SOUTH SAN FRANCISCO, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Monogram
Biosciences, Inc., (Nasdaq: MGRM) today announced that its Board of
Directors has approved a 6-to-1 reverse split of its common stock, as
previously authorized and approved by the Company's stockholders at the
September 19, 2007 annual meeting. The Company's common stock will begin
trading on a post- split basis on November 4, 2008, under the temporary
trading symbol "MGRMD" for approximately 20 trading days before reverting
to "MGRM" on or about December 2, 2008.
As a result of the reverse stock split, every six shares of Monogram
Biosciences common stock will be combined into one share of common stock.
The reverse stock split affects all the Company's common stock outstanding
immediately prior to the effective time of the reverse stock split as well
as the number of shares of common stock available for issuance under the
Company's equity incentive plans. In addition, the reverse stock split will
effect a reduction in the number of shares of common stock issuable upon
the conversion of outstanding convertible debt or upon the exercise of
stock options or warrants. The Company will pay cash in lieu of fractional
shares based on the average of the high and low trading prices of the
common stock for the five trading days immediately preceding the effective
date of the reverse stock split. The reverse stock split will reduce the
number of shares of the Company's common stock outstanding from
approximately 135 million to approximately 22.5 million. In addition, the
number of authorized shares of common stock will be reduced from 200
million to 84 million shares.
About Monogram
Monogram is advancing individualized medicine by discovering,
developing and marketing innovative products to guide and improve treatment
of serious infectious diseases and cancer. The Company's products are
designed to help doctors optimize treatment regimens for their patients
that lead to better outcomes and reduced costs. The Company's technology is
also being used by numerous biopharmaceutical companies to develop new and
improved anti-viral therapeutics and vaccines as well as targeted cancer
therapeutics. More information about the Company and its technology can be
found on its web site at http://www.monogrambio.com.
Forward Looking Statements
Certain statements in this press release are forward-looking, including
statements regarding the planned reverse split of our common stock. These
forward-looking statements are subject to risks and uncertainties and other
factors, including potential Nasdaq proceedings to delist our common stock,
our ability to regain compliance with Nasdaq listing requirements, the and
impact of the reverse split of the shares of our common stock, which may
cause actual results to differ materially from the anticipated results or
other expectations expressed in such forward-looking statements. For a
discussion of other factors that may cause actual events to differ from
those projected, please refer to our most recent annual report on Form 10-K
and quarterly reports on Form 10-Q, as well as other subsequent filings
with the Securities and Exchange Commission. We do not undertake, and
specifically disclaim any obligation, to revise any forward-looking
statements to reflect the occurrence of anticipated or unanticipated events
or circumstances after the date of such statements.
Contacts: Alfred G. Merriweather Jeremiah Hall
Chief Financial Officer Feinstein Kean Healthcare
Tel: 650 624-4576 Tel: 415 677-2700
amerriweather@monogrambio.com jeremiah.hall@fkhealth.com
SOURCE Monogram Biosciences, Inc.
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Related links:
http://www.monogrambio.com
CONTACT:
Alfred G. Merriweather, Chief Financial
Officer, Monogram Biosciences, Inc., +1-650-624-4576,
amerriweather@monogrambio.com; or Jeremiah Hall, Feinstein Kean
Healthcare, +1-415-677-2700, jeremiah.hall@fkhealth.com
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