Earlier on Tuesday, Princeton, NJ- based Pharmasset Inc. announced that the company’s 2-for-1 shared stock split has been approved by the board of directors.
With the close of business on Aug 22, the Hepatitis C drug developer will present one extra share to stockholders of record and distribute new shares by Aug 31.
Pharmasset is presently said to have outstanding shares worth 37.7 million that are expected to grow twofold to 75.4 million subsequent to the split.
According to the company, the continued development of its Hep C drug PSI-7977 is said to have broadened losses for its third fiscal quarter.
In the three months that ended on June 30, with nil products on the market, the company lost $22.6 million, or 60 cents per share. Pharmasset, which draws partnership payments from the Swiss drugmaker Roche Holding AG to fuel its revenues, declined to $246,000 from $249,000.
In midday trading on Tuesday, company shares climbed $12.50, or 12.2 percent, to $115.