Precision Therapeutics Gains Extension for Nasdaq Compliance
May 17 2019 - 09:00AM
Precision Therapeutics Inc. (Nasdaq: AIPT) (“Precision” or “the
Company”), a company focused on applying artificial intelligence to
personalized medicine and drug discovery, announced today that
Nasdaq has determined that the Company is eligible for a 180-day
grace period, or until November 11, 2019, to regain compliance with
its Bid Price Rule.
Nasdaq’s determination was based on the Company having met the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
The Nasdaq Capital Market, with the exception of the Bid Price
Rule, and on the Company’s written notice to Nasdaq of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.
On November 16, 2018, the Company received an initial letter
from The Nasdaq Stock Market (“Nasdaq”) stating that the bid price
of the Company’s common stock for the previous 30 consecutive
trading days had closed below the minimum $1.00 per share required
for continued listing under Listing Rule 5550(a)(2) (the “Bid Price
Rule”). The letter stated that the Company had 180 days, or until
May 15, 2019, to demonstrate compliance by maintaining a minimum
closing bid price of at least $1.00 for a minimum of 10 consecutive
trading days.
If the Company does not regain compliance with the Bid Price
Rule by November 11, 2019, Nasdaq will provide written notification
to the Company that its common stock will be delisted. At that
time, the Company may appeal Nasdaq’s delisting determination to a
NASDAQ Hearings Panel, or the Panel. The Company’s common stock
would remain listed pending the Panel’s decision. There can be no
assurance that if the Company does appeal such a delisting
determination by Nasdaq to the Panel, that such appeal would be
successful.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the company's common stock, which will
continue to trade on the Nasdaq Capital Market under the symbol
"AIPT."
About Precision Therapeutics Inc. Precision
Therapeutics (Nasdaq: AIPT) operates through its three wholly owned
subsidiaries, Helomics, TumorGenesis and Skyline Medical. Helomics
applies artificial intelligence to its rich data gathered from
patient tumors to both personalize cancer therapies for patients
and drive the development of new targeted therapies in
collaborations with pharmaceutical companies. Helomics’
CLIA-certified lab provides clinical testing that assists
oncologists in individualizing patient treatment decisions, by
providing an evidence-based roadmap for therapy. In addition to its
proprietary precision oncology platform, Helomics offers boutique
CRO services that leverage its TruTumor™, patient-derived tumor
models coupled to a wide range of multi-omics assays (genomics,
proteomics and biochemical), and an AI-powered proprietary
bioinformatics platform (D-CHIP) to provide a tailored solution to
its clients’ specific needs. Precision’s TumorGenesis subsidiary is
developing a new rapid approach to growing tumors in the
laboratory, which essentially “fools” cancer cells into thinking
they are still growing inside a patient. Its proprietary Oncology
Discovery Technology Platform kits will assist researchers and
clinicians to identify which cancer cells bind to specific
biomarkers. Once the biomarkers are identified they can be used in
TumorGenesis’ Oncology Capture Technology Platforms which isolate
and help categorize an individual patient’s heterogeneous tumor
samples to enable the development of patient specific treatment
options. Helomics and TumorGenesis are focused on ovarian cancer.
Precision’s Skyline Medical subsidiary markets its patented and FDA
cleared STREAMWAY System which automates the collection,
measurement and disposal of waste fluid, including blood,
irrigation fluid and others, within a medical facility, through
both domestic and international divisions. The company has achieved
sales in five of the seven continents through both direct sales and
distributor partners. For more information, please visit
www.precisiontherapeutics.com.
Forward-looking Statements Certain of the
matters discussed in the press release contain forward-looking
statements that involve material risks to and uncertainties in the
Company’s business that may cause actual results to differ
materially from those anticipated by the statements made herein.
Such risks and uncertainties include (i) risks related to the
recent merger with Helomics, including the fact that the combined
company will not be able to continue operating without additional
financing; possible failure to realize anticipated benefits of the
merger; costs associated with the merger may be higher than
expected; the merger may result in disruption of the Company’s and
Helomics’ existing businesses, distraction of management and
diversion of resources; and the market price of the Company’s
common stock may decline as a result of the merger; (ii) risks
related to our partnerships with other companies, including the
need to negotiate the definitive agreements; possible failure to
realize anticipated benefits of these partnerships; and costs of
providing funding to our partner companies, which may never be
repaid or provide anticipated returns; and (iii) other risks and
uncertainties relating to the Company that include, among other
things, current negative operating cash flows and a need for
additional funding to finance our operating plan; the terms of any
further financing, which may be highly dilutive and may include
onerous terms; unexpected costs and operating deficits, and lower
than expected sales and revenues; sales cycles that can be longer
than expected, resulting in delays in projected sales or failure to
make such sales; uncertain willingness and ability of customers to
adopt new technologies and other factors that may affect further
market acceptance, if our product is not accepted by our potential
customers, it is unlikely that we will ever become profitable;
adverse economic conditions; adverse results of any legal
proceedings; the volatility of our operating results and financial
condition; inability to attract or retain qualified senior
management personnel, including sales and marketing personnel; our
ability to establish and maintain the proprietary nature of our
technology through the patent process, as well as our ability to
possibly license from others patents and patent applications
necessary to develop products; Precision’s ability to implement its
long range business plan for various applications of its
technology; Precision’s ability to enter into agreements with any
necessary marketing and/or distribution partners and with any
strategic or joint venture partners; the impact of competition, the
obtaining and maintenance of any necessary regulatory clearances
applicable to applications of Precision’s technology; and
management of growth and other risks and uncertainties that may be
detailed from time to time in the Company’s reports filed with the
SEC, which are available for review at www.sec.gov. This is not a
solicitation to buy or sell securities and does not purport to be
an analysis of Precision’s financial position. See Precision’s most
recent Annual Report on Form 10-K, and subsequent reports and other
filings at www.sec.gov.
Contacts: Investor Relations CORE IR Bret
Shapiro (212) 896-1203 brets@coreir.com
Media Jules Abraham CORE IR julesa@coreir.com 917-885-7378
Precision Therapeutics Inc. (NASDAQ:AIPT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Precision Therapeutics Inc. (NASDAQ:AIPT)
Historical Stock Chart
From Mar 2023 to Mar 2024