MARLBOROUGH, Mass.,
Aug. 3, 2017 /PRNewswire/ -- RXi
Pharmaceuticals Corporation (NASDAQ: RXII), a clinical-stage RNAi
company developing innovative therapeutics that address significant
unmet medical needs, today announced that the Nasdaq Stock Market
granted the Company a 180-day extension to meet the listing
requirements for continued listing on its exchange.
As previously reported, the Company received notification from
Nasdaq stating that it was not in compliance with the minimum bid
price requirements because the bid price of the Company's common
stock had closed below the minimum $1.00 per share for the 30 consecutive business
days.
Per Nasdaq listing rules, the Company was afforded 180 calendar
days, or until August 1, 2017, to
regain compliance with Nasdaq listing rules. Unable to regain
compliance by that time, Nasdaq granted the Company an additional
180 calendar days, or until January 29,
2018, to regain compliance with the bid price
requirement. Nasdaq based the determination on the Company
meeting the continued listing requirement for market value of
publicly held shares and all other applicable requirements for
initial listing on the Capital Market, except for the bid price
requirement. The Company provided a written notice of its intention
to cure the deficiency during the second compliance period by
effecting a reverse stock split, if necessary.
About RXi Pharmaceuticals
RXi Pharmaceuticals
Corporation (NASDAQ: RXII) is a clinical-stage company developing
innovative therapeutics that address significant unmet medical
needs. Building on the pioneering discovery of RNAi,
scientists at RXi have harnessed the naturally occurring RNAi
process which has the ability to "silence" or down-regulate the
expression of a specific gene that may be overexpressed in a
disease condition. RXi developed a robust RNAi therapeutic
platform, including self-delivering RNA (sd-rxRNA®) compounds, that
have the ability to highly selectively block the expression of any
target in the genome, thus providing applicability to many
therapeutic areas. Our current programs include dermatology,
ophthalmology, and cell-based immunotherapy. RXi's extensive
patent portfolio provides for multiple product and business
development opportunities across a broad spectrum of therapeutic
areas, and we actively pursue research collaborations, partnering
and out-licensing opportunities with academia and pharmaceutical
companies. For additional information, visit the Company's
website, www.rxipharma.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about: our ability to
successfully develop RXI-109, Samcyprone™ and our other product
candidates (collectively "our product candidates"); the future
success of our clinical trials with our product candidates; the
timing for the commencement and completion of clinical trials; our
ability to enter into strategic partnerships and the future success
of these strategic partnerships; and our ability to deploy our
sd-rxRNA® technology through partnerships, as well as the prospects
of these partnerships to provide positive returns. Forward-looking
statements about expectations and development plans of RXi's
product candidates and partnerships involve significant risks and
uncertainties, including the following: risks that we may not be
able to successfully develop and commercialize our product
candidates; risks that product development and clinical studies may
be delayed, not proceed as planned and/or be subject to significant
cost over-runs; risks related to the development and
commercialization of products by competitors; risks related to our
ability to control the timing and terms of collaborations with
third parties; and risks that other companies or organizations may
assert patent rights preventing us from developing or
commercializing our product candidates. Additional risks are
detailed in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q under the caption "Risk
Factors." Readers are urged to review these risk factors and
to not act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. RXi does not undertake to update forward-looking
statements to reflect a change in its views, events or
circumstances that occur after the date of this release.
Contact
RXi Pharmaceuticals Corporation
Tamara McGrillen
508-929-3646
Logo -
http://photos.prnewswire.com/prnh/20130917/NE80755LOGO
View original
content:http://www.prnewswire.com/news-releases/rxi-pharmaceuticals-granted-180-day-extension-by-nasdaq-stock-market-to-regain-compliance-with-listing-requirements-300498968.html
SOURCE RXi Pharmaceuticals Corporation