Purple Biotech Receives Extension to Regain Compliance with the Nasdaq’s Minimum Bid Price Rule
Purple Biotech (NASDAQ/TASE: PPBT), a clinical-stage oncology company, has received a 180-day extension from Nasdaq to regain compliance with the minimum $1.00 bid price requirement. The company now has until January 21, 2025, to meet this requirement, which involves maintaining a closing bid price of at least $1.00 for its American Depositary Shares (ADSs) for a minimum of 10 consecutive business days. This extension does not immediately affect Purple Biotech's listing on Nasdaq or the Tel Aviv Stock Exchange. The company will monitor its ADS price and consider options to regain compliance within the given timeframe.
Purple Biotech (NASDAQ/TASE: PPBT), un'azienda oncologica in fase clinica, ha ricevuto un prolungamento di 180 giorni da Nasdaq per ripristinare la conformità con il requisito minimo di prezzo di offerta di $1.00. L'azienda ha ora tempo fino al 21 gennaio 2025 per soddisfare questo requisito, che prevede di mantenere un prezzo di offerta di chiusura di almeno $1.00 per le sue American Depositary Shares (ADS) per un minimo di 10 giorni lavorativi consecutivi. Questa proroga non influisce immediatamente sulla quotazione di Purple Biotech su Nasdaq o sulla Borsa di Tel Aviv. L'azienda monitorerà il prezzo delle sue ADS e prenderà in considerazione opzioni per ripristinare la conformità entro il termine stabilito.
Purple Biotech (NASDAQ/TASE: PPBT), una compañía oncológica en etapa clínica, ha recibido una prórroga de 180 días de Nasdaq para recuperar el cumplimiento con el requisito de precio mínimo de oferta de $1.00. La empresa ahora tiene hasta el 21 de enero de 2025 para cumplir con este requisito, que implica mantener un precio de oferta de cierre de al menos $1.00 para sus American Depositary Shares (ADS) durante un mínimo de 10 días hábiles consecutivos. Esta extensión no afecta inmediatamente la cotización de Purple Biotech en Nasdaq ni en la Bolsa de Tel Aviv. La empresa monitoreará el precio de sus ADS y considerará opciones para recuperar el cumplimiento dentro del plazo establecido.
퍼플 바이오텍(NASDAQ/TASE: PPBT), 임상 단계의 종양학 회사가 나스닥으로부터 180일 연장을 받았습니다. 이는 최소 $1.00의 입찰가 요건을 충족하기 위한 것입니다. 회사는 이제 2025년 1월 21일까지 이 요건을 충족해야 하며, 이는 최소 10일 연속 영업일 동안 미국 예탁 주식(ADS)의 종가가 최소 $1.00 이상이어야 함을 포함합니다. 이번 연장은 퍼플 바이오텍의 나스닥 또는 텔아비브 증권거래소 상장에 즉각적인 영향을 미치지 않습니다. 회사는 ADS 가격을 모니터링하고 주어진 기간 내에 준수를 회복하기 위한 옵션을 고려할 것입니다.
Purple Biotech (NASDAQ/TASE: PPBT), une société d'oncologie en phase clinique, a reçu une prolongation de 180 jours de Nasdaq pour restaurer sa conformité avec l'exigence de prix d'offre minimum de 1,00 $. La société dispose désormais jusqu'au 21 janvier 2025 pour respecter cette exigence, qui consiste à maintenir un prix d'offre de clôture d'au moins 1,00 $ pour ses American Depositary Shares (ADS) pendant un minimum de 10 jours ouvrés consécutifs. Cette prolongation n'affecte pas immédiatement la cotation de Purple Biotech sur le Nasdaq ou la Bourse de Tel Aviv. La société surveillera le prix de ses ADS et envisagera des options pour retrouver la conformité dans le délai imparti.
Purple Biotech (NASDAQ/TASE: PPBT), ein Unternehmen in der klinischen Onkologie, hat eine 180-tägige Verlängerung von Nasdaq erhalten, um die Einhaltung des Mindestgebots von $1.00 wiederherzustellen. Das Unternehmen hat jetzt bis zum 21. Januar 2025 Zeit, diese Anforderung zu erfüllen, die darin besteht, einen Schlusskurs von mindestens $1.00 für seine American Depositary Shares (ADS) für mindestens 10 aufeinanderfolgende Handelstage zu halten. Diese Verlängerung hat keinen unmittelbaren Einfluss auf die Notierung von Purple Biotech an der Nasdaq oder der Börse von Tel Aviv. Das Unternehmen wird den Preis seiner ADS überwachen und Optionen in Betracht ziehen, um die Einhaltung innerhalb des vorgegebenen Zeitrahmens wiederherzustellen.
- Received 180-day extension from Nasdaq to regain compliance
- Continued listing on Nasdaq Capital Market under symbol PPBT
- No immediate effect on company's listing or trading status
- Failure to meet Nasdaq's minimum $1.00 bid price requirement
- Risk of potential delisting if compliance is not achieved by January 21, 2025
- Possible need for corporate actions to boost share price
Purple Biotech's extension from Nasdaq to regain compliance with the minimum bid price requirement is a critical development for the company's financial standing and investor perception. This situation highlights potential challenges in the company's market valuation and liquidity.
The extension until January 21, 2025, provides Purple Biotech with a crucial window to address its share price issues. However, the need for this extension may signal underlying concerns about the company's financial health or market position. Investors should note that failing to meet the
From a financial perspective, this situation may prompt Purple Biotech to consider strategic options such as:
- Reverse stock split to artificially boost share price
- Accelerating pipeline development to improve investor confidence
- Exploring strategic partnerships or M&A opportunities
While the extension doesn't immediately threaten Purple Biotech's listing, it does place the company under increased scrutiny. Investors should closely monitor the company's progress in regaining compliance and any strategic moves made during this period.
The Nasdaq extension for Purple Biotech reveals broader implications for the biotech sector, particularly for clinical-stage companies. This situation is not uncommon in the biotech industry, where companies often face valuation challenges due to the long and costly drug development process.
Purple Biotech's focus on first-in-class oncology therapies targeting tumor immune evasion and drug resistance positions it in a highly competitive and high-risk, high-reward segment of the market. The company's current share price struggles may reflect:
- Investor skepticism about the company's pipeline progress
- General market conditions affecting small-cap biotech stocks
- Potential cash burn concerns typical of clinical-stage companies
To regain compliance and improve market perception, Purple Biotech may need to demonstrate significant progress in its clinical trials or secure strategic partnerships. Investors should pay close attention to upcoming clinical data releases or business development announcements that could serve as catalysts for share price improvement.
This extension also underscores the importance of maintaining strong investor relations and clear communication of the company's value proposition in the competitive oncology space. Purple Biotech's ability to navigate this challenge will be a key indicator of its management's effectiveness and the market's confidence in its long-term prospects.
REHOVOT, Israel, July 25, 2024 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. ("Purple Biotech" or "the Company") (NASDAQ/TASE: PPBT), a clinical-stage company developing first-in-class oncology therapies that overcome tumor immune evasion and drug resistance, today announced that on July 24, 2024, it received an extension of 180 calendar days from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) to regain compliance with the Nasdaq’s minimum
Purple Biotech intends to monitor the closing bid price of its ADSs and if necessary, will consider available options to cure the deficiency and regain compliance with the Bid Price Requirement within the compliance period.
The receipt of the extension period has no immediate effect on the listing or trading of the Company’s ADSs, which will continue to be listed and traded on the Nasdaq Capital Market under the symbol “PPBT”, subject to the Company’s compliance with the other listing requirements of the Nasdaq Capital Market. The receipt of the extension period also has no bearing on the Company’s listing on the Tel Aviv Stock Exchange, where its ordinary shares are traded under the symbol “PPBT”.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion and drug resistance. The Company's oncology pipeline includes NT219, CM24 and IM1240. NT219 is a dual inhibitor, novel small molecule that simultaneously targets IRS1/2 and STAT3. A Phase 1 dose escalation study has been concluded and a Phase 2 study of NT219 at its recommended Phase 2 level in combination with cetuximab in patients with recurrent and/or metastatic squamous cell carcinoma of the head and neck cancer (SCCHN) is planned. CM24 is a humanized monoclonal antibody that blocks the interactions of CEACAM1, a protein expressed on tumor and immune cells, and is a part of the Neutrophils Extra Cellular Traps (NETs), involved in tumor immune evasion and survival through multiple pathways. The Company is advancing CM24 as a combination therapy with anti-PD-1 checkpoint inhibitors in a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma (PDAC). The Company has entered into a clinical collaboration agreement with Bristol Myers Squibb for the Phase 2 clinical trials to evaluate the combination of CM24 with the PD-1 inhibitor nivolumab in addition to chemotherapy. The Company is also advancing a preclinical platform of conditionally-activated tri-specific antibodies that engage both T cells and NK cells to induce a strong, localized immune response within the tumor microenvironment. The cleavable capping technology confines the compound's therapeutic activity to the local tumor microenvironment, and thereby potentially increases the anticipated therapeutic window in patients. The third arm of the antibody specifically targets the Tumor Associated Antigen (TAA). The technology presents a novel mechanism of action by unleashing both innate and adaptive immune systems to induce an optimal anti-tumor immune response. IM1240 is the platform's lead tribody in development that targets 5T4 expressed in a variety of solid tumors and is correlated with advanced disease, increased invasiveness and poor clinical outcomes. The Company's corporate headquarters are located in Rehovot, Israel. For more information, please visit https://purple-biotech.com/.
Forward-Looking Statements and Safe Harbor Statement
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that are not statements of historical fact, and may be identified by words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include, among others, risks relating to: the plans, strategies and objectives of management for future operations; product development for NT219, CM24 and IM1240; the process by which such early stage therapeutic candidates could potentially lead to an approved drug product is long and subject to highly significant risks, particularly with respect to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive process with uncertain outcomes; final results from clinical studies, including our NT219 and CM24 studies, may vary from the interim analysis, our ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of any clinical trials; the impact of any changes in regulation and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration or any other applicable regulator of pharmaceutical products; the regulatory environment and changes in the health policies and regimes in the countries in which we operate; the uncertainty surrounding the actual market reception to our pharmaceutical products once cleared for marketing in a particular market; the introduction of competing products; patents obtained by competitors; dependence on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents; the commencement of any patent interference or infringement action against our patents, and our ability to prevail, obtain a favorable decision or recover damages in any such action; and the exposure to litigation, including patent litigation, and/or regulatory actions; the impact of the economic, public health, political and security situation in Israel, the U.S. and other countries in which we may operate or obtain approvals for our products or our business, and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2023 and in our other filings with the U.S. Securities and Exchange Commission ("SEC"), including our cautionary discussion of risks and uncertainties under "Risk Factors" in our Registration Statements and Annual Reports. These are factors that we believe could cause our actual results to differ materially from expected results. Other factors besides those we have listed could also adversely affect us. Any forward-looking statement in this press release speaks only as of the date which it is made. We disclaim any intention or obligation to publicly update or revise any forward-looking statement or other information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable law. You are advised, however, to consult any additional disclosures we make in our reports to the SEC, which are available on the SEC's website, https://www.sec.gov.
CONTACTS:
Company Contact:
Lior Fhima
Chief Financial Officer
IR@purple-biotech.com
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FAQ
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