Tekmira Provides Update On NASDAQ Listing
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Dr. Mark J. Murray, Tekmira's President and CEO, said, "Tekmira has established a track record of strong performance and positioned itself as a global leader in the field of RNAi therapeutics. The NASDAQ listing is an important step for us because it will broaden our exposure to leading North American healthcare investors and provides access to new sources of growth capital. It is one of several important milestones for Tekmira over the coming months as we continue to grow the business, advance our own product pipeline and support the work of our partners."
To meet the listing requirements of NASDAQ, Tekmira is required to have a minimum share price of US$4.00 per share. To meet the minimum share price requirement, Tekmira will consolidate its common shares on a 5-to-1 basis where five common shares will be consolidated to represent one common share on a post-consolidated basis. Tekmira will begin trading on a post-consolidated basis on the Toronto Stock Exchange on November 4, 2010, and it expects to trade on NASDAQ the week of November 15, 2010. Once the share consolidation is complete, Tekmira will have 10,337,414 common shares outstanding.
Tekmira has mailed a letter of transmittal to all registered Tekmira shareholders, which will provide for the exchange of previous common shares into new consolidated common shares. Post consolidation, Tekmira's common shares will trade under a new CUSIP number (87911B209). Tekmira will continue to trade under the symbol "TKM" on the Toronto Stock Exchange.
About RNAi and Tekmira's LNP Technology
RNAi therapeutics have the potential to treat a broad number of human diseases by "silencing" disease causing genes. The discoverers of RNAi, a gene silencing mechanism used by all cells, were awarded the 2006 Nobel Prize for Physiology or Medicine. RNAi therapeutics, such as "siRNAs", require delivery technology to be effective systemically. LNP technology is one of the most widely used siRNA delivery approaches for systemic administration. Tekmira's LNP technology (formerly referred to as stable nucleic acid-lipid particles or SNALP) encapsulates siRNAs with high efficiency in uniform lipid nanoparticles which are effective in delivering RNAi therapeutics to disease sites in numerous preclinical models. Tekmira's LNP formulations are manufactured by a proprietary method which is robust, scalable and highly reproducible and LNP-based products have been reviewed by multiple FDA divisions for use in clinical trials. LNP formulations comprise several lipid components that can be adjusted to suit the specific application.
To meet the listing requirements of NASDAQ, Tekmira is required to have a minimum share price of US$4.00 per share. To meet the minimum share price requirement, Tekmira will consolidate its common shares on a 5-to-1 basis where five common shares will be consolidated to represent one common share on a post-consolidated basis. Tekmira will begin trading on a post-consolidated basis on the Toronto Stock Exchange on November 4, 2010, and it expects to trade on NASDAQ the week of November 15, 2010. Once the share consolidation is complete, Tekmira will have 10,337,414 common shares outstanding.
Tekmira has mailed a letter of transmittal to all registered Tekmira shareholders, which will provide for the exchange of previous common shares into new consolidated common shares. Post consolidation, Tekmira's common shares will trade under a new CUSIP number (87911B209). Tekmira will continue to trade under the symbol "TKM" on the Toronto Stock Exchange.
About RNAi and Tekmira's LNP Technology
RNAi therapeutics have the potential to treat a broad number of human diseases by "silencing" disease causing genes. The discoverers of RNAi, a gene silencing mechanism used by all cells, were awarded the 2006 Nobel Prize for Physiology or Medicine. RNAi therapeutics, such as "siRNAs", require delivery technology to be effective systemically. LNP technology is one of the most widely used siRNA delivery approaches for systemic administration. Tekmira's LNP technology (formerly referred to as stable nucleic acid-lipid particles or SNALP) encapsulates siRNAs with high efficiency in uniform lipid nanoparticles which are effective in delivering RNAi therapeutics to disease sites in numerous preclinical models. Tekmira's LNP formulations are manufactured by a proprietary method which is robust, scalable and highly reproducible and LNP-based products have been reviewed by multiple FDA divisions for use in clinical trials. LNP formulations comprise several lipid components that can be adjusted to suit the specific application.
