NYMOX Receives Deficiency Letter from NASDAQ

Rhea-AI Summary

Nymox Pharmaceutical Corporation (NASDAQ: NYMX) announced on July 7, 2022, that it received a deficiency letter from NASDAQ regarding non-compliance with Listing Rule 5550(a)(2). The company has 180 days to restore compliance by achieving a closing bid price of $1.00 or more for at least 10 consecutive business days. If compliance is not met within this timeframe, Nymox could face delisting, but has the option to appeal NASDAQ's determination. The company emphasized its focus on treating BPH and prostate cancer through its product Fexapotide, amidst various operational uncertainties.

Positive

• The company has a plan to regain compliance with NASDAQ listing requirements.
• Nymox is focused on developing Fexapotide, which has potential applications in treating BPH and prostate cancer.

Negative

• Nymox is at risk of delisting if it does not achieve the minimum bid price requirement.
• Compliance must be achieved within 180 days, creating a time constraint for the company.

IRVINE, Calif., July 14, 2022 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (NASDAQ: NYMX) reports that on July 7, 2022 the Company received a deficiency letter from NASDAQ stating that the Company is no longer in compliance with Nasdaq Listing Rule 5550(a)(2). The Nasdaq letter states that the Company will be afforded 180 calendar days to regain compliance with the minimum bid price requirement. In order to regain compliance, the Company must have a closing bid price of $1.00 or more for a minimum of 10 consecutive business days. If at any time during this 180-day period the Company’s closing bid price meets or exceeds $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and the matter will be closed. If the Company has not regained compliance by the expiration of the initial 180 calendar days, Nasdaq will then provide written notification to the Company that its ordinary shares are subject to delisting. At that time, the Company may appeal Nasdaq’s delisting determination to a Nasdaq Listing Qualifications Panel.

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
1-800-93NYMOX
www.nymox.com

FAQ

What happens if Nymox Pharmaceutical fails to comply with NASDAQ requirements?

If Nymox fails to comply within 180 days, it may face delisting from NASDAQ.

What is the minimum bid price Nymox needs to maintain for NASDAQ compliance?

Nymox must maintain a closing bid price of $1.00 or more for at least 10 consecutive business days.

When did Nymox receive the deficiency letter from NASDAQ?

Nymox received the deficiency letter on July 7, 2022.

What is the ticker symbol for Nymox Pharmaceutical Corporation?

The ticker symbol for Nymox Pharmaceutical Corporation is NYMX.

What product does Nymox focus on for treating BPH and prostate cancer?

Nymox focuses on Fexapotide for treating BPH and prostate cancer.