ADC Therapeutics Regains Compliance with NYSE Continued Listing Standards
January 04 2024 - 7:15AM
ADC Therapeutics SA (NYSE: ADCT) today announced that it received a
notice from the New York Stock Exchange (NYSE) on January 2, 2024
that the Company has regained compliance with the continued listing
minimum price criteria set forth in Section 802.01C of the NYSE
Listed Company Manual and, as a result, will be removed from the
NYSE’s noncompliant issuers list. The Company previously received a
notice from the NYSE that it was not in compliance with the
continued listing minimum price criteria, as the average closing
price of its common shares was below $1.00 over a consecutive 30
trading-day period. As closing price of the common shares on
December 29, 2023 and the average closing price of the common
shares over the 30 trading-day period ending on December 29, 2023
were both above $1.00, the deficiency was cured.
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a
commercial-stage global leader and pioneer in the field of antibody
drug conjugates (ADCs). The Company is advancing its proprietary
ADC technology to transform the treatment paradigm for patients
with hematologic malignancies and solid tumors.
ADC Therapeutics’ CD19-directed ADC ZYNLONTA
(loncastuximab tesirine-lpyl) received accelerated approval by the
FDA and conditional approval from the European Commission for the
treatment of relapsed or refractory diffuse large B-cell lymphoma
after two or more lines of systemic therapy. ZYNLONTA is also in
development in combination with other agents and in earlier lines
of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple
ADCs in ongoing clinical and preclinical development.
ADC Therapeutics is based in Lausanne (Biopôle),
Switzerland and has operations in London, the San Francisco Bay
Area and New Jersey. For more information, please visit
https://adctherapeutics.com/ and follow the Company on
LinkedIn.
ZYNLONTA® is a registered trademark of ADC Therapeutics SA.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. In some cases you
can identify forward-looking statements by terminology such as
“may”, “will”, “should”, “would”, “expect”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “predict”, “potential”,
“seem”, “seek”, “future”, “continue”, or “appear” or the negative
of these terms or similar expressions, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are subject to certain risks and
uncertainties that can cause actual results to differ materially
from those described. Factors that may cause such differences
include, but are not limited to: the actual ZYNLONTA® revenue for
4Q 2023, the success of the Company’s updated corporate strategy
including operating efficiencies, capital deployment and portfolio
prioritization; the Company’s ability to achieve the decrease in
total operating expenses for 2023 and 2024, the expected cash
runway into 4Q 2025, the effectiveness of the new commercial
go-to-market strategy, competition from new technologies, and the
Company’s ability to grow ZYNLONTA® revenue in the United States;
Swedish Orphan Biovitrum AB (Sobi®) ability to successfully
commercialize ZYNLONTA® in the European Economic Area and market
acceptance, adequate reimbursement coverage, and future revenue
from the same; approval by the NMPA of the BLA for ZYNLONTA® in
China submitted by Overland ADCT BioPharma and future revenue from
the same, our strategic partners’, including Mitsubishi Tanabe
Pharma Corporation, ability to obtain regulatory approval for
ZYNLONTA® in foreign jurisdictions, and the timing and amount of
future revenue and payments to us from such partnerships; the
impact, if any, from data reported by the University of Miami for
their IIT in FL; the timing and results of the Company’s or its
partners’ clinical trials including LOTIS 5 and 7, ADCT 601 and 602
as well as the Company’s early-stage pipeline research projects,
actions by the FDA or foreign regulatory authorities with respect
to the Company’s products or product candidates; projected revenue
and expenses; the Company’s indebtedness, including Healthcare
Royalty Management and Oaktree and Blue Owl facilities, and the
restrictions imposed on the Company’s activities by such
indebtedness, the ability to repay such indebtedness and the
significant cash required to service such indebtedness; and the
Company’s ability to obtain financial and other resources for its
research, development, clinical, and commercial activities.
Additional information concerning these and other factors that may
cause actual results to differ materially from those anticipated in
the forward-looking statements is contained in the “Risk Factors”
section of the Company's Annual Report on Form 20-F and in the
Company's other periodic reports and filings with the Securities
and Exchange Commission. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results, performance, achievements or prospects to be materially
different from any future results, performance, achievements or
prospects expressed in or implied by such forward-looking
statements. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this
document. The Company undertakes no obligation to revise or update
these forward-looking statements to reflect events or circumstances
after the date of this press release, except as required by
law.
CONTACTS:
InvestorsEugenia LitzADC
TherapeuticsEugenia.Litz@adctherapeutics.com+44 7879 627205+1
908-723-2350
MediaNicole RileyADC
TherapeuticsNicole.Riley@adctherapeutics.com +1
862-926-9040
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