Regulus Therapeutics Inc. implemented a 1-for-12 reverse split of its common stock on Oct. 3 after the shareholders approved the proposal at a special meeting on Sept. 28.
President and CEO Jay Hagan said the company intends to significantly reduce cash burn, restructure its collaboration with Sanofi, advance its pipeline and position programs to leverage business development opportunities.
In July, the San Diego-based biopharmaceutical company reported that it was undertaking a restructuring to preserve capital and would lay off about 60% of its workforce. The company had terminated its chief medical officer and paused recruitment activities for RG-012, its potential treatment for Alport syndrome and a phase 1 trial of RGLS4326, another kidney disease drug.
The company's shares started trading on Nasdaq on a split-adjusted basis from Oct. 4.