On May 22, 2023 Propanc Biopharma, Inc. (OTC Pink: PPCB) ("Propanc" or the "Company"), a biopharmaceutical company developing novel cancer treatments for patients suffering from recurring and metastatic cancer, reported that the Company’s board of directors (the "Board") has approved a reverse stock split of its common stock at a ratio of 1 post-split share for every 1,000 pre-split shares (Press release, Propanc, MAY 23, 2023, View Source [SID1234631920]). The reverse stock split was approved by the Board and the Company’s majority stockholder, representing the majority vote of the stockholders of the Company, on May 1, 2023.
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On May 1, 2023, the Company filed a certificate of amendment to the Company’s certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effectuate the reverse stock split. The Company expects that the common stock will begin trading on a split-adjusted basis at the open of trading on Tuesday, May 23, 2023, under the new CUSIP number 74346N602. The reverse stock split does not affect the total number of shares of capital stock, including the common stock, that the Company is authorized to issue, or the par value of the common stock, which shall remain as set forth pursuant to the Company’s certificate of incorporation.
"The primary purpose of the reverse split is to create long term shareholder value by positioning the Company for further investment to achieve our strategic objectives," said James Nathanielsz, Propanc’s Chief Executive Officer. "The reverse split will place us in a better position to receive further funding from one of our institutional investors to advance our lead product candidate, PRP, towards a First-In-Human study, as well as supporting our joint research projects with the Universities of Jaén and Granada, which includes expanding our intellectual property portfolio by identifying new patentable discoveries, and developing a synthetic recombinant proenzyme formulation as a backup clinical compound to PRP."
PRP is a mixture of two proenzymes, trypsinogen and chymotrypsinogen from bovine pancreas, administered by intravenous injection. A synergistic ratio of 1:6 inhibits growth of most tumor cells. Examples include kidney, ovarian, breast, brain, prostate, colorectal, lung, liver, uterine, and skin cancers.