ASLAN Pharmaceuticals to Change ADS Ratio

ASLAN Pharmaceuticals, a clinical-stage biopharmaceutical company with a focus on immunology, announced a significant change in the ratio of its American Depositary Shares (ADS) to its ordinary shares. This modification will transform the current ratio from one ADS representing twenty-five ordinary shares to one ADS representing two hundred ordinary shares. Essentially, for existing ADS holders, this adjustment is equivalent to a one-for-eight reverse ADS split. There will be no alteration to the company's ordinary shares themselves.

This change in the ADS ratio will take effect at the start of trading on July 3, 2024, on the Nasdaq Capital Market. Importantly, holders of ADS as of the effective date will not need to undertake any actions, as the conversion will happen automatically. The depositary bank will cancel the old ADS and issue the new ADSs in accordance with the new ratio. The trading symbol for ASLAN Pharmaceuticals on Nasdaq will remain "ASLN".

No fractional new ADSs will be issued as part of this ratio change. Instead, any fractional entitlements will be pooled and sold by the depositary bank. The net proceeds from this sale, after deducting any applicable fees, taxes, and expenses, will be distributed to the relevant ADS holders.

The company anticipates that the price of ADS will rise proportionally following the ratio change. However, it does not guarantee that the new ADS trading price will be eight times the price prior to the change.

ASLAN Pharmaceuticals is immersed in developing innovative treatments aimed at significantly improving the lives of patients. One of their leading products is eblasakimab, an antibody targeting the IL-13 receptor, aimed at treating moderate-to-severe atopic dermatitis (AD). Eblasakimab has shown promise in a Phase 2b dose-ranging study. The company is currently conducting the TREK-DX Phase 2 trial to test eblasakimab in patients with moderate-to-severe AD who have previously been treated with dupilumab, with results expected by the end of 2024.

In addition, ASLAN is developing farudodstat, an oral inhibitor of the enzyme dihydroorotate dehydrogenase (DHODH) for the potential treatment of alopecia areata (AA). This treatment is currently undergoing a Phase 2a proof-of-concept trial, with interim results anticipated in the third quarter of 2024.

ASLAN Pharmaceuticals operates out of San Mateo, California, and Singapore, with dedicated teams in both locations.

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