Corautus Genetics Stockholders Approve Merger with VIA Pharmaceuticals
Corautus Genetics Inc. announced that its stockholders approved the previously announced merger with VIA Pharmaceuticals, Inc., a biotechnology company focused on the development of compounds for the treatment of cardiovascular disease, at its special meeting of stockholders held on June 4, 2007. The transaction, which is subject to customary closing conditions, is expected to close on or about June 5, 2007.
At the special meeting, Corautus stockholders also approved several proposals related to the merger transaction, including amendments to Corautus' charter to increase the authorized shares of common stock to 200,000,000, to effect a reverse stock split of Corautus common stock at a ratio within the range of 1:5 to 1:20, and to change the name of Corautus to "VIA Pharmaceuticals, Inc." following the closing of the merger.
Following the special meeting of stockholders, the Corautus board of directors approved a reverse stock split of the Corautus common stock at a ratio of 1:15. Corautus common stock will begin trading on a reverse split- adjusted basis on June 6, 2007. As a result of the reverse stock split, every 15 shares of Corautus common stock will be combined into one share of Corautus common stock. Corautus will pay cash in lieu of fractional shares in connection with the reverse stock split.
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