CARSON CITY, Nev. - Clinical-stage biopharmaceutical company BioVie Inc. (NASDAQ:BIVI) today confirmed the completion of a reverse stock split of its Class A common stock at a ratio of 1-for-10. The adjustment in BioVie's stock structure began trading on a split-adjusted basis on the Nasdaq Capital Market under the existing ticker symbol "BIVI". The new CUSIP number assigned to the company’s common stock post-reverse split is 09074F405.
This corporate action follows the approval by the company's shareholders at a Special Meeting held on July 29, 2024. The meeting and its resolutions are detailed in the definitive proxy statement filed with the Securities and Exchange Commission on June 17, 2024, which is publicly accessible through the SEC's website and also available on the company’s corporate site.
BioVie specializes in developing drug therapies aimed at treating neurological and neurodegenerative disorders, as well as advanced liver disease. Its drug candidate bezisterim targets inflammatory processes implicated in diseases like Alzheimer's and Parkinson's, while its Orphan drug candidate BIV201 (continuous infusion terlipressin) has received Fast Track status from the FDA. BIV201 is under evaluation for treating ascites due to chronic liver cirrhosis, and the active agent is already approved in the U.S. and approximately 40 other countries for related complications.
In other recent news, BioVie Inc. has announced a reverse stock split of its Class A common stock, a decision approved by stockholders that will reclassify every ten shares of issued and outstanding common stock into one share. The move aims to consolidate shares, a common strategy companies use to meet stock exchange listing requirements or improve the marketability of their stock. Simultaneously, the company has seen changes in its leadership structure with the resignation of director Steve Gorlin.
Additionally, BioVie has reported significant progress in its Phase 2a trial of bezisterim for Parkinson's Disease treatment. The trial data revealed that when used in conjunction with levodopa/carbidopa, bezisterim led to considerable improvements in both motor and non-motor symptoms compared to a placebo. This was particularly noticeable in patients under 70 years old who showed a -4.7 point advantage.
Furthermore, 30% of patients treated with bezisterim demonstrated an improvement in their ability to move before their first morning dose of levodopa/carbidopa. These developments underscore BioVie's ongoing commitment to pharmaceutical innovation.
InvestingPro Insights
In light of BioVie Inc.'s recent reverse stock split, a glance at the company's financial health and stock performance reveals some challenges and potential areas of focus for investors. With a market capitalization of $14.48 million, BioVie is navigating the competitive biopharmaceutical landscape while working on innovative therapies for neurological and neurodegenerative disorders, as well as advanced liver disease.
An InvestingPro Tip highlights that BioVie holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. This could provide some reassurance to investors about the company's ability to fund its operations and drug development programs in the short term. Additionally, BioVie's liquid assets exceed its short-term obligations, further underlining the company's capacity to meet its immediate financial commitments.
However, the stock has experienced significant volatility, as evidenced by a one-week price total return of -23.48% and a one-year price total return of -92.94%. This volatility is underscored by the InvestingPro Tip that the stock has taken a considerable hit over the last week, month, six months, and year. Such performance may concern investors, especially considering the InvestingPro Tip that analysts do not expect the company to be profitable this year.
Investors may also note that BioVie does not pay a dividend, which is a common characteristic of clinical-stage biopharmaceutical companies that often reinvest earnings back into research and development. For those considering investing in BioVie, additional InvestingPro Tips are available, offering further insights into the company's financial metrics and stock performance. With 11 more tips listed on InvestingPro, investors can delve deeper into the company's prospects and make more informed decisions.
To explore these additional InvestingPro Tips and gain a comprehensive understanding of BioVie's financial situation and stock performance, interested parties can visit https://www.investing.com/pro/BIVI.
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