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.
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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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