for-10 reverse stock split of the Company’s issued and outstanding common stock. The reverse stock split was effective with respect to shareholders of record at 5:00 p.m., eastern time, on August 10, 2006. As a result of the reverse stock split, each ten shares of issued and outstanding common stock were combined and were reclassified into one share of common stock and the total number of shares outstanding was reduced from approximately 27,207,995 shares to approximately 2,720,799 shares. No fractional shares were issued in connection with the reverse stock split. Shareholders who are entitled to fractional shares will receive cash in lieu of fractional shares. The exercise or conversion price, as well as the number of shares of common stock that can be issued upon exercise or conversion of the Company’s outstanding stock options, warrants and shares of Series A Preferred Stock, will be proportionately adjusted to reflect the reverse stock split. The number of shares reserved for issuance under the Company’s equity compensation plans will also be reduced proportionately.
As of the opening of the Nasdaq Capital Market on August 11, 2006, the Company’s common stock will begin trading at the split-adjusted level. For a period of 20-trading days, the Company’s common stock will trade on a post- split basis under the trading symbol “SONTD”. After this 20-trading day period, the Company’s common stock will resume trading under the symbol “SONT”.
The Board of Directors approved the reverse stock split to help the Company regain compliance with the Nasdaq Capital Market’s $1 minimum bid price continued listing requirement.
About Sontra Medical Corporation (http://www.sontra.com)
Sontra Medical Corporation is a technology leader in transdermal science and is developing a non-invasive, continuous transdermal glucose monitor (“CTGM”) for principal use in the Intensive Care Market. Through its platform technology, the SonoPrep(R) Permeation System, combined with technical competencies in transdermal drug formulation, analysis, delivery systems and biosensors, the Company is creating a new paradigm in transdermal drug delivery and diagnosis. The CTGM and other company products are being developed for several billion dollar market opportunities, all utilizing skin permeation, chemistry and biosensor technology developed by the Company. In addition, the Company is developing products for transdermal delivery of large molecule drugs and vaccines.
This press release contains forward-looking statement. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements and include statements regarding our planned strategic initiatives and our ability to maintain a listing on Nasdaq. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such factors and uncertainties include, but are not limited to, that the Company will not be successful in its attempt for continued listing, and risks related to our planned strategic initiatives, including that such initiatives may not occur as planned or that they do not result in continued listing. Forward- looking statements speak only as of the date they are made, and we undertake no duty or obligation to update any forward-looking statements in light of new information or future events, unless required by law. For detailed information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Sontra’s filings with the Securities and Exchange Commission, including Sontra’s most recent Quarterly Report on Form 10-QSB. We do not undertake any obligation to update forward-looking statements made by us.
SonoPrep is a registered trademark of Sontra Medical Corporation. All other company, product or service names mentioned herein are the trademarks or registered trademarks of their respective owners.
Investor Relations Contact: Harry G. Mitchell, CFO 508-530-0311 hmitchell@sontra.com
Sontra Medical Corporation
CONTACT: Harry G. Mitchell, CFO of Sontra Medical Corporation,+1-508-530-0311, hmitchell@sontra.com
Web site: http://www.sontra.com//
