SOUTH SAN FRANCISCO, Calif., Sept. 10, 2010 (GLOBE NEWSWIRE) -- Hana Biosciences, Inc. (OTCBB:HNAB), a biopharmaceutical company focused on strengthening the foundation of cancer care, today announced that it has filed a certificate of amendment to its certificate of incorporation to effect a 1-for-4 reverse split of its common stock. The company expects the reverse split will become effective for trading on Monday, September 13, 2010. The reverse split was authorized by Hana's stockholders at a special meeting held September 2, 2010.
Details of Reverse Split
As a result of the reverse split, every four shares of Hana's pre-split common stock was automatically reclassified as and combined into one share of post-split common stock. As a result, the number of outstanding shares of common stock is approximately 21.2 million, excluding outstanding stock options and warrants to purchase common stock and subject to adjustment for fractional shares. The reverse stock split does not affect any stockholder's ownership percentage of Hana's common stock, except to the extent that the reverse split would result in any stockholder holding a fractional share.
Effective on September 13, 2010, it is expected that a "D" will be added to Hana's ticker symbol, making it HNABD.OB for a period of 20 trading days. Thereafter, the ticker symbol will revert to HNAB.OB. Shares of Hana's common stock will also trade under a new CUSIP number effective September 13, 2010.
About Hana Biosciences, Inc.
Hana Biosciences, Inc. is a biopharmaceutical company dedicated to developing and commercializing new, differentiated cancer therapies designed to improve and enable current standards of care. The company's lead product candidate, Marqibo(R), potentially treats acute lymphoblastic leukemia and lymphomas. The Company has additional pipeline opportunities some of which, like Marqibo, improve delivery and enhance the therapeutic benefits of well characterized, proven chemotherapies and enable high potency dosing without increased toxicity. Additional information on Hana Biosciences can be found at www.hanabiosciences.com.
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Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These forward-looking statements include without limitation, statements regarding, the timing of the effectiveness of proposed reverse split for purposes of trading in Hana's common stock. Such statements involve risks and uncertainties that could cause Hana's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements.