Aravive Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

On November 16, 2022, Aravive announced it has regained compliance with Nasdaq's minimum bid price requirement. This follows a notification from Nasdaq on August 9, 2022, indicating that ARAV shares had fallen below the $1.00 threshold. From October 27 to November 10, 2022, ARAV stock closed at $1.00 or greater for 11 consecutive days, leading to the closure of this matter. Aravive is developing targeted therapeutics for metastatic diseases, with its lead product, batiraxcept, in various clinical trials and designated as Fast Track and Orphan Drug by regulatory bodies.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• ARAV shares traded at or above $1.00 for 11 consecutive business days.
• Batiraxcept is in active clinical trials for multiple cancer types.

Negative

• None.

HOUSTON, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Aravive, Inc. (Nasdaq: ARAV, “the Company”), a late clinical-stage oncology company developing targeted therapeutics to treat metastatic disease, today announced the receipt of a formal notification from the Staff at The Nasdaq Stock Market, LLC (“Nasdaq”) on November 10, 2022 that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1).

The Company was previously notified by the Staff at Nasdaq on August 9, 2022 that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules. Since then, the Staff at Nasdaq has determined that for 11 consecutive business days, from October 27, 2022 to November 10, 2022, the closing bid price of the Company’s common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5450(a)(1) and this matter is now closed.

About Aravive
Aravive, Inc. is a late clinical-stage oncology company developing targeted therapeutics to treat metastatic disease. Our lead product candidate, batiraxcept (formerly AVB-500), is an ultra-high affinity decoy protein that binds to GAS6, the sole ligand that activates AXL, thereby inhibiting metastasis and tumor growth, and restoring sensitivity to anti-cancer agents. Batiraxcept has been granted Fast Track Designation by the U.S. FDA and Orphan Drug Designation by the European Commission in platinum resistant recurrent ovarian cancer. Batiraxcept is in an active registrational Phase 3 trial in platinum resistant ovarian cancer (NCT04729608), a Phase 1b/2 trial in clear cell renal cell carcinoma (NCT04300140), and a Phase 1b/2 trial in pancreatic adenocarcinoma (NCT04983407). The Company is based in Houston, Texas and received a Product Development Award from the Cancer Prevention & Research Institute of Texas (CPRIT) in 2016. Additional information at www.aravive.com.

Investor Relations Contact:
Corey Davis, Ph.D.
LifeSci Advisors, LLC
212-915-2577
cdavis@lifesciadvisors.com

FAQ

What is the current status of Aravive's compliance with Nasdaq regulations?

Aravive has regained compliance with Nasdaq's minimum bid price requirement as of November 10, 2022.

When did Aravive last receive a notification from Nasdaq?

The last notification from Nasdaq was received on August 9, 2022.

What is the significance of batiraxcept in Aravive's portfolio?

Batiraxcept is Aravive's lead product candidate aimed at treating metastatic diseases and has received Fast Track and Orphan Drug designations.

What trials is Aravive currently conducting?

Aravive is conducting active registrational and phased trials for batiraxcept in ovarian cancer, renal cell carcinoma, and pancreatic adenocarcinoma.