ROCKVILLE, Md., May 22, 2018 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE American: SYN), a late-stage clinical company
developing therapeutics designed to preserve the microbiome to
protect and restore the health of patients, announced today that
the NYSE American LLC (the "Exchange") has accepted the Company's
plan of compliance (the "Plan") for continued listing on the
Exchange.
As previously reported, on March 2,
2018, Synthetic Biologics received a letter from NYSE
American Staff indicating that the Company is not in compliance
with certain continued listing standards relating to stockholders
equity as set forth in Part 10, Section 1003 of the NYSE American
Company Guide (the "Guide"). Based on the Company's 2017 annual
report on Form 10-K, the Company is below compliance with Part 10,
Section 1003(a)(iii) of the Guide since it reported stockholders'
equity of less than $6 million and
net losses in five of its most recent fiscal years as of
December 31, 2017.
In accordance with NYSE American's policies and procedures, the
Company submitted its plan of compliance on April 3, 2018 addressing how the Company intends
to regain compliance with Part 10, Section 1003 of the Guide. On
May 18, 2018, the Exchange notified
Synthetic Biologics that it accepted the Company's compliance plan
and granted the Company an extension until September 2, 2019 (the "Plan Period"). Synthetic
Biologics will be subject to periodic review by Exchange Staff
during the Plan Period. If the Company dos not regain compliance by
the end of the Plan Period, or if the Company does not make
progress consistent with its Plan, the Exchange may initiate
delisting procedures as appropriate.
The notice of acceptance from NYSE American does not affect the
Company's business operations or the listing of the Company's
common stock on the Exchange, which will continue to trade under
the symbol "SYN", subject to periodic review by the Exchange.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a late-stage
clinical company developing therapeutics that preserve the
microbiome to protect and restore the health of patients. The
Company's lead candidates poised for Phase 3 development are: (1)
SYN-004 (ribaxamase) which is designed to protect the gut
microbiome from the effects of certain commonly used intravenous
(IV) beta-lactam antibiotics for the prevention of C.
difficile infection (CDI), overgrowth of pathogenic organisms
and the emergence of antimicrobial resistance (AMR), and (2)
SYN-010 which is intended to reduce the impact of methane producing
organisms in the gut microbiome to treat an underlying cause of
irritable bowel syndrome with constipation (IBS-C). The Company's
preclinical pursuits include an oral formulation of the enzyme
intestinal alkaline phosphatase (IAP) to treat both local GI and
systemic diseases as well as monoclonal antibody therapies for the
prevention and treatment of pertussis, and novel discovery stage
biotherapeutics for the treatment of phenylketonuria (PKU). For
more information, please visit Synthetic Biologics' website at
www.syntheticbiologics.com.
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions, and include statements
regarding Synthetic Biologics' intent to regain
compliance with Part 10, Section 1003 of the Guide and the
potential benefits of SYN-004 and SYN-010. These
forward-looking statements are based on management's expectations
and assumptions as of the date of this press release and are
subject to a number of risks and uncertainties, many of which are
difficult to predict that could cause actual results to differ
materially from current expectations and assumptions from those set
forth or implied by any forward-looking statements. Important
factors that could cause actual results to differ materially from
current expectations include, among others, Synthetic
Biologics' ability to regain compliance with the continued listing
standards by September 2,
2019, Synthetic Biologics' ability to comply with
other continued listing requirements of the NYSE American, a
failure to receive the necessary regulatory approvals for
commercialization of Synthetic Biologics' therapeutics, a failure
of Synthetic Biologics' clinical trials, and those conducted by
investigators, for SYN-004 and SYN-010 to be commenced or completed
on time or to achieve desired results and benefits, a failure of
Synthetic Biologics' clinical trials to continue enrollment as
expected or receive anticipated funding, a failure of Synthetic
Biologics to successfully develop, market or sell its products,
Synthetic Biologics' inability to maintain its material licensing
agreements, or a failure by Synthetic Biologics or its strategic
partners to successfully commercialize products and other factors
described in Synthetic Biologics' most recent Form 10-K and its
other filings with the SEC, including subsequent periodic reports
on Forms 10-Q and 8-K. The information in this release is provided
only as of the date of this release, and Synthetic Biologics
undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
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SOURCE Synthetic Biologics, Inc.