Phio Pharmaceuticals Corp.'s board has approved a reverse stock split of the company's shares at a 1-for-55 ratio.

The Marlborough, Mass.-based biotechnology company hopes to maintain compliance with the Nasdaq's $1 minimum bid price listing requirement through the reverse split.

Every 55 shares of the company will be split into one, bringing the issued and outstanding shares from about 36.8 million to approximately 670,000.

The reverse split will be effective Jan. 15, and the company's stock will resume trading on the same day.

Computershare Trust Co. NA will be the transfer agent for the reverse stock split.