Genesis Biopharma Announces 1-for-100 Reverse Stock Split and Corporate Name Change to 'Lion Biotech
Genesis Biopharma Announces 1-for-100 Reverse Stock Split and Corporate Name Change to 'Lion Biotechnologies, Inc.'
Reverse Split and Name Change Effective upon Opening of Trading Tomorrow
LOS ANGELES--(BUSINESS WIRE)-- Genesis Biopharma, Inc. (OTCBB: GNBP), today announced that a 1-for-100 reverse stock split will be effective, and reflected in the price of its common stock, when trading opens on September 26, 2013. The Company is simultaneously changing its name to Lion Biotechnologies, Inc.
The reverse stock split applies to all of the outstanding shares of Genesis Biopharma's common stock, reducing the number of current outstanding shares from 1,509,381,194 to approximately 15,094,000 shares.
The Company's common stock will trade under the symbol "GNBPD" for a period of 20 trading days as a result of the reverse stock split, and common shares will also trade under a new CUSIP number.
"The name change to Lion Biotechnologies reflects the Company's transition to a new management team and board of directors, along with the adoption of a broader growth strategy," said Manish Singh, Ph.D., President and Chief Executive Officer of Genesis Biopharma/Lion Biotechnologies. "In addition to optimizing the potential of our current T-cell technology for treating Stage IV metastatic melanoma, we plan to develop promising next-generation tumor-infiltrating lymphocytes (TILs), and engineer an automated manufacturing process that could significantly reduce the cost of producing T-cells."
Shareholders are not required to send in their current certificates for exchange. Following the reverse stock split, each stock certificate representing issued and outstanding shares of common stock will represent a fewer number of shares. The Company's shareholders of record will receive a letter of transmittal and instructions from the transfer agent, Corporate Stock Transfer, regarding procedures for submitting their stock certificates in connection with the reverse split. Those shareholders holding common stock in "street name" will receive instructions from their broker if they need to take any action in connection with the reverse split.
In connection with the name change and reverse stock split, the Company also fixed the number of authorized shares of common stock after the reverse stock split at 150,000,000 shares of common stock and authorized the issuance of 50,000,000 shares of "blank check" preferred stock, $0.001 par value per share.
The Company has also requested a new ticker symbol to reflect the name change.
About Genesis Biopharma
Genesis Biopharma, Inc. is engaged in the development of T-cells and engineered T-cells for the treatment of various cancers. The company's lead product candidate is a ready-to-infuse autologous T-cell therapy utilizing tumor-infiltrating lymphocytes (TILs) for the treatment of patients with Stage IV metastatic melanoma, and is based on a currently available physician-sponsored investigational therapy at the National Cancer Institute, MD Anderson Cancer Center and the H. Lee Moffitt Cancer & Research Institute. For more information, please visit http://www.genesis-biopharma.com/.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission and those that relate to the Company's ability to leverage the expertise of employees and partners to assist the Company in the execution of its strategy. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of the company's business and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission, and represent the company's views only as of the date they are made and should not be relied upon as representing the company's views as of any subsequent date. The Company is a development-stage company that will require significant capital and other resources to further develop and commercialize its technology. The Company does not currently have the capital or resources required to develop this technology into a revenue producing asset. Furthermore, the Company will need to expand its current management team and other personnel to achieve its technological and financial objectives. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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