SAN DIEGO--(BUSINESS WIRE)--AmpliPhi Biosciences Corporation (NYSEMKT: APHB), a global leader in developing bacteriophage-based antibacterial therapies to treat drug-resistant infections, today announced that all 7.5 million shares of its outstanding Series B convertible preferred stock have been converted into common stock following the receipt of elections by more than two-thirds of the preferred stock holders in accordance with AmpliPhi’s articles of incorporation.
The preferred shares converted into approximately 1.5 million shares of AmpliPhi common stock. The preferred stockholders who elected to convert received an aggregate of approximately 0.9 million additional shares of common stock in exchange for waiving certain rights contained in the articles of incorporation, as well as other rights held by these stockholders. Following the conversion, AmpliPhi now has approximately 8.2 million common shares issued and outstanding and no preferred stock outstanding.
“We are pleased to have taken this critical step to streamline AmpliPhi’s capital structure and facilitate our ability to opportunistically pursue financing opportunities to fund our development programs,” said M. Scott Salka, CEO of AmpliPhi Biosciences. “AmpliPhi has had the tremendous fortune of having the strong support of a core group of preferred and common stockholders. We believe the stockholder-initiated conversion of the preferred stock underscores their commitment to our shared goal of delivering safe and effective bacteriophage therapeutics to patients suffering with antibiotic-resistant infections.”
For more information, visit www.ampliphibio.com.
About AmpliPhi Biosciences
AmpliPhi Biosciences Corporation (NYSEMKT: APHB) is a biotechnology company focused on the development and commercialization of novel bacteriophage-based antibacterial therapeutics. AmpliPhi's product development programs target infections that are often resistant to existing antibiotic treatments. AmpliPhi is currently conducting a Phase 1 clinical trial of AB-SA01 for the treatment of Staphylococcus aureus in chronic rhinosinusitis patients and expects data in the second half of 2016. AmpliPhi is also developing bacteriophage therapeutics targeting Pseudomonas aeruginosa and Clostridium difficile in collaboration with a number of leading organizations focused on the advancement of bacteriophage-based therapies.
Bacteriophage are naturally occurring viruses that are highly specific for the bacterial hosts they infect. They can rapidly kill their host, amplifying themselves in the process. Bacteriophage are unaffected by antibiotic resistance and are able to disrupt bacterial biofilms. Such biofilms are a major line of defense for bacteria, contributing to antibiotic resistance. Bacteriophage are able to penetrate biofilms and replicate locally to high levels, to produce strong local therapeutic effects.
Forward Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements about the anticipated ability of AmpliPhi to opportunistically pursue financing opportunities. Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “will,” “may,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. These forward-looking statements are based upon AmpliPhi’s current expectations and involve a number of risks and uncertainties, including the risks and uncertainties described in AmpliPhi’s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and AmpliPhi undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.