Business Editors and Health/Medical Writers
(BW HealthWire) — IDEC Pharmaceuticals Corporation (Nasdaq:IDPH) today announced that its stockholders approved a 2-for-1 split of its common stock and an amendment and restatement of the company’s certificate of incorporation to increase the company’s authorized common stock. Stockholders will receive one additional common share for every share held on the record date of December 1, 1999.
As a result of the split, the number of outstanding shares will increase from approximately 21.2 million common shares to 42.4 million common shares. The additional shares will be mailed or delivered on or about December 20, 1999 by the company’s transfer agent, ChaseMellon Shareholder Services L.L.C. It is anticipated that the company’s common stock will begin trading on the Nasdaq Stock Market on a split-adjusted basis on December 21, 1999. This is the first time the common stock has split since the company’s initial public offering.
“Our purpose is to make IDEC stock broadly accessible to individuals and this stock split should help achieve that objective,” said William H. Rastetter, chairman, president and chief executive officer.
IDEC Pharmaceuticals focuses on the commercialization and development of targeted therapies for the treatment of cancer and autoimmune diseases. IDEC’s antibody products act chiefly through immune system mechanisms, exerting their effect by binding to specific, readily targeted immune cells in the patient’s blood or lymphatic systems.
IDEC Pharmaceuticals’ news releases are available at no charge through Business Wire’s News on Demand Plus. For a menu of IDEC’s current news releases and quarterly reports or to retrieve a specific release, call (888) 329-2309. On the Internet check the News Center at IDEC’s website: http://idecpharm.cdmail.biz .
The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from IDEC’s expectations. In addition to the matters described in this press release, achievement of product development milestone events and future product sales, the timing and success, and cost of product launches and clinical studies, and the level of manufacturing performance may result in period to period fluctuations in IDEC’s revenues and earnings. In addition to these matters, the risk factors listed from time to time in IDEC’s SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended December 31, 1998 and Form 10-Q for the quarter ended September 30, 1999, may affect the actual results achieved by IDEC.
IDEC Pharmaceuticals is a registered U.S. trademark of the company. IDEC’s headquarters is located at 11011 Torreyana Road, San Diego, CA 92121.
lc/sd CONTACT: IDEC Pharmaceuticals Corporation Connie Matsui, 858/431-8656 KEYWORD: CALIFORNIA INDUSTRY KEYWORD: PHARMACEUTICAL MEDICAL BIOTECHNOLOGY