LAVAL, QC and CAMBRIDGE, England, July 22, 2020 /PRNewswire/ - Liminal
BioSciences Inc. (NASDAQ: LMNL) (TSX: LMNL) ("Liminal
BioSciences" or the "Company"), a clinical-stage biopharmaceutical
company, announces that it has applied for a voluntarily delisting
of its common shares ("Common Shares") from the Toronto Stock
Exchange ("TSX") in Canada.
Subject to such application being accepted by the TSX, it is
expected that the Common Shares will be delisted from the TSX
effective as of the close of trading on August 5, 2020.
Since the Company's Common Shares started trading on the Nasdaq
Global Market ("NASDAQ") in the fourth quarter of 2019, the vast
majority of active daily trading has shifted from the TSX to
NASDAQ. After conducting a thorough evaluation of its dual listing,
considering such factors as overall liquidity, costs, regulatory
compliance and complexity, the Company believes that the financial
and administrative costs associated with maintaining a dual listing
are no longer justified.
Liminal BioSciences' Common Shares will continue to be listed
and trade on NASDAQ under the symbol "LMNL". The delisting from the
TSX is not expected to have any impact on the Company's ongoing
operations. Shareholders holding shares in Canadian brokerage
accounts are encouraged to contact their brokers to verify how to
trade their shares on NASDAQ in the future.
For answers to frequently asked questions about the voluntary
delisting, please visit the FAQ section of the Company's
website.
About Liminal BioSciences Inc.
Liminal BioSciences is
a clinical-stage biopharmaceutical company focused on discovering,
developing and commercializing novel treatments for patients
suffering from diseases related to fibrosis, including respiratory,
liver and kidney diseases that have high unmet medical need.
Liminal BioSciences has a deep understanding of certain biological
targets and pathways that have been implicated in the fibrotic
process, including fatty acid receptors such as FFAR1, or GPR40,
G-protein-coupled receptor 84, or GPR84, and peroxisome
proliferator-activated receptors, or PPARs. Our lead small molecule
product candidate, fezagepras (PBI-4050), is expected to enter an
additional Phase 1 clinical trial in 2H-2020 to evaluate multiple
ascending doses of fezagepras in both healthy volunteers and
patients, at daily dose exposures higher than those evaluated in
our previously completed Phase 2 clinical trials. The optimal dose
and dosing regimen of fezagepras is expected to be further
evaluated in Phase 2 clinical trials in selected fibrosis
indications to be initiated in 2021.
Liminal BioSciences has also leveraged its experience in
bioseparation technologies through its subsidiary Prometic
Bioproduction Inc. to isolate and purify biopharmaceuticals from
human plasma. Our lead plasma-derived product candidate is
Ryplazim® (plasminogen), for which the Company
expects to resubmit a BLA in Q3-2020 with the FDA seeking approval
to treat patients with congenital plasminogen deficiency.
Ryplazim® (plasminogen) has been granted Orphan Drug
Designation and Rare Pediatric Disease Designation by the FDA for
the treatment of congenital plasminogen deficiency.
Prometic Plasma Resources, a subsidiary of Liminal BioSciences
Inc., has joined the CoVIg-19 Plasma Alliance to contribute to the
acceleration of the development of a potential new therapy for
COVID-19. Our Canadian center located in Winnipeg, Manitoba is licensed by the FDA and
Health Canada, and is certified by the European Union and the
Plasma Protein Therapeutics Association (PPTA). Our American center
located in Amherst, New York is
licensed by the State of New York
and its' BLA submission is currently under review by the FDA.
Liminal BioSciences has active business operations in
Canada, the United Kingdom and the United States.
Forward Looking Statement
This press release contains
forward-looking statements about Liminal BioSciences' objectives,
strategies and businesses that involve risks and uncertainties.
Forward–looking information includes statements concerning, among
other things, statements with respect to the planned TSX delisting
of the Company's Common Shares as well as the impact of such a TSX
delisting on the Company's ongoing operations, the ability of the
Company to raise further funds, trading volumes, availability of a
trading platform, ability to trade shares on NASDAQ, cost savings,
ability to secure financing, the timing of any planned BLA
resubmission, development of R&D programs, the timing of
initiation of clinical trials, the exploration of alternatives for
the future commercialization of Ryplazim®, if approved,
including through a third-party marketing collaboration, and the
potential commercial launch of Ryplazim®, if
approved.
These statements are "forward-looking" because they are based on
our current expectations about the markets we operate in and on
various estimates and assumptions. Actual events or results may
differ materially from those anticipated in these forward-looking
statements if known or unknown risks affect our business, or if our
estimates or assumptions turn out to be inaccurate. At this stage,
the product candidates of the Company have not been authorized for
sale in any country. Among the factors that could cause actual
results to differ materially from those described or projected
herein include, but are not limited to, Liminal BioSciences'
ability to develop, manufacture, and successfully commercialize
product candidates if ever, the impact of the COVID-19 crisis on
its business operations, clinical development, regulatory
activities and financial and other corporate impacts, the
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical trials, the ability of
Liminal BioSciences to take advantage of business opportunities in
the pharmaceutical industry, uncertainties associated generally
with research and development, clinical trials and related
regulatory reviews and approvals and general changes in economic
conditions. You will find a more detailed assessment of these
risks, uncertainties and other risks that could cause actual events
or results to materially differ from our current expectations in
the Company's U.S. Securities and Exchange Commission and Canadian
Securities Commissions filings and reports filings and reports,
including in the Annual Report on Form 20-F for the year ended
December 31, 2019 and future filings
and reports by the Company, from time to time. As a result, we
cannot guarantee that any forward-looking statement will
materialize. Such risks may be amplified by the COVID-19 pandemic
and its potential impact on Liminal BioSciences' business and the
global economy. Existing and prospective investors are cautioned
not to place undue reliance on these forward-looking statements and
estimates, which speak only as of the date hereof. We
assume no obligation to update any forward-looking statement
contained in this Press Release even if new information becomes
available, as a result of future events or for any other reason,
unless required by applicable securities laws and regulations.
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SOURCE Liminal BioSciences Inc.