11:06 AM EDT, 05/23/2024 (MT Newswires) -- Soligenix ( SNGX ) on Thursday urged shareholders to vote for a reverse stock split, saying its approval is key to maintaining the company's listing status on the Nasdaq and drawing institutional support for its clinical programs.

The biopharmaceutical company holds its annual shareholders' meeting Thursday, with the approval of the reverse stock split among items on the agenda.

"Failure to maintain our listing on Nasdaq and meet Nasdaq's listing requirements has the potential to detrimentally impact our ability to attract the necessary institutional support to advance the HyBryte Phase 3 confirmatory trial and our other pipeline clinical programs to important value inflection points necessary to secure potential partnerships and/or additional non-dilutive government funding to build shareholder value," President and Chief Executive Christopher Schaber said in a statement.

HyBryte is a potential treatment for cutaneous T-cell lymphoma.

Shares of the company were down 5.6% in Thursday trading.

Price: 0.37, Change: -0.02, Percent Change: -5.60