GERMANTOWN, Md., Dec. 15, 2020 /PRNewswire/ -- Seneca Biopharma,
Inc. (Nasdaq: SNCA), a biopharmaceutical company focused on
developing novel treatments for diseases of high unmet medical
need, today announced that it has received written notification
from The Nasdaq Stock Market ("Nasdaq") dated December 11, 2020 that it has granted the
company's request for a 180-day extension to regain compliance with
Nasdaq's minimum bid price requirement under Nasdaq Listing Rule
5550(a)(2). The company now has until June 9, 2021 to meet the bid price
requirement.
The company can cure this deficiency if the closing bid price of
its common stock is $1.00 per share or higher for at
least ten consecutive business days during the grace period. In the
event the Company does not regain compliance within the 180-day
grace period, the Nasdaq staff will provide written notification
that the company's securities will be delisted. At that time, the
company may appeal the staff's determination at a hearings panel.
The company would remain listed pending the panel's decision.
About Seneca Biopharma, Inc.
Seneca Biopharma, Inc., is a clinical-stage biopharmaceutical
company developing novel treatments for diseases of high unmet
medical need. The Company is in the process of transforming the
organization through the acquisition or in-licensing of new science
and technologies, to develop with the goal of providing meaningful
therapies for patients.
Cautionary Statement Regarding Forward Looking
Information:
This news release contains "forward-looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
relate to future, not past, events and may often be identified by
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek" or "will." Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Specific
risks and uncertainties that could cause our actual results to
differ materially from those expressed in our forward-looking
statements include risks inherent in the development and
commercialization of potential products, uncertainty of clinical
trial results or regulatory approvals or clearances, need for
future capital, dependence upon collaborators and maintenance of
our intellectual property rights. Actual results may differ
materially from the results anticipated in these forward-looking
statements. Additional information on potential factors that could
affect our results and other risks and uncertainties are detailed
from time to time in Seneca's periodic reports filed with
the Securities and Exchange Commission (SEC), including its Annual
Report on Form 10-K for the year ended December 31, 2019, its
Quarterly Reports on Form 10-Q as well as and in other reports
filed with the SEC. We do not assume any obligation to update any
forward-looking statements.
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SOURCE Seneca Biopharma, Inc.