Drug-delivery specialist Pharmos Corp. announced Monday thatits common and class B convertible common shares have beenreverse-split on a 1-for-4 basis.
After this transaction, which was effective Monday, the NewYork-based company has 9.7 million common sharesoutstanding on a fully diluted basis. The stock (PARS), whichhad been trading on NASDAQ as a small cap issue, will nowtrade on the national market system. It closed Oct. 15 at $2.50(or $10 per-share on a split-adjusted basis).
In mid-August, the company placed $10 million of newlyissued common stock with private investors in a transactionarranged by D. Blech & Sons. Inc. and Tucker Anthony Inc. Theplacement was done at a 20 percent discount to the publiclytraded price of the stock. In connection with the placement,David Blech canceled 7.2 million of his $1.25 and $1.75 pershare warrants in exchange for 3.5 million shares of Pharmoscommon stock. -- Jennifer Van Brunt
(c) 1997 American Health Consultants. All rights reserved.