Abeona Therapeutics Regains Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

Abeona Therapeutics (Nasdaq: ABEO) announced it regained compliance with Nasdaq's minimum bid price requirement as of July 18, 2022. The company needed its common stock to maintain a closing bid price of at least $1.00 for 10 consecutive trading days, which it successfully achieved. Abeona focuses on developing cell and gene therapies for serious diseases, including its lead program, EB-101, for epidermolysis bullosa, currently in Phase 3. The company also develops AAV-based gene therapies for ophthalmic conditions.

Positive

• Regained compliance with Nasdaq minimum bid price requirement on July 18, 2022.
• Lead program EB-101 is in Phase 3 development.
• Fully integrated cGMP manufacturing facility for producing gene therapies.

Negative

• None.

NEW YORK and CLEVELAND, July 20, 2022 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (Nasdaq: ABEO) today announced that it received notice from The Nasdaq Stock Market LLC (Nasdaq) on July 19, 2022 informing Abeona that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Rule”) for continued listing on The Nasdaq Capital Market. In order to regain compliance with the Rule, the Company’s common stock was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. That requirement was met on July 18, 2022.

About Abeona Therapeutics
Abeona Therapeutics Inc. is a clinical-stage biopharmaceutical company developing cell and gene therapies for serious diseases. Abeona’s lead clinical program is EB-101, its investigational autologous, gene-corrected cell therapy for recessive dystrophic epidermolysis bullosa in Phase 3 development. The Company’s development portfolio also features AAV-based gene therapies for ophthalmic diseases with high unmet medical need. Abeona’s novel, next-generation AAV capsids are being evaluated to improve tropism profiles for a variety of devastating diseases. Abeona’s fully integrated cell and gene therapy cGMP manufacturing facility produces EB-101 for the pivotal Phase 3 VIITAL™ study and is capable of clinical and potential commercial production of AAV-based gene therapies. For more information, visit www.abeonatherapeutics.com.

Forward-Looking Statements
This press release contains certain statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that involve risks and uncertainties. We have attempted to identify forward-looking statements by such terminology as “may,” “will,” “believe,” “estimate,” “expect,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances), which constitute and are intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, numerous risks and uncertainties, including but not limited to, the potential impacts of the COVID-19 pandemic on our business, operations, and financial condition; continued interest in our rare disease portfolio; our ability to potentially commercialize our EB-101 product candidate; our ability to enroll patients in clinical trials; the outcome of any future meetings with the U.S. Food and Drug Administration or other regulatory agencies; the impact of competition; the ability to achieve or obtain necessary regulatory approvals; the impact of changes in the financial markets and global economic conditions; risks associated with data analysis and reporting; reducing our operating expenses and extending our cash runway; our ability to execute our operating plan and achieve important anticipated milestones; and other risks disclosed in the Company’s most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise the forward-looking statements or to update them to reflect events or circumstances occurring after the date of this press release, whether as a result of new information, future developments or otherwise, except as required by the federal securities laws.

FAQ

What did Abeona Therapeutics announce on July 20, 2022?

Abeona Therapeutics announced it regained compliance with Nasdaq's minimum bid price requirement.

What is the minimum bid price requirement Abeona had to meet?

Abeona had to maintain a closing bid price of at least $1.00 for 10 consecutive trading days.

What is Abeona's lead clinical program?

Abeona's lead clinical program is EB-101, an investigational therapy for epidermolysis bullosa.

What stage is Abeona's EB-101 program currently in?

EB-101 is currently in Phase 3 development.

What type of therapies does Abeona develop?

Abeona develops cell and gene therapies for serious diseases.