BioRestorative Therapies Announces Receipt of Nasdaq Non-Compliance Notice

Rhea-AI Summary

BioRestorative Therapies (NASDAQ:BRTX) received a non-compliance notice from Nasdaq for not filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, on time. The notice was issued by Nasdaq's Listing Qualifications Department, highlighting a breach of Listing Rule 5250(c)(1), which mandates timely filing of all required periodic reports with the SEC.

The company has until July 22, 2024, to submit a plan to regain compliance. If accepted, Nasdaq may grant an extension of up to 180 days from the original filing due date to regain compliance, potentially extending the deadline to November 18, 2024. The company’s securities will continue to trade on Nasdaq under the symbol 'BRTX.' BioRestorative is making efforts to complete and file the Form 10-Q as soon as possible. This announcement follows Nasdaq's Listing Rule 5810(b), which requires immediate disclosure of such notifications.

Positive

• The company's securities will continue to trade on Nasdaq under the symbol 'BRTX.'
• The firm has the opportunity to submit a compliance plan by July 22, 2024.
• Nasdaq may grant an extension of up to 180 days if the compliance plan is accepted.

Negative

• Received a non-compliance notice from Nasdaq for failing to timely file its Quarterly Report on Form 10-Q.
• Non-compliance with Nasdaq Listing Rule 5250(c)(1).
• Potential risk of delisting if compliance is not regained by November 18, 2024.

MELVILLE, N.Y., May 24, 2024 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a clinical stage company focused on stem cell-based therapies, today announced that it received a notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, due to the Company's failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires the timely filing of all required periodic reports with the SEC.

The Notice states that the Company has 60 days, or until July 22, 2024, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company an exception of up to 180 calendar days from the filing's due date, or until November 18, 2024, to regain compliance.

Neither the Notice nor the Company's non-compliance with the Listing Rule has an immediate effect on the listing or trading of the Company's securities on Nasdaq, which will continue to trade on The Nasdaq Capital Market under the symbol "BRTX." The Company continues to work diligently to complete and file the Form 10-Q as soon as practicable.

This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

About BioRestorative Therapies, Inc.

BioRestorative (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. As described below, our two core clinical development programs relate to the treatment of disc/spine disease and metabolic disorders, and we have also recently begun offering BioCosmeceutical products:

• Disc/Spine Program (brtxDISC^™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of painful lumbosacral disc disorders or as a complementary therapeutic to a surgical procedure. The BRTX-100 production process utilizes proprietary technology and involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physician into the patient’s damaged disc. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery. We have commenced a Phase 2 clinical trial using BRTX-100 to treat chronic lower back pain arising from degenerative disc disease.

• Metabolic Program (ThermoStem^®): We are developing cell-based therapy candidates to target obesity and metabolic disorders using brown adipose (fat) derived stem cells (“BADSC”) to generate brown adipose tissue (“BAT”), as well as exosomes secreted by BADSC. BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in animals may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes. BADSC secreted exosomes may also impact weight loss.

• BioCosmeceuticals: We operate a commercial BioCosmeceutical platform. Our current commercial product, formulated and manufactured using our cGMP ISO-7 certified clean room, is a cell-based secretome containing exosomes, proteins and growth factors. This proprietary biologic serum has been specifically engineered by us to reduce the appearance of fine lines and wrinkles and bring forth other areas of cosmetic effectiveness. Moving forward, we also intend to explore the potential of expanding our commercial offering to include a broader family of cell-based biologic aesthetic products and therapeutics via Investigational New Drug (IND)-enabling studies, with the aim of pioneering U.S. Food and Drug Administration (FDA) approvals in the emerging BioCosmeceuticals space.

Forward-Looking Statements

This press release contains "forward-looking statements" 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 such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including, without limitation, those set forth in the Company's latest Form 10-K filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.

CONTACT:

Email: ir@biorestorative.com

FAQ

What notice did BioRestorative Therapies receive from Nasdaq?

BioRestorative Therapies received a non-compliance notice for failing to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

Why did BioRestorative Therapies receive a non-compliance notice?

The notice was issued because the company did not file its Quarterly Report on Form 10-Q on time, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for BioRestorative Therapies to submit a compliance plan?

The deadline to submit a compliance plan to Nasdaq is July 22, 2024.

Will the non-compliance notice affect the trading of 'BRTX' stock?

No, the non-compliance notice does not have an immediate effect on the listing or trading of the company's securities on Nasdaq.

What happens if BioRestorative Therapies' compliance plan is accepted by Nasdaq?

If accepted, Nasdaq may grant an extension of up to 180 days from the filing's due date, or until November 18, 2024, for the company to regain compliance.