Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage pharmaceutical company focused on developing the next generation of chemotherapeutic drugs to improve the efficacy and safety for patients suffering from cancer, has announced a 1-for-20 reverse stock split. The reverse split was initially approved by shareholders in November 2023, and on Jan. 8, 2024, the company’s board of directors determined to fix a split ratio of 1-for-20. According to the announcement, PCSA common stock is slated to begin trading on a reverse stock split-adjusted basis at market opening on Jan. 22, 2024, under the same symbol: PCSA. The intention of the reverse stock split, the announcement noted, is for Processa Pharmaceuticals to regain compliance with the minimum bid price requirement of $1 per share of common stock so that the company can continue to trade on the NASDAQ Capital Market. The reverse stock split will reduce the number of shares of the company’s outstanding common stock from an estimated 24.6 million shares to an estimated 1.2 million shares. Registered stockholders holding shares of presplit PCSA common stock electronically in book-entry form don’t need to do anything in order to receive post-split shares of common stock. Stockholders with shares of common stock either in a brokerage or in “street name” will have their shares automatically adjusted to reflect the reverse stock split, subject to compliance with each broker’s particular processes. Continental Stock Transfer & Trust will serve as the exchange agent for the reverse stock split.
To view the full press release, visit https://ibn.fm/mpSns
About Processa Pharmaceuticals Inc.
Processa is a clinical-stage pharmaceutical company focused on developing next-generation chemotherapy (“NGC”) drugs to improve the safety and efficacy of cancer treatment. By combining Processa’s novel oncology pipeline with proven cancer-killing active molecules and the Processa Regulatory Science Approach as well as experience in defining optimal dosage regimens for FDA approvals, Processa not only will be providing better therapy options to cancer patients but also will increase the probability of FDA approval for its next-generation chemotherapy drugs following an efficient path to approval. Processa’s NGC drugs are modifications of existing FDA-approved oncology drugs resulting in an alteration of the metabolism and/or distribution of these FDA-approved drugs while maintaining the existing mechanisms of killing the cancer cells. The company’s approach to drug development is based on more than 30 years of drug-development expertise to efficiently design and conduct clinical trials that demonstrate a positive benefit/risk relationship. The Processa team has a track record of obtaining more than 30 approvals for indications across almost every division of the FDA. Using its proven Regulatory Science Approach, the Processa Team has experience defining the Optimal Dosage Regimen using the principles of the FDA’s Project Optimus Oncology initiative. The advantages of Processa’s NGC drugs are expected to include fewer patients experiencing side effects that lead to dose discontinuation; more significant cancer response; and a greater number of patients, in excess of 200,000 for each NGC drug, who will benefit from each NGC drug. Currently under development are three next-generation chemotherapy oncology treatments: Next Generation Capecitabine (PCS6422 and capecitabine to treat metastatic colorectal, gastrointestinal, breast, pancreatic and other cancers), Next Generation Gemcitabine (PCS3117 to treat pancreatic, lung, ovarian, breast and other cancers), and Next Generation Irinotecan (PCS11T to treat lung, colorectal, gastrointestinal, pancreatic and other cancers). For more information, visit the company’s website at www.ProcessaPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to PCSA are available in the company’s newsroom at https://ibn.fm/PCSA
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