ROCKVILLE, Md., Nov. 24, 2020 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE American: SYN), a diversified
clinical-stage company leveraging the microbiome to develop
therapeutics designed to prevent and treat gastrointestinal (GI)
diseases in areas of high unmet need, today announced that on
November 23, 2020, the NYSE American
LLC ("NYSE American"), the Company's current listing exchange,
notified the Company that it had been granted an extension until
May 25, 2021 to regain compliance
with certain continued listing standards as set forth in Sections
1003(a)(i), (ii) and (iii) of the NYSE American Company Guide.
The Company previously presented its plan of compliance to the
NYSE American on December 19, 2019 in
response to a notice dated November 25,
2019 that the Company was below compliance with certain NYSE
American continued listing standards, as set forth in Section
1003(a)(iii) of the NYSE American Company Guide, since it reported
stockholder's equity of $6 million or
less as of September 30, 2019 and
losses from continuing operations and/or net losses in five of its
most recent fiscal years. On February 7,
2020 the NYSE American notified the Company that it accepted
the Company's plan to regain compliance before November 25, 2020, the end of the compliance plan
period. This date has now been extended to May 25, 2021. The Company will remain subject to
periodic review by NYSE American staff during the extension period.
Failure to make progress consistent with the plan or regain
compliance with the continued listing standards by the end of the
extension period could result in the Company being delisted from
the NYSE American.
About Synthetic Biologics, Inc.
Synthetic Biologics,
Inc. (NYSE American: SYN) is a diversified clinical-stage company
leveraging the microbiome to develop therapeutics designed to
prevent and treat gastrointestinal (GI) diseases in areas of high
unmet need. 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 (a) microbiome damage, (b)
Clostridioides difficile infection (CDI), (c)
overgrowth of pathogenic organisms, (d) the emergence of
antimicrobial resistance (AMR) and (e) acute
graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell
transplant (HCT) recipients, and (2) SYN-020, a recombinant oral
formulation of the enzyme intestinal alkaline phosphatase (IAP)
produced under cGMP conditions and intended to treat both local GI
and systemic diseases. 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 plans to regain compliance with the continued
listing standards by the end of the extension period. 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 to
regain compliance with the continued listing standards by
the end of the extension period, the ability to
engage in a potential acquisition,
merger, reverse merger, other business combination, sales of
assets, licensing or other strategic transactions involving the
Company, ability to obtain FDA clearance of the IND for the
SYN-020 program, a failure of additional pre-clinical studies of
SYN-020 to achieve similar results to those previously achieved or
to provide support for exercise of the option, the ability to enter
into a license to advance an expanded clinical development program
for SYN-020, 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, especially in light of COVID-19, 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' Annual Report on Form 10-K for the year ended
December 31, 2019 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.