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ContraVir implements 1-for-70 reverse stock split

ContraVir Pharmaceuticals Inc. implemented a 1-for-70 reverse stock split of its common shares, effective May 31.

The Edison, N.J.-based biopharmaceutical company is undertaking the transaction to regain compliance with Nasdaq Capital Market's minimum bid price listing requirement.

The company's common shares will start trading on a split-adjusted basis on June 3 under the existing symbol CTRV.

ContraVir's board in March approved the reverse stock split, which was later endorsed by a majority of the company's shareholders May 2.