Propanc Biopharma Inc (OTC Pink: PPCB) on Tuesday announced a reverse stock split at a ratio of 1 post-split share for every 1,000 pre-split shares.

This split was approved by Propanc's board and the majority stockholder on 1 May 2023. It filed a certificate of amendment to effectuate the reverse stock split on the same date. Trading of the common stock will begin on a split-adjusted basis under the new CUSIP number 74346N602 on 23 May 2023. The reverse stock split does not affect the total number of authorized shares or the par value of the common stock.

Propanc added that the reverse split aims to create shareholder value and attract further investment. The company plans to secure funding for its lead product candidate, PRP and joint research projects with the Universities of Jaén and Granada. PRP is administered intravenously and inhibits the growth of various tumour cells, including those in kidney, ovarian, breast, brain, prostate, colorectal, lung, liver, uterine and skin cancers.

The company is developing a novel proenzyme therapy to prevent tumour recurrence and metastasis in pancreatic, ovarian and colorectal cancers. The therapy targets and eradicates cancer stem cells using pancreatic proenzymes and is based on the concept that pancreatic enzymes stimulate biological reactions and may serve as the body's primary defence against cancer.