ROCKVILLE, Md., May 26, 2021 /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, announced today receipt, on May 25, 2021, of notification from the NYSE
American LLC (the "Exchange") that the Company has regained
compliance with all of the continued listing standards set forth in
Part 10, Section 1003 of the NYSE American 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, Sections 1003 (i), (ii), and (iii) of the Company Guide. The
Company reported stockholders' equity of approximately $79.6 million in its most recent Form 10-Q, filed
with the Securities and Exchange Commission (SEC) on May 5, 2021. Effective at the start of trading on
May 26, 2021, 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 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 includes statements
regarding continuing to comply with the continued listing
requirements of the NYSE American and the potential benefits of
SYN-004 and SYN-020. 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-020 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 the 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 for the year ended December 31,
2020 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.