BioSpecifics proposes 2-for-1 stock split
BioSpecifics Technologies Corp. said Friday it will ask shareholders to vote on a proposed 2-for-1 stock split at its next annual meeting.
BioSpecifics said shareholders will be able to vote on a proposal that would increase the number of authorized shares to 20 million from 10 million. If the measure is approved, the company would grant shareholders an additional share for each share they already own.
BioSpecifics said a stock split, to be paid in the form of a dividend, would increase its liquidity and lead to greater trading of its stock. The company developed the drug Xiaflex, which was approved last year as a treatment for a condition that causes the fingers to curl inward. BioSpecifics licensed the drug to Auxilium Pharmaceuticals, which plans to launch Xiaflex by the end of March.
The company's annual meeting will be held in New York City on June 17.
In morning trading, BioSpecifics shares rose 20 cents to $29.13.