Biophytis To Take Appropriate Measures After Receiving Nasdaq Deficiency Notice
Biophytis (NasdaqCM:BPTS) has received a deficiency notice from Nasdaq for not filing its financial information for the six months ending June 30, 2022. The notice indicates non-compliance with Nasdaq's listing rules under Listing Rule 5250(c)(2). The company has until March 6, 2023 to submit a plan to regain compliance, which could extend the deadline to June 28, 2023 if accepted. Biophytis is working on this plan while continuing to develop its leading drug candidate, Sarconeos (BIO101), aimed at treating aging-related diseases.
- Continued development of Sarconeos (BIO101) for age-related diseases.
- Potential extension of filing deadline up to 180 days if compliance plan is accepted.
- Received deficiency notice from Nasdaq for late filing of financial information.
- Risk of potential delisting if compliance is not achieved.
PARIS, FRANCE and CAMBRIDGE, MA / ACCESSWIRE / January 12, 2023 / Biophytis SA (NasdaqCM:BPTS)(Euronext Growth Paris:ALBPS) (the "Company" or "Biophytis"), a clinical-stage biotechnology company focused on the development of therapeutics that slow the degenerative processes associated with aging, including severe respiratory failure in patientssuffering from COVID-19, received a deficiency notice from The Nasdaq Stock Market, Inc. ("Nasdaq") stating that the Company has not filed its financial information for the six-month period ended June 30, 2022 on a Form 6-K (the "Filing") and as a result the Company no longer complies with Nasdaq's listing rules for continued listing set forth in the Listing Rule 5250(c)(2).
Nasdaq has informed the Company that it has 60 calendar days or until March 6, 2023 to submit a plan (the "Plan") as definitive as possible to regain compliance with the Nasdaq's continued listing requirements. If Nasdaq accepts the Company's Plan to regain compliance in that respect, Nasdaq can grant an exception of up to 180 calendar days from the prescribed Filing due date or until June 28, 2023 to regain compliance.
In determining whether to accept the Company's Plan, Nasdaq will consider such things as the likelihood that the Filing and any subsequent periodic filings can be made within the 180-day period, the Company's past compliance history, the reasons for the late filing, other corporate events that may occur within the Nasdaq review period, the Company's overall financial condition and its public disclosures.
The Company is currently working on the Plan to regain compliance with respect to the Listing Rule 5250(c)(2) to meet the requirements for continued listing on the Nasdaq Capital Market. It intends to submit such Plan to Nasdaq as soon as practicable prior to March 6, 2023.
About BIOPHYTIS
Biophytis SA is a clinical-stage biotechnology company specialized in the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19. Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, planned to be developed as a treatment for sarcopenia in upcoming Phase 3 clinical trials in the United States, Brazil and Europe (SARA-31 and SARA-32). It has also been studied in a clinical two-part Phase 2-3 study (COVA) for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America, and the US. A pediatric formulation of Sarconeos (BIO101) is being developed for thetreatment of Duchenne Muscular Dystrophy (DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The Company's ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and ADSs (American Depositary Shares) are listed on Nasdaq Capital Market (Ticker BPTS - ISIN: US09076G1040). For more information visit www.biophytis.com
Disclaimer
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties. The forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Please also refer to the "Risk and uncertainties the Company is to face" section from the Company's 2021 Half Year Financial Report available on BIOPHYTIS website (www.biophytis.com) and as exposed in the "Risk Factors" section of form 20-F as well as other forms filed with the SEC (Securities and Exchange Commission, USA). We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Biophytis Contact for Investor Relations
Philippe Rousseau CFO
Media Contacts
Antoine Denry:antoine.denry@taddeo.fr +33 6 18 07 83 27
Agathe Boggio:agathe.boggio@taddeo.fr +33 7 62 77 69 42
SOURCE: Biophytis
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FAQ
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