Panbela Regains Compliance with Nasdaq Listing Standards for Bid Price and Publicly Held Shares Requirements
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Insights
The announcement from Panbela Therapeutics regarding its regained compliance with Nasdaq's listing standards is a positive development for the company's financial standing. Compliance with rule 5550(a)(2) ensures that the stock maintains a minimum bid price above the threshold set by Nasdaq, which is typically $1.00. This is crucial as it often reflects investor confidence and financial stability. Similarly, meeting the requirements of rule 5550(a)(4) concerning the number of publicly held shares indicates sufficient market liquidity, which is vital for the execution of trades without significant price impact.
For investors, these compliance milestones can be seen as indicators of turnaround, potentially leading to increased investor interest and a more favorable market perception. However, it is important to note that such compliance does not directly reflect the operational success or the intrinsic value of Panbela's therapeutic developments. Investors should consider the company's pipeline progress, financial health and market conditions when evaluating its potential. The impact on the stock market will likely be positive in the short-term due to the immediate removal of the risk of delisting.
Regaining compliance with Nasdaq listing standards can have broader implications beyond the immediate financial metrics. It may improve Panbela's ability to attract institutional investors, who often have mandates restricting investment in non-compliant companies. Additionally, it could enhance the company's credibility with potential partners and customers within the biopharmaceutical industry. In the long term, maintaining compliance is essential for Panbela to utilize the capital markets effectively, whether for raising capital through equity offerings or for leveraging its stock as currency in strategic transactions.
It's also significant that Panbela is presenting a plan to the Nasdaq Hearings Panel regarding equity compliance. This suggests proactive measures are being taken by management to ensure ongoing adherence to market standards, which could be indicative of a strategic approach to corporate governance and investor relations.
Meeting Nasdaq's minimum bid price and publicly held shares requirements is a legal obligation for listed companies. Failure to meet these standards typically triggers a notice period during which a company can regain compliance, failing which could lead to delisting. Delisting can severely hamper a company's ability to raise capital and can erode shareholder value. Panbela's confirmation of compliance is, therefore, a significant legal development, eliminating the immediate risk of these consequences.
Understanding Nasdaq Listing Rules 5550(a)(2) and 5550(a)(4) is essential for stakeholders. Rule 5550(a)(2) pertains to maintaining a minimum bid price, which is a key indicator of market trust and a deterrent against market manipulation. Rule 5550(a)(4) relates to the number of publicly held shares, ensuring a democratized and dispersed ownership, which reduces volatility and the risk of price manipulation by individual shareholders. Panbela's adherence to these rules is a testament to its governance standards and commitment to regulatory compliance.
MINNEAPOLIS, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Panbela Therapeutics, Inc. (Nasdaq: PBLA), (“Panbela”), a clinical stage company developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs, today announced that, has regained compliance with applicable listing standards of The Nasdaq Stock Market (“Nasdaq”) for bid price and publicly held shares.
Nasdaq has issued notice that Panbela has regained compliance for continued listing of its common stock. On February 13, 2024, Panbela received a letter from Nasdaq confirming that Panbela has cured the previously identified minimum bid price and the publicly held shares requirements, under Nasdaq Listing Rules 5550(a)(2) and 5550(a)(4). The Company will be presenting its plan to the Nasdaq Hearings Panel regarding equity compliance.
About Panbela’s Pipeline
The pipeline consists of assets currently in clinical trials with an initial focus on familial adenomatous polyposis (FAP), first-line metastatic pancreatic cancer, neoadjuvant pancreatic cancer, colorectal cancer prevention and ovarian cancer. The combined development programs have a steady cadence of anticipated catalysts with programs ranging from pre-clinical to registration studies.
Ivospemin (SBP-101)
Ivospemin is a proprietary polyamine analogue designed to induce polyamine metabolic inhibition (PMI) by exploiting an observed high affinity of the compound for pancreatic ductal adenocarcinoma and other tumors. It has shown signals of tumor growth inhibition in clinical studies of metastatic pancreatic cancer patients, demonstrating a median overall survival (OS) of 14.6 months and an objective response rate (ORR) of
Flynpovi ™
Flynpovi is a combination of CPP-1X (eflornithine) and sulindac with a dual mechanism inhibiting polyamine synthesis and increasing polyamine export and catabolism. In a Phase III clinical trial in patients with sporadic large bowel polyps, the combination prevented >
CPP-1X
CPP-1X (eflornithine) is being developed as a single agent tablet or high dose powder sachet for several indications including prevention of gastric cancer, treatment of neuroblastoma and recent onset Type 1 diabetes. Preclinical studies as well as Phase I or Phase II investigator-initiated trials suggest that CPP-1X treatment may be well-tolerated and has potential activity.
About Panbela
Panbela Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing disruptive therapeutics for patients with urgent unmet medical needs. Panbela’s lead assets are Ivospemin (SBP-101) and Flynpovi. Further information can be found at www.panbela.com. Panbela’s common stock is listed on The Nasdaq Stock Market LLC under the symbol “PBLA”.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “can,” “design,” “expect,” “focus,” “intend,” “looking forward,” “may,” “plan,” “positioned,” “potential,” and “will.” All statements other than statements of historical fact are statements that should be deemed forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially and adversely from the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) our ability to obtain additional funding to execute our business and clinical development plans; (ii) progress and success of our clinical development program; (iii) the impact of the current COVID-19 pandemic on our ability to conduct our clinical trials; (iv) our ability to demonstrate the safety and effectiveness of our product candidates: ivospemin (SBP-101) and eflornithine (CPP-1X); (v) our reliance on a third party for the execution of the registration trial for our product candidate Flynpovi ; (vi) our ability to obtain regulatory approvals for our product candidates, SBP-101 and CPP-1X in the United States, the European Union or other international markets; (vii) the market acceptance and level of future sales of our product candidates, SBP-101 and CPP-1X; (viii) the cost and delays in product development that may result from changes in regulatory oversight applicable to our product candidates, SBP-101 and CPP-1X; (ix) the rate of progress in establishing reimbursement arrangements with third-party payors; (x) the effect of competing technological and market developments; (xi) the costs involved in filing and prosecuting patent applications and enforcing or defending patent claims; (xii) our ability to maintain the listing of our common stock on a national securities exchange; and (xiii) such other factors as discussed in Part I, Item 1A under the caption “Risk Factors” in our most recent Annual Report on Form 10-K, any additional risks presented in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Any forward-looking statement made by us in this press release is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement or reasons why actual results would differ from those anticipated in any such forward-looking statement, whether written or oral, whether as a result of new information, future developments or otherwise.
Contact Information:
Investors:
James Carbonara
Hayden IR
(646) 755-7412
james@haydenir.com
Media:
Tammy Groene
Panbela Therapeutics, Inc.
(952) 479-1196
IR@panbela.com
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