Diffusion Pharmaceuticals Regains Compliance with NASDAQ Minimum Bid Price Requirement
June 01 2020 - 8:00AM
Diffusion Pharmaceuticals Inc. (NASDAQ: DFFN)
(“Diffusion” or “the Company”) announces that on May 29, 2020 it
received written notice from the Nasdaq Listing Qualifications
Staff of the NASDAQ Stock Market LLC (“Nasdaq”) stating that the
Company regained compliance with the applicable Nasdaq minimum bid
price continued listing standard and the matter is now closed.
The Company had previously been notified by
Nasdaq on December 11, 2019 that it was not in compliance with the
minimum bid price rule because its common stock failed to maintain
a minimum bid price of $1.00 for 30 consecutive business days. In
order to regain compliance with Listing Rule 5550(a)(2), the
Company was required to maintain a minimum closing bid price of
$1.00 or more for at least 10 consecutive trading days, which was
achieved on May 28, 2020. The Company’s last closing bid price on
May 28 was $1.27. This development means that while the Company is
still seeking authority from its stockholders for a reverse split
of the Company’s common stock, it is not currently anticipated that
the board will implement a reverse split at this time, absent a
change in the market price of the Company’s common stock.
About Diffusion Pharmaceuticals
Inc.
Diffusion Pharmaceuticals Inc. is an innovative
biotechnology company developing new treatments that improve the
body’s ability to deliver oxygen to the areas where it is needed
most, offering new hope for the treatment of life-threatening
medical conditions. Diffusion’s lead drug trans sodium crocetinate
(TSC) was originally developed in conjunction with the U.S. Office
of Naval Research, which was seeking a way to treat multiple organ
failure and its resulting mortality caused by low oxygen levels
from blood loss on the battlefield. Evolutions in research have led
to Diffusion’s focus today on addressing some of medicine’s most
intractable and difficult-to-treat diseases, including multiple
organ failure from respiratory distress, stroke and glioblastoma
multiforme (GBM) brain cancer. In each of these diseases, lack of
available oxygen presents a significant obstacle for medical
providers and is the target for TSC’s novel mechanism.
In 2019, the Company reported favorable safety
data in a 19-patient dose-escalation run-in to its Phase 3 INTACT
program, using TSC to target inoperable GBM. That trial is
currently paused, while the Company prioritizes its resources to
address COVID-19. Diffusion’s in-ambulance PHAST-TSC trial for
acute stroke began enrolling patients last year. Given the
heightened responsibilities of the Company’s emergency medical
services providers, enrollment in this trial, while not officially
paused, is expected to be minimal until the COVID-19 pandemic
abates. The Company is currently partnering with both U.S. and
European-based institutions in an expedited research program to
develop TSC as a treatment for the low oxygen levels and associated
multiple organ failure in COVID-19 patients.
Preclinical data supports the potential for TSC
as a treatment for other conditions where low oxygen availability
plays an important role, such as myocardial infarction, peripheral
artery disease, and neurodegenerative conditions such as
Alzheimer’s and Parkinson’s disease. In addition to the
development of TSC, RES-529, the Company’s PI3K/AKT/mTOR pathway
inhibitor that dissociates the mTORC1 and mTORC2 complexes, is in
preclinical testing for GBM.
Diffusion is headquartered in Charlottesville,
Virginia – a hub of advancement in the life science and
biopharmaceutical industries – and is led by CEO David Kalergis, a
30-year industry veteran and company co-founder.
Forward-Looking Statements
To the extent any statements made in this news
release deal with information that is not historical, these are
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about the company's plans, objectives, expectations
and intentions with respect to future operations and products, the
potential of the company's technology and product candidates, and
other statements that are not historical in nature, particularly
those that utilize terminology such as "would," "will," "plans,"
"possibility," "potential," "future," "expects," "anticipates,"
"believes," "intends," "continue," "expects," other words of
similar meaning, derivations of such words and the use of future
dates. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Uncertainties and risks
may cause the Diffusion’s actual results to be materially different
than those expressed in or implied by such forward-looking
statements. Particular uncertainties and risks include the various
risk factors (many of which are beyond Diffusion’s control) as
described under the heading “Risk Factors” in Diffusion’s filings
with the United States Securities and Exchange Commission. All
forward-looking statements in this news release speak only as of
the date of this news release and are based on management's current
beliefs and expectations. Diffusion undertakes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Contacts:David Kalergis, CEODiffusion Pharmaceuticals Inc.(434)
825-1834dkalergis@diffusionpharma.comorLHA Investor RelationsKim
Sutton Golodetz(212) 838-3777kgolodetz@lhai.com
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