Shareholders in pharmaceutical company Tenax Therapeutics, Inc. approved a proposal Thursday of a reverse stock split to reduce the company’s number of common shares and raise its stock price.

The move came after Tenax received notice March 17, 2017, that its price per share did not meet the Nasdaq’s minimum $1 requirement. The company was given until March 12, 2018, to meet this requirement, or it could face removal from the Nasdaq’s listing of publicly held shares.

Interim CEO Michael Jebsen said the company targets a reverse split of its common stock at a ratio of around 1 for 20.

Tenax traded at 35 cents per share of common stock Thursday at midday. If a reverse split ratio of 1 for 20 were implemented at that time, that number would increase to $7 per share.

To regain compliance with the Nasdaq’s minimum price per share requirement, the company’s common stock must close at or above $1 for 10 consecutive days before the March 12 deadline.

Jebsen said the reverse split ratio will be announced and take effect before the end of February.

With the expectation of continued listing on the Nasdaq after the reverse split, Tenax plans to further work on its lead product, levosimendan. This product can be administered to patients through an IV and is intended to reduce certain risks regarding heart failure and blood pressure issues.

Jebsen said the company plans to enter into phase 2 of its work on levosimendan. This is the second step in the process of approval by the U.S. Food and Drug Administration for a drug to be marketed in the United States.

The company does not expect to be finished with the phase 2 study process before the end of the year.