Medicenna Granted 180-Day Extension to Meet Nasdaq Minimum Bid Price Requirement
April 27 2023 - 6:00AM
Medicenna Therapeutics Corp. ("Medicenna" or “the Company")
(NASDAQ: MDNA TSX: MDNA), a clinical stage immuno-oncology company,
today announced that on April 25, 2023 it received a notice (the
“Extension Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”)
granting the Company’s request for a 180-day extension to regain
compliance with the minimum bid price requirement ("Minimum Bid
Requirement") of US$1.00 per share under the Nasdaq Listing Rule
5450(a)(1). The Company was first notified by Nasdaq of its failure
to comply with the Minimum Bid Requirement on October 25, 2022, and
was given until April 24, 2023 to regain compliance. The Company
now has until October 23, 2023 to meet the requirement.
The Extension Notice has no immediate effect on
the listing or trading of the Company’s common stock on Nasdaq, and
the Company’s operations are not affected by the receipt of the
Extension Notice.
If at any time before October 23, 2023, the bid
price of Medicenna common shares closes at or above US$1.00 per
share for a minimum of 10 consecutive business days, the Company
will regain compliance with the Minimum Bid Requirement. If the
Company does not regain compliance with the Minimum Bid Requirement
by October 23, 2023, Nasdaq will provide written notification to
the Company that its common stock will be subject to delisting from
Nasdaq. At such time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel (the “Panel”). The Company
would remain listed pending the Panel’s decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful.
The Company will closely monitor the closing bid
price of its common stock and is considering its options to regain
compliance with the Minimum Bid Requirement under the Nasdaq
Listing Rules. This notice does not have any impact on the
Company’s TSX listing.
About MedicennaMedicenna is a
clinical stage immunotherapy company focused on the development of
novel, highly selective versions of IL-2, IL-4 and IL-13 Superkines
and first in class Empowered Superkines. Medicenna’s long-acting
IL-2 Superkine, MDNA11, is a next-generation IL-2 with superior
CD122 (IL-2 receptor beta) binding without CD25 (IL-2 receptor
alpha) affinity thereby preferentially stimulating cancer killing
effector T cells and NK cells. Medicenna’s early-stage BiSKITs™
program, (Bifunctional SuperKine ImmunoTherapies) is designed to
enhance the ability of Superkines to treat immunologically “cold”
tumors. Medicenna’s IL-4 Empowered Superkine, bizaxofusp (formerly
MDNA55), has been studied in 5 clinical trials including a Phase 2b
trial for recurrent GBM, the most common and uniformly fatal form
of brain cancer. Bizaxofusp has obtained FastTrack and Orphan Drug
status from the FDA and FDA/EMA, respectively.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of applicable securities laws that relate to the future
operations of the Company, plans and projections and other
statements, including statements regarding the Company’s ability to
meet the Nasdaq Minimum Bid Requirement, that are not historical
facts. Forward-looking statements are often identified by terms
such as “will”, “may”, “should”, “anticipate”, “expect”, “believe”,
“seek”, “potentially” and similar expressions, and are subject to
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include the risks
detailed in the latest Annual Information Form and Annual Report on
Form 20-F of the Company and in other filings made by the Company
with the applicable securities regulators from time to time in
Canada and the United States.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement. The forward-looking statements contained in
this news release are made as of the date hereof and except as
required by law, we do not intend and do not assume any obligation
to update or revise publicly any of the included forward-looking
statements.
Further Information
For further information about the Company please contact:
Elizabeth Williams, Chief Financial Officer, 416-648-5555, ewilliams@medicenna.com
Media Contact
For media inquiries, please contact:
David Melamed, Account Supervisor, Russo Partners, 212-845-4225, david.melamed@russopartnersllc.com
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