Processa Pharmaceuticals Inc. will undertake a 1-for-7 reverse stock split of its issued and outstanding common stock, effective Dec. 23.

Processa Pharmaceuticals' shareholders approved the reverse stock split Nov. 7, and the move will help reduce the company's common stock issued and outstanding to approximately 5.5 million from 38.4 million.

The company's shares will continue trading on the OTCQB market under the ticker PCSA.

The Hanover, Md.-based pharmaceutical company is developing medicine for a skin condition known as necrobiosis lipoidica.