I am writing to share with you that Kiora is enacting a 1-for-9 reverse stock split, which was recently approved by shareholders at our latest annual meeting. The split-adjusted shares are expected to begin trading on NASDAQ on June 11, 2024. Below are some notable changes to expect:
• Every nine (9) shares of common stock currently held by shareholders will be converted into one (1) share of common stock.
• The share price will adjust upwards by a factor of 9 while common shares outstanding will decrease from approximately 26.7 million to approximately 3.0 million.
• No fractional shares of common stock will be issued, rather Kiora will pay cash to shareholders with fractional shares.
• Kiora will remain trading on NASDAQ under the symbol KPRX but with a new CUSIP number, 49721T 507.
• The fully diluted share count after the reverse stock split will be approximately 11.1 million.
The primary consideration for the reverse split is to regain NASDAQ share price compliance. Maintaining a listing on a major exchange and providing liquidity for existing and future shareholders is an essential component for any company seeking to maximize its market value long-term. It is our expectation that we will regain NASDAQ compliance on or about June 25, 2024.
2024 has already been a transformative year for Kiora. For the first time since I was brought on as CEO and assembled the current and incredible team, we have the capital resources and partnerships to fund two investigational drugs, currently in mid-stage clinical development, and all related operational activities for more than two years.
We have de-risked KIO-301, our investigational drug in development for retinitis pigmentosa and other inherited retinal diseases, while retaining significant upside from milestone payments and royalties through our partnership with Théa Open Innovation. This partnership was formed in Q1 2024 and based heavily on the exciting results from our Phase I/II ABACUS study showing the potential of KIO-301 to restore vision in patients living with an inherited, degenerative retinal disease.
The upfront payment and reimbursed R&D expenses from Théa, along with the funds from our recent capital raise, allow us to invest in another innovative drug, KIO-104, to treat retinal inflammatory diseases. Retinal inflammation underlies several ocular conditions and severely affects the day-to-day lives of millions of people, resulting in pain, severe discomfort, and temporary or permanent vision impairment. Further, the current standard of care must improve to provide patients and providers with safe, effective, and long-term treatment options.
On behalf of our Board of Directors, employees, research collaborators, and clinical trial patients, we thank you again for your support. You are a major reason we are able to continue our pursuit of bringing new treatment options to patients living with or suffering from retinal diseases. We welcome your questions and invite you to contact our IR team at investors@kiorapharma.com.
Regards,
Brian M Strem, PhD
President & CEO
© 2024 GlobeNewswire (Europe)
