Propanc Health Group Corp.'s board approved a corporate name change to Propanc Biopharma Inc. and a 1-for-250 reverse stock split of its issued and outstanding common shares.
The name change will be implemented April 7, while the stock split is expected to be implemented before the start of trading on that date.
After the split, the number of authorized common shares will be reduced to 100 million from 2 billion and the number of authorized preferred shares will be reduced to just over 1.5 million from 10 million.
For 20 trading days after the split, the ticker symbol of the common stock will change to PPCHD.
Propanc CEO James Nathanielsz said in a statement that as the company plans to move forward with studies of its lead product, PR, it wanted to launch its corporate strategy to address capital structure, reduce debt and raise additional capital sufficient to progress the drug through clinical development.
With these steps, the company hopes to better position itself for an up-listing of its common stock to a national stock exchange, Nathanielsz added.
PRP is currently in preclinical development and progressing toward first-in-man studies. It aims to prevent tumor recurrence and metastasis in solid tumors, with the company's initial target patient populations including pancreatic, ovarian and colorectal cancers.