Aeterna Zentaris Receives Nasdaq Notice of Non-Compliance; No Immediate Impact on Listing
April 15 2020 - 4:06PM
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna
Zentaris” or the “Company”), a specialty biopharmaceutical company
commercializing and developing therapeutics and diagnostic tests,
today announced that on April 8, 2020, the Company received notice
from the Listing Qualifications Department (the “Staff”) of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is
not in compliance with the minimum $1.00 per share bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2) as the bid
price for the Company’s common stock had closed below $1.00 per
share for the prior 30 consecutive business day period, and that
the Company has been provided a grace period of 180 calendar days,
through October 5, 2020, to evidence compliance with that
requirement. The grace period was granted pursuant to Nasdaq
Listing Rule 5810(c)(3)(A). To evidence compliance with the bid
price requirement, the Company must report a closing bid price of
at least $1.00 per share for a minimum of 10, and generally not
more than 20, consecutive business days on or before October 5,
2020.
The Company was also notified that, based upon
the net loss for the fiscal year ended December 31, 2019, the
Company no longer satisfies the minimum net income requirement for
continued listing on The Nasdaq Capital Market under Nasdaq Listing
Rule 5550(b)(3) and does not otherwise satisfy the alternative
requirements of market value of listed securities or stockholders’
equity. The Company plans to timely submit its plan to regain
compliance with Nasdaq Listing Rule 5550(b)(3) for the Staff‘s
review within the 45-day window provided. The Staff has the
discretion to grant the Company an extension of up to 180 days,
through October 5, 2020, to evidence compliance with this
requirement.
Nasdaq’s notice has no immediate effect on the
listing of the Company’s common shares on Nasdaq and does not
otherwise impact the Company’s listing on the Toronto Stock
Exchange. In the event the Company does not evidence compliance
with the Nasdaq Listing Rules within any prescribed period and is
not otherwise eligible for additional time to do so, the Company
would be subject to delisting from Nasdaq. In that event, the
Company would have the right to request a hearing before a Nasdaq
Hearings Panel, which request would stay any further action by the
Staff pending such hearing.
About Aeterna Zentaris Inc.
Aeterna Zentaris Inc. is a specialty
biopharmaceutical company commercializing and developing
therapeutics and diagnostic tests. The Company’s lead product,
Macrilen™ (macimorelin), is the first and only U.S. FDA and
European Commission approved oral test indicated for the diagnosis
of adult growth hormone deficiency (AGHD). Macrilen™ is currently
marketed in the United States through a license agreement with Novo
Nordisk and Aeterna Zentaris receives double-digit royalties on
sales. Aeterna Zentaris owns all rights to macimorelin outside of
the U.S. and Canada.
Aeterna Zentaris is also leveraging the clinical
success and compelling safety profile of macimorelin to develop it
for the diagnosis of child-onset growth hormone deficiency (CGHD),
an area of significant unmet need.
The Company is actively pursuing business
development opportunities for the commercialization of macimorelin
in Europe and the rest of the world, in addition to other
non-strategic assets to monetize their value. For more information,
please visit www.zentaris.com and connect with the Company on
Twitter, LinkedIn and Facebook.
Forward Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and Private Securities Litigation Reform Act, as
amended, including those relating to the Company's product
development, clinical and regulatory timelines, market opportunity,
competitive position, possible or assumed future results of
operations, business strategies, potential growth opportunities and
other statement that are predictive in nature. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which we operate and management's current beliefs and
assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential, "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Investor Contact:
Jenene Thomas JTC Team T (US): +1 (833) 475-8247 E:
aezs@jtcir.com
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