In the last trading session, the stock price of Anavex Life Sciences Corp (OTCMKTS:AVXL) jumped over 12% to close the day at $4.88. The gains came at a share volume of over 2.5 million compared to average share volume of 904,271. With the previous day’s gains, the market cap of Anavex now stands at $155.34 million.
In the first week of October, Anavex Life reported that it is completing an application to up list trading of its stock to the NASDAQ Capital Market. To fulfill the terms of a NASDAQ listing, the firm reported a one-for-four reverse stock split of its authorized, released and outstanding common shares. The firm’s common stock will commence trading on a post-split basis at the start of trading on October 7.
The CEO Christopher U. Missling, PhD, reported that it is their belief that uplisting to a renowned major exchange will permit an extensive base of worldwide institutions, retail investors and funds to participate in future success. This reverse stock split will assist them to fulfill the conditions to finalize their application for NASDAQ uplisting.
Following the reverse stock split process, every 4 shares of issued and outstanding stock were converted to 1 post-reverse split share. The reverse stock split minimized the authorized shares of common stock to the split to 100 million from 400 million after the reverse stock split process.
As of October 7, the common stock of Anavex traded under the ticker AVXLD for a period of twenty business days. Once it was done, NASDAQ approved the uplisting requirements, and the “D” was removed from ticker to make it AVXL once again. A new CUSIP number was assigned to the firm’s common stock after the reverse split.
InMed Pharmaceuticals, Inc. (OTCMKTS:IMLFF) confirmed that it is progressing on its R&D plan in the application of cannabinoids for the cure of chronic obstructive pulmonary disease. In June, 2015, the company commenced its COPD plan utilizing its bioinformatics assessment tool to recognize the targets and possible active compounds that can be beneficial for the treatment of COPD. Later, with in vitro assays consuming human lung fibroblasts, InMed has shown that certain cannabinoid compounds are efficient of impacting a specific protein in the biochemical trail relevant to fibrosis and healing in the lung.