Devon-Based CBD Developer Plans Reverse Stock Split

A Devon pharmaceutical company is working on cannabinoid therapies to treat genetic conditions. In the meantime, Zynerba Pharmaceuticals is planning a reverse stock split by November first, writes John George for the Philadelphia Business Journal.

The split will be in the range of a 1-for-2 to a 1-for-50 split. The reverse stock split will be voted on by shareholders June 13.  

Nasdaq gave the Main Line company an extension to Oct. 30 to regain compliance with the $1 per share requirement. Zynerba was trading at 33 cents as of Wednesday morning.  

Its innovation in progress, Zygel, is a transdermal medicine that uses cannabinol or CBD to treat genetic disorders such as Fragile X syndrome and 22q deletion syndrome. Patients have been enrolled in its Phase 3 trial for the first quarter.  

The pharmaceutical company hopes to reach the goal of finalizing trial design by the end of the year.  

Read more about the Devon-based company in the Philadelphia Business Journal.  

Clinical trial overview for Zynerba CBD gel.