Praecis Pharmaceutical stockholders authorize 1-for-5 reverse stock split

By Angela McDaniels

Seattle, Oct. 27 - Praecis Pharmaceutical Inc. said its shareholders have authorized a reverse split of the company's common stock, which Praecis has fixed at a one-for-five ratio, expected to take effect after the close of trading on Tuesday.

No fractional shares will be issued, and holders of fractional shares will receive cash in lieu of fractions.

After giving effect to the reverse split, the company estimates it will have 10.5 million shares outstanding, subject to reduction for fractional shares.

After the transaction, the stock will trade on a split-adjusted basis under the interim ticker symbol "PRCSD" for 20 days, after which the company expects that the "D" designation will be removed.

Praecis is a biopharmaceutical company based in Waltham, Mass., that develops therapies that either address unmet medical needs or offer improvements over existing therapies.

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