Cardium Therapeutics has announced a 1-for-20 reverse split of the company’s issued and outstanding common stock.
This means that each 20 shares of common stock will be converted into one share of common stock — reducing the number of shares to 6.5 million.
Prior to the split, stock was trading at 6 cents per share. At market close on July 18, stock was trading at $1.35 per share. Cardium Therapeutics has a market capitalization of about $175 million.
The regenerative medicine company describes itself as one that acquires and develops biomedical products and businesses that have the potential to address significant unmet medical needs.
Its portfolio includes Tissue Repair Co., Cardium Biologics and its in-house MedPodium Health Sciences healthy lifestyle products.
— SDBJ Staff Report