Full Press Release Details
Theriva Biologics Announces Reverse Stock
Rockville, MD, August 16, 2024 -
Theriva Biologics, Inc. (NYSE American: TOVX), a diversified clinical-stage
company developing therapeutics designed to treat diseases in areas of high unmet need, announced today a reverse stock split
of its issued and outstanding common stock, par value $0.001 per share, at a ratio of one (1) share of common stock for every twenty
five (25) shares of common stock, effective as of 12:01 a.m. (Eastern Time) on August 26, 2024 (the "Effective Date"). The
Company's common stock will begin trading on a split-adjusted basis when the market opens on August 26, 2024. The reverse stock
split was authorized by the Company's Board of Directors on August 15, 2024. Pursuant to the laws of the State of Nevada, the Company's
state of incorporation, the Company's Board of Directors has the authority to effect a reverse stock split without shareholder
approval if the number of authorized shares of common stock and the number of outstanding shares of common stock are proportionally reduced.
The Company will file a certificate of change to its articles of incorporation, as amended, with the Secretary of State of Nevada to
effect the reverse stock split. The Company's common stock will continue to trade on the NYSE American under the stock ticker "TOVX"
but will trade under the new CUSIP number 87164U 508.
As a result of the reverse split, each twenty
five (25) pre-split shares of common stock outstanding will automatically combine into one (1) new share of common stock without any action
on the part of the holders, and the number of outstanding common shares will be reduced from 25,131,230 shares to 1,005,249 shares without
taking into account fractional shares.
reverse stock split is being effected to ensure that the Company can meet the per share price requirements of the NYSE American, the Company's
current listing exchange.
No fractional shares will be issued as a result
of the reverse stock split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of shares not
evenly divisible by the 1 (one) for twenty five (25) reverse split ratio, will automatically be entitled to receive an additional fractional
share of the Company's common stock to round up to the next whole share.
The Company's transfer agent, Equiniti Trust
Company, which is also acting as the exchange agent for the reverse split, will send instructions to stockholders of record who hold stock
certificates regarding the exchange of their old certificates for new certificates, should they wish to do so. Stockholders who hold their
shares in brokerage accounts or "street name" are not required to take action to effect the exchange of their shares.
About Theriva Biologics, Inc.
(NYSE American: TOVX), is a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases
in areas of high unmet need. The Company is advancing a new oncolytic adenovirus platform designed for intravenous (IV),
intravitreal and antitumoral delivery to trigger tumor cell death, improve access of co-administered cancer therapies to the tumor,
and promote a robust and sustained anti-tumor response by the patient's immune system. The Company's lead candidates
are: (1) VCN-01, an oncolytic adenovirus designed to replicate selectively and aggressively within tumor cells, and to degrade the
tumor stroma barrier that serves as a significant physical and immunosuppressive barrier to cancer treatment; (2) SYN-004
(ribaxamase) which is designed to degrade certain commonly used IV beta-lactam antibiotics within the gastrointestinal (GI) tract to
prevent microbiome damage, thereby limiting overgrowth of pathogenic organisms such as VRE (vancomycin resistant Enterococci) and
reducing the incidence and severity of acute graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell transplant (HCT)
recipients; and (3) SYN-020, a recombinant oral formulation of the enzyme intestinal alkaline phosphatase (IAP) produced under cGMP
conditions and intended to treat both local GI and systemic diseases. For more information, please visit Theriva Biologics'
website at www.therivabio.com.
Forward-Looking Statement
release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases
forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes," "estimates," and
similar expressions, and include statements regarding our planned stock split. These forward-looking statements are based on management's
expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which
are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set
forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current
expectations include, among others, the stock split having the desired effect, the ability
to continue to enroll patients as planned, generating clinical data that establishes VCN-01 may lead to improved clinical outcomes for
patients with PDAC and other solid cancers; the Company's and VCN's product candidates demonstrating safety and effectiveness,
as well as results that are consistent with prior results; the ability to complete clinical trials on time and achieve the desired results
and benefits; the ability to obtain regulatory approval for commercialization of product candidates or to comply with ongoing regulatory
requirements, regulatory limitations relating to the Company's and VCN's ability to promote or commercialize their product
candidates for the specific indications, acceptance of product candidates in the marketplace and the successful development, marketing
or sale of the Company's and VCN's products, developments by competitors that render such products obsolete or non-competitive,
the Company's and VCN's ability to maintain license agreements, the continued maintenance and growth of the Company's
and VCN's patent estate, the ability to continue to remain well financed and other factors described in the Company's Annual
Report on Form 10-K for the year ended December 31, 2023 and its other filings
with the SEC, including subsequent periodic reports on Forms 10-Q and current reports on Form 8-K. The information in this release is
provided only as of the date of this release, and Theriva Biologics undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future events, or otherwise, except as required by law.
For further information,
LifeSci Advisors, LLC