Rock Creek Pharmaceuticals Inc (OTCMKTS:RCPI) shares slipped 11.09% to $0.00850 as the company continues to seek interim amendments to convertible notes. The company has a market cap of $205,876 at 24.22 million shares outstanding. Shares have been trading in a 52-week range of $0.01 to $1.40.
Rock Creek Pharmaceuticals a pharmaceutical development company that is focused on the discovery, development and commercialization of therapies for chronic inflammatory disease and neurologic disorders. Its activities are focused on its lead compound, anatabine citrate, which is is a small molecule, cholinergic agonist, which exhibits anti-inflammatory pharmacological characteristics.
In addition, the company focuses on dermatological skin diseases, such as psoriasis, eczema and rare or orphan skin disorders, using its formulations of anatabine and has completed Phase I safety studies of its product candidate in Europe.
In a press release on July 8, Rock Creek Pharmaceuticals shared that it has entered into interim amendments to its convertible notes in its pursuit of additional or alternative strategic financing options. Management has recently engaged in discussions with its convertible note holders to modify certain provisions of the convertible notes issued by the company in October 2015 to alleviate short-term selling pressure.
Under these amendments, each holder of convertible notes has agreed that until August 12, 2016, the holder will only sell shares of Rock Creek Pharmaceutical common stock received from note conversions at or above a floor price of $0.02 a share or if the aggregate composite daily dollar trading volume equals or exceeds $225,000.
In the same press release, the company disclosed its plans to hold its 2016 annual stockholder meeting on or prior to August 12, 2016, where the company will propose and recommend for stockholder approval a reverse split, at a range deemed appropriate by the Board of Directors. Lastly, holders of the convertible notes will also consent to the release to the Company an aggregate of $500,000 from the Company’s deposit control accounts around July 25 to provide immediate operational cash requirements.
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