CAMBRIDGE, Mass.--Hybridon, a genetically based drug discovery company here, has filed with the US Securities and Exchange Commission for a one-for-five reverse stock split, which would shrink the company's outstanding shares from about 25 million to 5 million. The plan, which will be presented to shareholders at a special meeting November 18, was proposed to help the company continue to meet Nasdaq listing requirements.
Last month, the exchange notified Hybridon of impending delisting, however, the company has appealed and its stock continues to be traded pending the outcome. Hybridon has expressed concern that delisting could adversely affect its liquidity and ability to raise capital.