TC BioPharm Receives Extension from Nasdaq Hearings Panel to Regain Compliance With Listing Rule 5550(b)(2)

Rhea-AI Summary

TC BioPharm (NASDAQ: TCBP) announced it has received an extension from the Nasdaq Hearings Panel to regain compliance with Listing Rule 5550(b)(2). The company must meet specific milestones by June 30, 2023, which include maintaining a market value of at least $35 million, or alternatively, $2.5 million in shareholders' equity or $500,000 in net income. This extension allows TCBP's stock to continue trading on the Nasdaq Capital Market. TC BioPharm focuses on developing gamma-delta T cell therapies for cancer, being a leader in this field with ongoing clinical trials for its OmnImmune® treatment.

Positive

• Received extension from Nasdaq to meet compliance with Listing Rule 5550(b)(2) until June 30, 2023.
• Continues trading on Nasdaq Capital Market under symbol TCBP.
• Leader in gamma-delta T cell therapies, with a robust pipeline and ongoing clinical trials.

Negative

• Must demonstrate compliance by meeting specific milestones, posing operational challenges.
• Market value must be maintained above $35 million to avoid delisting risks.

EDINBURGH, Scotland, March 16, 2023 /PRNewswire/ -- TC BioPharm (Holdings) PLC ("TC BioPharm" or the "Company") (NASDAQ: TCBP) a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, today announced that the Company has been granted a formal extension to regain compliance under Nasdaq Listing Rule 5550(b)(2) or its alternative criteria. The Company is obligated to meet certain milestones, but has until June 30, 2023 to meet the requirement.

The extension was granted following TC BioPharm's presentation of a formal plan to the Nasdaq Hearings Panel on Thursday, March 9, 2023.  As part of the extension, the Company is obligated to meet certain interim milestone requirements. Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement") states that a company must possess the minimum Market Value of $35,000,000 required for continued listing on The Nasdaq Capital Market or the alternative criteria of $2,500,000 in shareholders' equity or $500,000 in net income from continued operations. The Company is working to implement a plan to demonstrate compliance.

Nasdaq's extension notice has no immediate effect on the listing or trading of TC BioPharm's Common Stock, which will continue to trade on the Nasdaq Capital Market under the symbol "TCBP".

About TC BioPharm (Holdings) PLC

TC BioPharm is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell therapies for the treatment of cancer with human efficacy data in acute myeloid leukemia. Gamma-delta T cells are naturally occurring immune cells that embody properties of both the innate and adaptive immune systems and can intrinsically differentiate between healthy and diseased tissue. TC BioPharm uses an allogeneic approach in both unmodified and CAR modified gamma-delta T cells to effectively identify, target and eradicate both liquid and solid tumors in cancer.

TC BioPharm is the leader in developing gamma-delta T cell therapies, and the first company to conduct phase II/pivotal clinical studies in oncology. The Company is conducting two investigator-initiated clinical trials for its unmodified gamma-delta T cell product line - Phase 2b/3 pivotal trial for OmnImmune® in treatment of acute myeloid leukemia using the Company's proprietary allogeneic CryoTC technology to provide frozen product to clinics worldwide. TC BioPharm also maintains a robust pipeline for future indications in solid tumors as well as a significant IP/patent portfolio in the use of CARs with gamma-delta T cells and owns our manufacturing facility to maintain cost and product quality controls.

Forward Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to the website of TC BioPharm has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

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SOURCE TC BioPharm

FAQ

What is the Nasdaq extension received by TC BioPharm?

TC BioPharm received a formal extension from Nasdaq to regain compliance with Listing Rule 5550(b)(2) until June 30, 2023.

What are the compliance requirements for TC BioPharm under Nasdaq rules?

TC BioPharm must maintain a market value of at least $35 million, or alternatively, $2.5 million in shareholders' equity or $500,000 in net income.

How will the Nasdaq extension affect TC BioPharm's stock trading?

The extension allows TC BioPharm's stock to continue trading on the Nasdaq Capital Market under the symbol TCBP.

What is TC BioPharm's focus in biotechnology?

TC BioPharm is focused on developing gamma-delta T cell therapies for cancer treatment.