VIA Pharmaceuticals completed its merger transaction with Corautus Genetics and its receipt of an extension from the NASDAQ Listings Qualifications Panel until June 29, 2007, for the company to comply with applicable initial listing standards.
Following the closing of the merger transaction, Corautus was renamed “VIA Pharmaceuticals, Inc.” As a result of the previously announced 1:15 reverse stock split and the issuance of shares of Corautus common stock to VIA stockholders in the merger transaction, the company now has 9,430,607 shares of common stock issued and outstanding. Premerger Corautus stockholders own approximately 22% and former VIA equity holders own approximately 78% of the capital stock of the company, determined on a fully-diluted basis.
“The launching of VIA as a public company through our merger with a strong group of existing Corautus stockholders is an important milestone in our corporate development and enables us to continue the development of our clinical stage pipeline focused on the treatment of cardiovascular disease,” said Lawrence Cohen, Ph.D., CEO and president of VIA. “With our lead product, VIA-2291, already in multiple Phase II clinical trials, we have a solid platform to continue development of small molecule drugs that target various stages of vascular inflammation.”
The company’s common stock will begin trading on the NASDAQ Capital Market under the new ticker symbol “VIAP” on June 6, 2007. On June 5, 2007, the company received notice from the Nasdaq Listings Qualification Panel that the panel had granted an extension through June 29, 2007, for the company to meet initial listing standards, provided that it demonstrate compliance with continued listings standards, including a minimum closing bid price of $1.00 or more through June 19, 2007. In addition, the exception is conditioned on the company meeting the $15 million minimum public float requirement on or before June 29, 2007, and maintaining such float for a period of at least 10 consecutive trading days prior to July 16, 2007.