PHILADELPHIA, Oct. 15, 2019 /PRNewswire/ -- Aevi Genomic
Medicine, Inc. (NASDAQ: GNMX, "the Company") today announced that
the Nasdaq Hearings Panel has agreed to the transfer of the
Company's shares to the Nasdaq Capital Market effective at the open
of business on October 15, 2019 and
granted the Company until February 3,
2020 to gain and evidence compliance of the Nasdaq Capital
Market continued listing requirements.
In order to meet the Nasdaq Capital Market continued listing
requirements, the Company must demonstrate a closing bid price of
at least $1.00 for 10 prior
consecutive trading days and both publicly announce and inform the
Nasdaq Hearings Panel that the Company has stockholders' equity
greater than $2.5 million on or
before February 3, 2020. In
September, the Company obtained stockholder approval to effect a
reverse stock split of the Company's outstanding common stock by a
ratio of not less than one-for-twenty and not more than
one-for-sixty at any time prior to December
31, 2019. The Company continues to pursue solutions aimed at
increasing the stockholders' equity in the near term and
forward.
About Aevi Genomic Medicine, Inc.
Aevi Genomic Medicine, Inc. is dedicated to unlocking the
potential of genomic medicine to translate genetic discoveries into
novel therapies. Driven by a commitment to patients with pediatric
onset life-altering diseases, the Company's research and
development efforts include working with the Center for Applied
Genomics (CAG) at Children's Hospital of Philadelphia (CHOP) to leverage novel genetic
discoveries to progress our genomic medicine strategy
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
financial position, its development and business strategy, its
product candidates and the plans and objectives of management for
future operations. The Company intends that such forward-looking
statements be subject to the safe harbors created by such laws.
Forward-looking statements are sometimes identified by their use of
the terms and phrases such as "estimate," "project," "intend,"
"forecast," "anticipate," "plan," "planning, "expect," "believe,"
"will," "will likely," "should," "could," "would," "may" or the
negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and
are subject to risks and uncertainties. Should any of these risks
or uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may differ materially
from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these
forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
As a result of these factors, the events described in the
forward-looking statements contained in this release may not
occur.
CONTACT:
Aevi Genomic Medicine,
Inc.
Mike Cola
Mike.cola@aevigenomics.com
Westwicke Partners
Chris Brinzey
+1-339-970-2843
Chris.brinzey@westwicke.com
MEDIA
INQUIRIES:
FTI Consulting
Irma
Gomez-Dib
+1-212-850-5761
+1-415-706-9155
irma.gomez-dib@fticonsulting.com
View original
content:http://www.prnewswire.com/news-releases/aevi-genomic-medicine-inc-receives-positive-nasdaq-listing-determination-300938325.html
SOURCE Aevi Genomic Medicine, Inc.