Diffusion Pharmaceuticals Inc. executed a 1-for-15 reverse stock split of its common shares to maintain its listing on the Nasdaq capital market.

The company's shareholders and board of directors approved the reverse stock split on June 14 and Nov. 30, respectively. The action reduced the number of the company's outstanding common shares to about 3.4 million from about 50.6 million before the reverse split.

Charlottesville, Va.-based Diffusion develops therapies for cancer. Its lead product transcrocetinate sodium has initiated phase 3 trials for treating glioblastoma multiforme, a type of brain cancer; phase 2 studies for treating pancreatic cancer; phase 2/3 trials for treating metastatic brain cancer and a phase 2 trial for treating stroke.