ROCKVILLE, Md., July 1, 2019 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE American: SYN), a late-stage clinical company
developing therapeutics that preserve the microbiome to protect and
restore the health of patients, announced today receipt, on
June 28, 2019, of notification from
the NYSE American LLC (the "Exchange") that the Company has
regained compliance with Part 10, Section 1003 of the NYSE
American's Company Guide (the "Company Guide") relating to the
Exchange's continued listing requirements.
The Company previously received notification from the NYSE
American citing failure to comply with the minimum stockholders'
equity continued listing standard as set forth in Part 10, Section
1003 of the Company Guide. As a result of management's efforts to
regain compliance, the Exchange has informed the Company that it
has cured the previously cited deficiencies and is in full
compliance with the continued listing standards set forth in Part
10 of the Company Guide since it reported stockholders' equity of
approximately $13.5 million in its
most recent Form 10-Q, filed with the Securities and Exchange
Commission (SEC) on May 8, 2019.
Effective at the start of trading on July 1,
2019, the ".BC" designation, signifying non-compliance with
NYSE American listing standards, will be removed from the "SYN"
trading symbol.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a
clinical-stage company developing therapeutics that preserve the
microbiome to protect and restore the health of patients. The
Company's lead candidates are: (1) SYN-004 (ribaxamase) which is
designed to degrade certain commonly used intravenous (IV)
beta-lactam antibiotics within the gastrointestinal (GI) tract to
prevent microbiome damage, C. difficile infection (CDI),
overgrowth of pathogenic organisms, the emergence of antimicrobial
resistance (AMR) and acute graft-versus-host-disease (aGVHD) in
allogeneic hematopoietic cell transplant (HCT) recipients, 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 SYN-020, 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. 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 includes statements
regarding 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, the ability of
Synthetic Biologics' product candidates to demonstrate safety and
effectiveness, as well as results that are consistent with prior
results, Synthetic Biologics' clinical trials continuing enrollment
as expected, a failure to receive the necessary regulatory
approvals for commercialization of Synthetic Biologics'
therapeutics, including approval of proposed trial designs, a
failure of Synthetic Biologics' clinical trials, and those
conducted by investigators, for SYN-004, SYN-010 to be commenced or
completed on time or to achieve desired results and benefits, a
failure to file INDs when anticipated, 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, Synthetic Biologics' ability
to achieve acceptance of its product candidates in the marketplace
and the successful development, marketing or sale of Synthetic
Biologics' products by competitors that render Synthetic Biologics'
products obsolete or non-competitive, Synthetic Biologics' ability
to continue to comply with other continued listing requirements of
the NYSE American, the continued maintenance and growth of
Synthetic Biologics' patent estate, Synthetic Biologics becoming
and remaining profitable, Synthetic Biologics' ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities, a loss of any of Synthetic Biologics' key
scientists or management personnel and other factors described in
Synthetic Biologics' Form 10-K and 10-K/A for the year ended
December 31, 2018 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.