NuCana Announces Receipt of Nasdaq Notice
May 12 2023 - 4:01PM
NuCana plc (NASDAQ: NCNA) announced that it received written
notification (the “Notification Letter”) from The Nasdaq Stock
Market LLC ("Nasdaq") dated May 9, 2023, indicating that, based
upon a closing bid price of less than $1.00 per share for the
Company’s American Depositary Shares (“ADSs”) for the prior 30
consecutive business day period, the Company no longer satisfies
Nasdaq Listing Rule 5450(a)(1).
The Notification Letter has no immediate effect on the listing
of the ADSs, and they will continue to trade on The Nasdaq Global
Select Market under the symbol "NCNA”.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable
grace period to regain compliance is 180 days, or until November 6,
2023. The Company intends to monitor the closing bid price of its
ADSs during this grace period and will consider its options in
order to regain compliance with The Nasdaq Global Select Market
minimum bid price requirement. The Company can cure this deficiency
if the closing bid price of its common stock is $1.00 per share or
higher for at least ten consecutive business days during the grace
period. In the event the Company does not regain compliance within
the 180-day grace period, and it meets all other listing standards
and requirements, the Company may be eligible for an additional
180-day grace period.
The Company intends to regain compliance within the applicable
compliance period and is currently evaluating its options to do so.
During this time, the Company's ADSs will continue to be listed and
trade on The Nasdaq Global Select Market. If the Company is unable
to regain compliance prior to November 6, 2023, it may seek to
transfer its listing to The Nasdaq Capital Market, provided that it
meets the continued listing requirements for such market, other
than the bid price requirement, at which time the Company may be
provided with an additional period during which it would seek to
regain compliance with the bid price requirement. The Company's
business and operations are not affected by the receipt of the
Notification Letter.
About NuCanaNuCana is a clinical-stage
biopharmaceutical company focused on significantly improving
treatment outcomes for patients with cancer by applying our ProTide
technology to transform some of the most widely prescribed
chemotherapy agents, nucleoside analogs, into more effective and
safer medicines. While these conventional agents remain part of the
standard of care for the treatment of many solid and hematological
tumors, they have significant shortcomings that limit their
efficacy and they are often poorly tolerated. Utilizing our
proprietary technology, we are developing new medicines, ProTides,
designed to overcome the key limitations of nucleoside analogs and
generate much higher concentrations of anti-cancer metabolites in
cancer cells. NuCana’s pipeline includes NUC-3373 and NUC-7738.
NUC-3373 is a new chemical entity derived from the nucleoside
analog 5-fluorouracil, a widely used chemotherapy agent. NUC-3373,
in combination with other agents, is in a Phase 1b/2 study in
patients with metastatic colorectal cancer. NuCana has also
initiated a randomized Phase 2 study of NUC-3373, in combination
with other agents, for the second-line treatment of patients with
advanced colorectal cancer. In addition, NuCana has initiated a
Phase 1b/2 modular study of NUC-3373 in combination with the PD-1
inhibitor pembrolizumab for patients with advanced solid tumors and
in combination with docetaxel for patients with lung cancer.
NUC-7738 is a transformation of 3’-deoxyadenosine, a novel
anti-cancer nucleoside analog. NUC-7738 is in the Phase 2 part of a
Phase 1/2 study in patients with advanced solid tumors which is
evaluating NUC-7738 as a monotherapy and in combination with
pembrolizumab.
Forward-Looking StatementsThis press release
may contain “forward-looking” statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are based on
the beliefs and assumptions and on information currently available
to management of NuCana plc (the “Company”). All statements other
than statements of historical fact contained in this press release
are forward-looking statements, including statements concerning the
Company’s planned and ongoing clinical studies for the Company’s
product candidates and the potential advantages of those product
candidates, including NUC-3373 and NUC-7738; the initiation,
enrollment, timing, progress, release of data from and results of
those planned and ongoing clinical studies; the Company’s goals
with respect to the development, regulatory pathway and potential
use, if approved, of each of its product candidates; and the
utility of prior non-clinical and clinical data in determining
future clinical results. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other comparable terminology. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, the risks and uncertainties set forth in
the “Risk Factors” section of the Company’s Annual Report on Form
20-F for the year ended December 31, 2022 filed with the Securities
and Exchange Commission (“SEC”) on April 4, 2023, and subsequent
reports that the Company files with the SEC. Forward-looking
statements represent the Company’s beliefs and assumptions only as
of the date of this press release. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, levels of
activity, performance or achievements. Except as required by law,
the Company assumes no obligation to publicly update any
forward-looking statements for any reason after the date of this
press release to conform any of the forward-looking statements to
actual results or to changes in its expectations.
For more information, please contact:
NuCana plcHugh S. GriffithChief Executive Officer+44 131 357
1111info@nucana.com
ICR WestwickeChris Brinzey+1
339-970-2843chris.brinzey@westwicke.com
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