ROCKVILLE, Md., March 7, 2018 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE American: SYN), a late-stage clinical company
developing therapeutics designed to preserve the microbiome to
protect and restore the health of patients, today announced it has
received written communication from NYSE American LLC (the
"Exchange"), the Company's current listing exchange, stating that
it is not in compliance with certain continued listing standards as
set forth in the NYSE American Company Guide.
In order to maintain its listing, the Company intends to submit
a plan of compliance by April 3, 2018
addressing how it intends to regain compliance with certain
Exchange continued listing standards by September 2, 2019. If the plan is accepted, the
Company may be able to continue its listing but will be subject to
periodic reviews by the Exchange. The Company is pursuing options
to address the Exchange's notification and intends to submit a plan
of compliance on or before the deadline set forth by the
Exchange.
Based on the Company's annual report on Form 10-K for the year
ended December 31, 2017, which was
filed with the Securities and Exchange Commission (SEC) on
February 22, 2018, the Company is
below compliance with Part 10, Section 1003 of the NYSE American
Company Guide since it reported stockholders' (deficit) equity of
$(1.5) million and net losses in five
of its most recent fiscal years as of December 31, 2017. In accordance with Section
610(b) of the NYSE American Company Guide, and as previously
disclosed in its annual report on Form 10-K for the year ended
December 31, 2017, the Company's
audited financial statements contained a going concern explanatory
paragraph in the audit opinion from its independent registered
public accounting firm.
The NYSE American notification does not affect the Company's
business operations or the listing of the Company's shares on the
Exchange, and does not represent any change or amendment to the
Company's consolidated financial statements or to its annual report
on Form 10-K for the year ended December 31,
2017.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a late-stage
clinical company developing therapeutics that preserve the
microbiome to protect and restore the health of patients. The
Company's lead candidates poised for Phase 3 development are: (1)
SYN-004 (ribaxamase) which is designed to protect the gut
microbiome from the effects of certain commonly used intravenous
(IV) beta-lactam antibiotics for the prevention of C.
difficile infection (CDI), overgrowth of pathogenic organisms
and the emergence of antimicrobial resistance (AMR), and (2)
SYN-010 which is intended to reduce the impact of methane producing
organisms in the gut microbiome to treat an underlying cause of
irritable bowel syndrome with constipation (IBS-C). The Company's
preclinical pursuits include an oral formulation of the enzyme
intestinal alkaline phosphatase (IAP) to treat both local GI and
systemic diseases as well as monoclonal antibody therapies for the
prevention and treatment of pertussis, and novel discovery stage
biotherapeutics for the treatment of phenylketonuria (PKU). 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 include statements
regarding Synthetic Biologics' intended submission of a plan
by the April 3, 2018
deadline that will be acceptable to the Exchange and the
potential benefits of SYN-004 and SYN-010. 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, Synthetic
Biologics' ability to submit a plan by the April 3, 2018 deadline that will be
acceptable to the Exchange, Synthetic Biologics' ability to regain
compliance with the continued listing standards by
September 2, 2019,
Synthetic Biologics' ability to comply with other continued
listing requirements of the NYSE American, a failure to
receive the necessary regulatory approvals for commercialization of
Synthetic Biologics' therapeutics, a failure of Synthetic
Biologics' clinical trials, and those conducted by investigators,
for SYN-004 and SYN-010 to be commenced or completed on time or to
achieve desired results and benefits, 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 and other factors described in
Synthetic Biologics' most recent Form 10-K 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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/synthetic-biologics-reports-on-nyse-american-noncompliance-notice-and-compliance-plan-300610169.html
SOURCE Synthetic Biologics, Inc.