ARCA biopharma undergoes 1-for-12 reverse stock split, changing name to Oruka Therapeutics.

From GlobeNewswire: 2024-08-23 16:30:00

On August 23, 2024, ARCA biopharma, Inc. announced a 1-for-12 reverse stock split of its common stock. This will change the company’s name to Oruka Therapeutics, Inc. and its symbol to “ORKA” on September 3, 2024. The number of outstanding shares will be reduced from 14.5 million to about 1.2 million. The reverse stock split was approved by stockholders at a special meeting on August 22, 2024. The merger with Oruka Therapeutics, Inc. will lead to proportionate adjustments in stock prices and total outstanding common shares of about 29.5 million. For more information, visit www.arcabio.com.

Oruka Therapeutics is focusing on developing biologics for treating chronic skin diseases, aiming for high levels of disease clearance with infrequent dosing. They are advancing antibodies targeting the core mechanisms of plaque psoriasis and other skin conditions. Forward-looking statements regarding the merger indicate potential benefits in drug development, operations, and future clinical activities. The merger closing and private financing are subject to risks and uncertainties. Concerns include conditions to closing the merger, approvals needed, benefits realization, capital resources, IP protection, regulatory approvals, and development timeline. For more information, visit www.orukatx.com.



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