Diffusion Pharmaceuticals Executes Successful NASDAQ Compliance Plan: Company Will Remain Listed on NASDAQ Stock Market
January 03 2019 - 9:00AM
Diffusion Pharmaceuticals Inc. (Nasdaq: DFFN), a
cutting-edge biotechnology company developing new treatments for
life-threatening medical conditions by improving the body’s ability
to bring oxygen to the areas where it’s needed most, today
announced it received notice from NASDAQ staff that the Company has
regained compliance with Listing Rule 5550(a)(2) and will remain
listed on the NASDAQ stock market. The news came as a result of the
closing bid price of Diffusion’s stock remaining above $1.00 per
share between December 14 and December 28, 2018.
This latest news follows a number of exciting
recent developments, including FDA approval of a Phase 2
on-ambulance clinical trial for the treatment of stroke using the
Company’s lead drug, Trans Sodium Crocetinate (TSC) and the U.S.
Patent Office awarding the Company a patent for the use of TSC in
conjunction with Tissue Plasminogen Activator (tPA), which remains
the only FDA-approved therapeutic stroke treatment.
“We believe remaining on the NASDAQ Capital
Market will play a critical role in delivering results to investors
while allowing our Company to continue to pursue the scientific
progress needed to fight some of medicine’s most significant and
deadly challenges,” said David Kalergis, Chairman and CEO
of Diffusion. “As we look to the new year, we are excited
by the opportunity to build on our recent success and bring real
21st Century advancements to problems that have remained unsolved
by generations of medical professionals, and which continue to
impact patients and their families.”
Over the past quarter, Diffusion has also
appointed a new Chief Financial Officer, executed a reverse stock
split of its shares of common stock at a ratio of 1-for-15 as part
of their NASDAQ Compliance Plan, and sent executive leadership to
present at internationally-recognized events such as the BIO
Investor Forum and the Annual Meeting for the Society of
NeuroOncology.
About Diffusion Pharmaceuticals
Inc.
Diffusion Pharmaceuticals Inc. is an innovative
biotechnology company developing new treatments that improve the
body’s ability to bring oxygen to the areas where it’s 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 Office of
Naval Research, which was seeking a way to treat hemorrhagic shock
caused by massive blood loss on the battlefield.
Evolutions in research have led to Diffusion’s
focus today: Fueling Life by taking on some of medicine’s most
intractable and difficult-to-treat diseases, including stroke and
GBM brain cancer. In each of these diseases, hypoxia – when
essential tissue in your body is deprived of oxygen – has proved to
be a significant obstacle for medical providers and the target for
TSC’s novel mechanism.
In 2018, the Company began enrolling patients in
its Phase 3 INTACT program, using TSC to target inoperable GBM
brain cancer. Its on-ambulance Phase 2 acute stroke protocol was
granted FDA clearance to proceed in September 2018. Additional
pre-clinical data supports the potential use of TSC as a treatment
for other conditions where hypoxia plays a major role, such as
myocardial infarction, respiratory diseases such as COPD,
peripheral artery disease, and neurodegenerative conditions such as
Alzheimer’s and Parkinson’s.
In addition, RES-529, the Company’s
PI3K/AKT/mTOR pathway inhibitor that dissociates the mTORC1 and
mTORC2 complexes, is in the preclinical testing phase for GBM.
Diffusion is headquartered in Charlottesville,
Virginia—an emerging 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, the anticipated timing of future clinical trials, 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 company's actual results to be materially different
than those expressed in or implied by such forward-looking
statements. Particular uncertainties and risks include: general
business and economic conditions; the company's need for and
ability to obtain additional financing or partnering arrangement;
the difficulty of developing pharmaceutical products, obtaining
regulatory and other approvals and achieving market acceptance; and
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.
Media Contact:Rob CorradiPen
Public Affairs rob@penpublicaffairs.com(410) 212-5483
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