AUSTIN,
Texas, Jan. 31, 2024 /PRNewswire/ -- Genprex,
Inc. ("Genprex" or the "Company") (NASDAQ: GNPX), a clinical-stage
gene therapy company focused on developing life-changing therapies
for patients with cancer and diabetes, today announced that on
February 2, 2024, the Company will
implement a 1-for-40 reverse split of its issued and outstanding
common stock, par value $0.001 per
share. The reverse stock split will be effective as of 12:01 a.m. Eastern Time on February 2, 2024, and the Company's common stock
will trade on a post-split adjusted basis at the beginning of
trading on the same date under the existing trading symbol "GNPX."
The CUSIP number for the Company's common stock following the
reverse stock split will be 372446-203.
The Company's Board of Directors (the "Board") approved
implementation of the reverse stock split upon the authorization
granted by the Company's stockholders at the special meeting held
on December 14, 2023, whereby the
Company's stockholders granted the Company's Board the discretion
to effect a reverse stock split at a ratio of not less than
one-for-ten (1:10) and not more than one-for-fifty (1:50), with
such ratio to be determined by the Board. The reverse stock split
is intended to increase the market price per share of the Company's
common stock to regain compliance with the minimum bid continued
listing requirement of The Nasdaq Capital Market. All outstanding
securities entitling their holders to purchase shares of common
stock or acquire shares of common stock of the Company, including
stock options and warrants, will be adjusted as a result of the
reverse stock split, as required by the terms of those
securities.
As a result of the reverse stock split, every 40 shares of
common stock issued and outstanding as of the effective date will
be automatically combined into one share of common stock. No
fractional shares will be issued as a result of the reverse stock
split. Stockholders of record who would otherwise be entitled to
receive a fractional share will automatically be entitled to the
rounding up of the fractional share to the nearest whole share. The
reverse stock split will not change the par value of the common
stock or modify the rights or preferences of the common stock.
Immediately after the reverse stock split becomes effective, the
Company will have approximately 1.5 million shares of common stock
issued and outstanding. The reverse split affects all stockholders
uniformly and will not alter any stockholder's percentage interest
in the Company's equity, except to the extent that the reverse
split would result in some stockholders owning a fractional share
as described above. The Company's transfer agent, VStock
Transfer, LLC, will continue to maintain the book-entry records for
the Company's common stock. Registered stockholders holding
pre-split shares of the Company's common stock electronically in
book-entry form are not required to take any action to receive
post-split shares. Stockholders owning shares via a broker, bank,
trust or other nominee will have their positions automatically
adjusted to reflect the reverse stock split, subject to such
broker's particular processes and procedures; if you hold your
shares with such a broker, bank trust or other nominee and if you
have questions in this regard, you are encouraged to contact your
nominee.
About Genprex, Inc.
Genprex, Inc. is a clinical-stage
gene therapy company focused on developing life-changing therapies
for patients with cancer and diabetes. Genprex's technologies are
designed to administer disease-fighting genes to provide new
therapies for large patient populations with cancer and diabetes
who currently have limited treatment options. Genprex works with
world-class institutions and collaborators to develop drug
candidates to further its pipeline of gene therapies in order to
provide novel treatment approaches. Genprex's oncology program
utilizes its systemic, non-viral Oncoprex® Nanoparticle Delivery
System which encapsulates the gene-expressing plasmids using lipid
nanoparticles. The resultant product is administered intravenously,
where it is taken up by tumor cells that then express tumor
suppressor proteins that were deficient in the tumor. The Company's
lead product candidate, Reqorsa® Immunogene Therapy (quaratusugene
ozeplasmid), is being evaluated in three clinical trials as a
treatment for NSCLC and SCLC. Each of Genprex's three lung cancer
clinical programs has received a Fast Track Designation from the
FDA for the treatment of that patient population, and Genprex's
SCLC program has received an FDA Orphan Drug Designation. Genprex's
diabetes gene therapy approach is comprised of a novel infusion
process that uses an AAV vector to deliver Pdx1 and MafA genes
directly to the pancreas. In models of Type 1 diabetes, GPX-002
transforms alpha cells in the pancreas into functional beta-like
cells, which can produce insulin but may be distinct enough from
beta cells to evade the body's immune system. In a similar
approach, GPX-003 for Type 2 diabetes, where autoimmunity is not at
play, is believed to rejuvenate and replenish exhausted beta
cells.
Interested investors and shareholders are encouraged to sign up
for press releases and industry updates by visiting
the Company Website, registering for Email
Alerts and by following Genprex on Twitter, Facebook and
LinkedIn.
Cautionary Language Concerning Forward-Looking
Statements
Statements contained in this press release
regarding matters that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of management, are not guarantees of
performance and are subject to significant risks and uncertainty.
These forward-looking statements should, therefore, be considered
in light of various important factors, including those set forth in
Genprex's reports that it files from time to time with the
Securities and Exchange Commission and which you should review,
including those statements under "Item 1A – Risk Factors" in
Genprex's Annual Report on Form 10-K for the year ended
December 31, 2022.
Because forward-looking statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, statements regarding:
Genprex's ability to advance the clinical development,
manufacturing and commercialization of its product candidates in
accordance with projected timelines and specifications; the timing
and success of Genprex's clinical trials and regulatory approvals;
the effect of Genprex's product candidates, alone and in
combination with other therapies, on cancer and diabetes; Genprex's
future growth and financial status, including Genprex's ability
to maintain compliance with the continued listing requirements
of The Nasdaq Capital Market and to continue as a going concern and
to obtain capital to meet its long-term liquidity needs on
acceptable terms, or at all; Genprex's commercial and strategic
partnerships, including those with its third party vendors,
suppliers and manufacturers and their ability to successfully
perform and scale up the manufacture of its product candidates; and
Genprex's intellectual property and licenses.
These forward-looking statements should not be relied upon as
predictions of future events and Genprex cannot assure you that the
events or circumstances discussed or reflected in these statements
will be achieved or will occur. If such forward-looking statements
prove to be inaccurate, the inaccuracy may be material. You should
not regard these statements as a representation or warranty by
Genprex or any other person that Genprex will achieve its
objectives and plans in any specified timeframe, or at all. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Genprex disclaims any obligation to publicly update or release any
revisions to these forward-looking statements, whether as a result
of new information, future events or otherwise, after the date of
this press release or to reflect the occurrence of unanticipated
events, except as required by law.
Genprex, Inc.
(877) 774-GNPX (4679)
GNPX Investor
Relations
investors@genprex.com
GNPX Media Contact
Kalyn
Dabbs
media@genprex.com
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SOURCE Genprex, Inc.