NYMOX Appeals Deficiency Letter

Rhea-AI Summary

Nymox Pharmaceutical Corporation (NASDAQ: NYMX) received a deficiency letter from Nasdaq on January 4, 2023, due to its stock trading below $1.00 and insufficient stockholders' equity. The company has appealed the decision, seeking to avoid delisting set for January 13, 2023. In a positive development, Nymox submitted a new application for Fexapotide Triflutate, branded as NYMOZARFEX, for treating benign prostatic hyperplasia. The drug has shown promise in clinical trials involving over 1,750 patients, demonstrating significant long-term improvements without common side effects.

Positive

• Successful submission of NYMOZARFEX application for BPH in Europe.
• Fexapotide has shown strong safety profile and significant long-term improvements in trials.

Negative

• Received a deficiency letter from Nasdaq due to stock trading below $1.00.
• Stockholders' equity was less than $5 million, affecting compliance eligibility.

IRVINE, Calif., Jan. 06, 2023 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (NASDAQ: NYMX) (the “Company”) reports that on January 4, 2023 the Company received a deficiency letter from The Nasdaq Stock Market (“Nasdaq”) stating that, because the Company’s common stock continues to trade at less than $1.00 per share, the Company has not regained compliance with the Rule 5550(a)(2) requiring a minimum bid price, and because the Company’s Stockholders’ equity was less than $5,000,000 as of September 30, 2022, the Company is not eligible for a second 180 day period. The Nasdaq letter states that unless the Company appeals the notice it would be removed from trading on The Nasdaq Capital Market on January 13, 2023. The Company has today appealed the decision and requested a hearing before Nasdaq, on the basis that it believes it has a plan to regain compliance. Pending the appeal procedure, there is a stay of the delisting. In order to regain compliance with the minimum bid price requirement, a security must have a closing bid price of $1.00 or more for 10 consecutive business days. There can be no assurances that the Company will be able to satisfy the above described deficiency in a timely fashion. If the Company is delisted from the Nasdaq, the Company shares will continue to be traded under the same symbol on the Over The Counter (“OTC”) Markets (www.otcmarkets.com). The Company’s business operations are not affected by the receipt of the deficiency letter.

Nymox recently announced that a new formal submission has been made by the Company in Europe for Fexapotide Triflutate for the treatment of benign prostatic hyperplasia (BPH). The trademarked name for the product in the application is NYMOZARFEX (TM).

About NYMOZARFEX (TM) (Fexapotide) 

NYMOZARFEX (TM) is given in an in-office procedure that is administered in a few minutes without need of anesthesia or analgesia. The drug has been tested in clinical trials involving overall more than 1750 BPH patients with over 1600 injections administered including over 1200 Fexapotide administrations. Fexapotide has led to significant long-term improvements and has shown an excellent safety profile without the side effects normally associated with existing BPH treatments.

For more information please contact info@nymox.com or 800-936-9669.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Nymox, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the need for new options to treat BPH and prostate cancer, the potential of Fexapotide to treat BPH and prostate cancer and the estimated timing of further developments for Fexapotide. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development program, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug development process, including the regulatory approval process, the timing of Nymox's regulatory filings, Nymox's substantial dependence on Fexapotide, Nymox's commercialization plans and efforts and other matters that could affect the availability or commercial potential of Fexapotide. Nymox undertakes no obligation to update or revise any forward looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Nymox in general, see Nymox's current and future reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2021, and its Quarterly Reports.

For Further Information Contact:
Randall Lanham
Nymox Pharmaceutical Corporation 1-800-93NYMOX
www.nymox.com

FAQ

What is the current status of Nymox Pharmaceutical on Nasdaq?

Nymox received a deficiency letter from Nasdaq and has appealed against potential delisting due to its stock trading below $1.00.

What is NYMOZARFEX?

NYMOZARFEX is the trademarked name for Fexapotide Triflutate, used to treat benign prostatic hyperplasia.

How many patients were involved in the Fexapotide clinical trials?

The trials for Fexapotide involved over 1,750 patients, with more than 1,600 injections administered.

What are the implications of the Nasdaq deficiency letter for NYMX?

If Nymox does not regain compliance, shares could be delisted from Nasdaq, but will continue trading on OTC Markets.

When is the deadline for Nymox to comply with Nasdaq requirements?

Nymox has until January 13, 2023, to appeal and potentially avoid delisting.