Receipt of NASDAQ Delisting Determination Plans to Appeal
June 15 2023 - 3:05PM
15 June 2023
Biodexa Pharmaceuticals
PLC(“Biodexa” or the “Company”)
Receipt of NASDAQ Delisting
DeterminationPlans to Appeal
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX), a
clinical-stage biopharmaceutical company developing a pipeline of
products aimed at primary and metastatic cancers of the brain,
announced today that on June 14, 2023, it received a Staff
determination letter (the “Letter”) from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the
Company of the Staff’s determination to delist the Company’s
securities from The Nasdaq Capital Market because the Company’s
securities have had a closing bid price below $0.10 for ten
consecutive trading days, which triggers a notice of delisting
pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “$0.10
Rule”). In addition to the $0.10 Rule delisting notice, the
Company also currently fails to satisfy the requirement that the
closing bid price of its securities remain at $1.00 or higher as
required by Nasdaq Listing Rule 5810(c)(3)(A) (the
“Minimum Bid Price Rule”). The Company has received a period of 180
calendar days to return to compliance with the Minimum Bid Price
Rule, which compliance period expires on July 31, 2023. If the
Company’s securities fail to regain compliance with the Minimum Bid
Price Rule, Nasdaq will have an additional basis for delisting the
securities.
Pursuant to the Letter, unless the Company
requests an appeal of the Letter, trading of the Company’s American
depositary shares (“ADSs”) will be suspended at the opening of
business on June 23, 2023, and a Form 25-NSE will be
filed with the Securities and Exchange Commission (the “SEC”),
which will remove the Company’s securities from listing and
registration on the Nasdaq Stock Market.
The Company plans to appeal the Staff’s
determination to a Hearings Panel (the “Panel”). A hearing request
will stay the suspension of the Company’s securities and the filing
of the Form 25-NSE pending the Panel’s decision.
The Company intends to monitor the closing bid
price of its ADSs and may, if appropriate, consider implementing
available options to regain compliance with the minimum bid price
requirements under the Nasdaq Listing Rules for continued listing
on Nasdaq.
Biodexa Pharmaceuticals PLC |
Stephen Stamp, CEO, CFO |
Tel: +44 (0)29 2048 0180 |
www.biodexapharma.com |
|
Edison Group (US Investor Relations) Alyssa Factor
Tel: +1 (860) 573 9637 Email: afactor@edisongroup.com |
|
About Biodexa Pharmaceuticals
PLC
Biodexa Pharmaceuticals PLC (listed on NASDAQ:
BDRX) is a clinical stage biopharmaceutical company developing a
pipeline of products aimed at primary and metastatic cancers of the
brain. The Company’s lead candidate, MTX110, is being studied
in aggressive rare/orphan brain cancer indications including
recurrent glioblastoma and diffuse midline glioma.
MTX110 is a liquid formulation of the histone
deacetylase (HDAC) inhibitor, panobinostat. This proprietary
formulation enables delivery of the product via convection-enhanced
delivery (CED) at potentially chemotherapeutic doses directly to
the site of the tumour, by-passing the blood-brain barrier and
avoiding systemic toxicity.
Biodexa is supported by three proprietary drug
delivery technologies focused on improving the bio-delivery and
bio-distribution of medicines. Biodexa’s headquarters and
R&D facility is in Cardiff, UK. For more information
visit www.biodexapharma.com.
Forward-Looking Statements
Certain statements in this announcement may
constitute “forward-looking statements” within the meaning of
legislation in the United Kingdom and/or United States. Such
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and are based on
management’s belief or interpretation. All statements
contained in this announcement that do not relate to matters of
historical fact should be considered forward-looking
statements.
Reference should be made to those documents that
Biodexa shall file from time to time or announcements that may be
made by Biodexa in accordance with the rules and regulations
promulgated by the SEC, which contain and identify other important
factors that could cause actual results to differ materially from
those contained in any projections or forward-looking
statements. These forward-looking statements speak only as of
the date of this announcement. All subsequent written and
oral forward-looking statements by or concerning Biodexa are
expressly qualified in their entirety by the cautionary statements
above. Except as may be required under relevant laws in the
United States, Biodexa does not undertake any obligation to
publicly update or revise any forward-looking statements because of
new information, future events or events otherwise arising.
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