Avenue Therapeutics (NASDAQ:ATXI) shares are in focus today as the stock’s 1-for-15 reverse split goes into effect today. This will reduce the company’s outstanding shares to about 1.5 million from the earlier 22.7 million figure.
The move was undertaken to comply with the minimum $1 per share bid price requirement of NASDAQ.
Additionally, the company has provided a regulatory update on IV Tramadol. Avenue has received feedback from the FDA for its proposed study design for a clinical trial of IV Tramadol and plans to submit a detailed study protocol to the FDA.
The detailed protocol is a step toward the submission of a complete response by the company for the second complete response letter for the product.
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