BiomX Inc. - PHGE STOCK NEWS

BiomX Inc. (NYSE American: PHGE) has received acceptance from the NYSE American for its plan to regain listing compliance. The company, which develops phage therapies targeting specific pathogenic bacteria, was granted until November 23, 2025 to meet the continued listing standards. This follows a deficiency letter received on May 23, 2024, indicating non-compliance with Sections 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide.

CEO Jonathan Solomon expressed satisfaction with the acceptance and stated that BiomX has already begun implementing its plan, including obtaining stockholder approval for converting outstanding Series X Convertible Preferred Stock to Common Stock. During the compliance period, BiomX will undergo periodic reviews by the NYSE American. Failure to regain compliance or make sufficient progress may result in delisting proceedings.

BiomX announced stockholder approval to convert its Series X Non-Voting Convertible Preferred Stock into common stock. The Series X Preferred Stock was issued during BiomX's acquisition of Adaptive Phage Therapeutics in March 2024 and a $50 million financing. The conversion will see up to 256,887,000 shares of common stock added to the outstanding share count. This move aims to help BiomX comply with NYSE American's listing requirement for $2 million in stockholders' equity, a condition they had previously failed to meet. The reclassification of proceeds from the Financing as stockholders' equity could help achieve compliance. BiomX's CEO highlighted the acquisition and financing milestones as important for BiomX's future growth, particularly with two Phase 2 clinical candidates expected to report significant results next year.

BiomX received a notice of non-compliance from NYSE American on May 23, 2024, due to failing to meet stockholders' equity requirements. The company has a capital deficiency of $9.54 million and reported losses for the past five fiscal years. The notice does not immediately affect the trading of BiomX shares, which will continue under the symbol 'PHGE' with a '.BC' designation for below compliance. BiomX must submit a compliance plan by June 22, 2024, and gain compliance by November 23, 2025, to avoid delisting. The company expects to resolve the equity issue by converting preferred stock to common stock, pending shareholder approval in July 2024.

BiomX (NYSE American: PHGE), a clinical-stage firm developing phage therapies, will present data from its Phase 1b/2a trial of BX004 for cystic fibrosis patients with chronic Pseudomonas aeruginosa infections. These findings will be shared at the 47th European Cystic Fibrosis Conference (June 5-8, 2024, Glasgow) and ASM Microbe 2024 (June 13-17, 2024, Atlanta). Key presentations include an oral session and ePoster at the European conference, and a Rapid Fire session and poster at ASM Microbe. The presentations will be accessible on BiomX's website on June 6 and June 17, respectively.

BiomX, a clinical-stage company advancing phage therapies, has reported its Q1 2024 financial results and provided updates on its programs.

Following its merger with Adaptive Phage Therapeutics in March 2024 and a $50 million private placement, BiomX has a cash balance of $44.1 million, providing a runway through Q4 2025.

Key clinical programs include BX211 for diabetic foot osteomyelitis, expecting Phase 2 results in Q1 2025, and BX004 for cystic fibrosis, with Phase 2b results anticipated in Q3 2025. Financially, net loss increased to $17.3 million, primarily due to changes in warrant values and merger-related expenses.

R&D expenses decreased to $4.1 million while G&A expenses rose to $2.7 million.

BiomX (NYSE American: PHGE), a clinical-stage company specializing in phage therapies targeting pathogenic bacteria, announced a conference call and webcast scheduled for May 21, 2024, at 8:00 a.m. ET.

The event will cover the company's first quarter 2024 financial results along with business and program updates. Participants can join the call via dedicated U.S. and international dial-in numbers, and the webcast will be accessible in the Investors section of BiomX's website.