Auris Medical Announces Receipt of Nasdaq Notice
August 24 2017 - 4:06PM
Zug, Switzerland, August 24, 2017 - Auris Medical
Holding AG ("the Company", NASDAQ: EARS), a clinical-stage company
dedicated to developing therapeutics that address important unmet
medical needs in otolaryngology, today announced that on August 18,
2017, it received written notification from the Listing
Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq")
indicating that based on the Company's stockholders' equity of
$5.57 million for the period ended June 30, 2017, the Company is no
longer in compliance with the minimum stockholders' equity
requirement of $10.00 million as set forth in Nasdaq Listing Rule
5450(b)(1)(A) for continued listing on the Nasdaq Global Market.
This Nasdaq notification does not result in the immediate delisting
of the Company's common shares, and the shares will continue to
trade uninterrupted under the symbol "EARS."
As previously announced on March 31, 2017, the
Company received written notice from Nasdaq indicating that the
Company did not meet the minimum bid price requirement as set forth
in Nasdaq Listing Rule 5450(a)(1).
The Company has until September 26, 2017 to
regain compliance with Nasdaq's minimum bid price requirement of
$1.00 and until October 2, 2017 to submit a plan to regain
compliance with the minimum stockholders' equity requirement. In
the event the Company does not regain compliance with these
requirements by the relevant deadlines, the Company may transfer to
the Nasdaq Capital Market, which has a lower minimum stockholders'
equity requirement, where it may be eligible for an additional 180
calendar day grace period to regain compliance with the minimum bid
price requirement.
About Auris Medical
Auris Medical is a Swiss biopharmaceutical company
dedicated to developing therapeutics that address important unmet
medical needs in neurotology. The company is focused on the Phase 3
development of treatments for acute inner ear hearing loss (AM-111)
and for acute inner ear tinnitus (Keyzilen®; AM-101) by way of
intratympanic administration with biocompatible gel formulations.
In addition, Auris Medical is developing intranasal betahistine for
Meniere's disease and other vestibular disorders (AM-125) as well
as early-stage research and development projects. The Company was
founded in 2003 and is headquartered in Zug, Switzerland. The
shares of Auris Medical Holding AG trade on the NASDAQ Global
Market under the symbol "EARS."
Forward-looking Statements
This press release may contain statements that
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements are
statements other than historical fact and may include statements
that address future operating, financial or business performance or
Auris Medical's strategies or expectations. In some cases, you can
identify these statements by forward-looking words such as "may,"
"might," "will," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "projects," "potential,"
"outlook" or "continue," and other comparable terminology.
Forward-looking statements are based on management's current
expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements. These risks and uncertainties include, but are
not limited to, Auris Medical's need for and ability to raise
substantial additional funding to continue the development of its
product candidates, the timing and conduct of clinical trials of
Auris Medical's product candidates, including the likelihood that
the TACTT3 clinical trial with Keyzilen® will not meet its
endpoints, the clinical utility of Auris Medical's product
candidates, the timing or likelihood of regulatory filings and
approvals, Auris Medical's intellectual property position and Auris
Medical's financial position, including the impact of any future
acquisitions, dispositions, partnerships, license transactions or
changes to Auris Medical's capital structure, including future
securities offerings. These risks and uncertainties also include,
but are not limited to, those described under the caption "Risk
Factors" in Auris Medical's Annual Report on Form 20-F and future
filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made,
and Auris Medical does not undertake any obligation to update them
in light of new information, future developments or otherwise,
except as may be required under applicable law. All forward-looking
statements are qualified in their entirety by this cautionary
statement.
Company contact: Cindy McGee, Head of Investor
Relations and Corporate Communications, +41 61 201 1350,
investors@aurismedical.com
Media contact: David Schull, Russo Partners,
1-858-717-2310,david.schull@russopartnersllc.com
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