Biopharma firm Adherex Technologies, fresh off raising $8.5 million in new capital which included $3 million from GlaxoSmithKline, will soon exercise a reverse split of its stock.

The Adherex board authorized the 5-for-1 reverse split on Wednesday. Adherex stock (AMEX: ADH) traded at 34 cents in late morning trading on Thursday. Its 52-week high is 46 cents.

The stock split is set for July 29.